Growth To Slow Despite Strong Fundamentals

While we think Paraguay's macroeconomic fundamentals will remain strong going forward, a decline in fixed investment and a deterioration of net exports in Q211 have prompted us to revise down our 2011 real GDP growth forecast to 4.1%, from 5.3% previously. Since we expect a partial recovery in the coming quarters, we are sticking to our 4.6% GDP growth forecast for 2012.

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