Real GDP growth eased to 5.8% y/y in Feb-23, from a 8.4% y/y growth in previous month, based on Geostat’s rapid estimates.

Cumulatively, real growth came in at 7.1% y/y in 2M23 remaining robust considering last year’s high base.

 Our 2023 baseline growth forecast is 4.8% and we expect growth to reach 6.9% if the migration impact remains strong. The observed growth in February was mainly driven by the construction, financial, trade and transportation sectors. Meanwhile, manufacturing, real estate and professional activities sectors contracted- Galt&Taggart review reads.