The government announced that Bolivia reported a 2.3% GDP growth in the first quarter of 2023, driven predominantly by a surge in domestic demand.
While presenting the figures, Development Planning Minister Sergio Cusicanqui highlighted the internal demand’s notable increase of over 10%.
However, this growth is a decline from the same period in the previous year, which saw a rise of 3.97%, as per the National Statistics Institute’s data.
Despite the dip, Cusicanqui emphasized that the recent data signals the nation’s stable economic condition and underscores a consistent path of economic recovery.
This upward trend results from the economic revitalization measures introduced by the government.
Key sectors facilitating this growth included Services (5.2%), Transport and Storage (4.1%), Electricity, Gas, and Water (3.9%), Construction (3.5%), and Financial Institutions (3.3%).
Cusicanqui remarked that Bolivia continues to showcase steady growth and low inflation, even in the global context.
This economic stability, he explained, stems from the Economic, Social, Community, and Productive Model reintroduced by President Luis Arce’s administration in November 2020.
For 2023, Bolivia’s Financial Fiscal Program predicts a GDP growth of 4.8% and an inflation rate of 3.2%, ensuring price stability, increased public investment, deficit reduction, and the promotion of domestic industrialization over imports.