We have revised up our 2025 GDP growth forecast for Guadeloupe by 1.7ppts to 2.7%, as growth in tourism continues to drive exports. Although inflation is expected to decline to 1.7% in 2025 and 1.9% in 2026, we don't anticipate a strong recovery in consumption as cost-of-living pressures remain and earnings growth will slow. Our long-term outlook is subdued reflecting the current trend of year-on-year declines in population, as higher wages in Europe drive migration.
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