Quarterly Investment Outlook

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Economic Activity

Q1-2022 exhibited a solid economic recovery, with GDP growing 8.5% (see Figure 1). In the supply side, commerce and manufacturing set the pace, growing 15.3% and 11.1%, respectively. Nevertheless, construction and oil & mining still had to return to pre-pandemic levels. On the demand side, household consumption -which accounted for 75.1% of GDP- increased 12% versus to the Q1-2021.

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