And sixth, insufficient progress in developing medium term fiscal consolidation in advanced economies that could deepen global imbalances. Regarding recent trends and prospects of Guatemala’s main economic variables, first of all I would to highlight that the recovery of economic activity continued in 2011; in that year, GDP increased by 3.8 percent, though still below the pre-crisis levels.
For 2012 we are expecting a growth rate between 2.9 percent and 3.3 percent, mainly due to the impact of the international environment I just mentioned. As regards exports, after experiencing negative growth rates in 2009 due to the crisis, the growth rate in 2011 was the highest of the last 13 years or more, at 23.6 percent.