"Overall, economic activity has been in line with the projections issued by the BCR. In October, gross domestic product (GDP) might have grown at a rate similar to that of September (3.2%)," Armas explained.
"In terms of components, we estimate that non-primary GDP might even be accelerating compared to the level recorded in September, which was 3.9%," he added.
Armas specified that all economic indicators point to national GDP growing by more than 3% this year.
"The data accumulated so far point to a 3% growth. However, the indicators for October and what we saw in November lead us to predict that the economy might be growing by more than 3%," he said.
Similarly, the BCR official stated that significant growth in employment is being observed in the formal sector, which has recently been joined by the agricultural sector.
"If this trend goes on, formal employment is expected to continue recovering in 2025. Growth in real income can also be observed. The wage bill shows significant growth of 5.9% between July and October," Armas noted.