Paraguay's economy grew by 5 percent on an inter-annual basis, announced the Paraguayan Central Bank (BCP) on 6 December 2016. This figure makes Paraguay one of the fastest-growing economies in Latin America, strongly outperforming its Andean and South American neighbors. The BCP estimates Paraguay's GDP will grow by at least 4 percent in 2016, and maintain a growth level of 3.7 percent in 2017 (ABC Color). BCP President, Carlos Fernández Valdopinos, stated that Paraguay would be second or third in Latin America in terms of 2016 GDP growth, and also explained that the engines powering economic growth in the country were changing. Fernández Valdopinos expects sectors like construction or energy to consolidate, and strong growth in the consumer goods and the services sectors (La Nación).