Domestic demand rose 3.8% in 2024, driven by the recovery of private spending (3.4%) and an increase in public spending (5.3%), mainly due to the strong public investment growth (14.1%), the
On a quarterly basis, domestic demand accelerated its growth, rising from 2.4% year-on-year in the third quarter of 2024 to 5.6% in the last quarter.
The issuing entity added that this increased dynamism was mainly due to the rebound in private spending, although it was offset by a decline in public spending.
Private Consumption
According to the monetary authority, private consumption in the fourth quarter of 2024 rose by 4% year-on-year, reflecting labor market dynamism and a reduction in inflation.
During this period, investment accelerated its growth to 5.8% year-on-year, supported by an 11.9% increase in non-residential, non-mining investment.
Meanwhile, public consumption in the fourth quarter of 2024 decreased 1.4% year-on-year, following six consecutive periods of growth, due to reduced purchases of goods and services.
Public investment rose by 0.8% year-on-year in the fourth quarter of 2024, driven by higher disbursements at the national government level, the BCR concluded.
(END) NDP/SDD/JMP/MVB