El impulso debe ser sostenible
Director de Portafolio21.11.2025 18:28 Actualizado: 21.11.2025 18:28

TL;DR
- Economic growth is driven by spending, not productivity, posing medium-term risks.
- State spending has reached historical levels, boosting sectors like public administration, education, and health.
- Commerce has grown significantly due to strong domestic demand.
- Fiscal rule remains suspended, deficit is around 7% of GDP, and public debt is expanding.
- Foreign direct investment from the US has fallen by 15% due to regulatory uncertainty and lack of legal security.
- Mining and quarrying sectors have declined, and construction remains negative.
- The trade deficit is growing as imports increase faster than exports.
- Recommendations for sustainable growth include restoring fiscal discipline, generating confidence for investment, diversifying the productive matrix, and boosting private investment.