The Central Reserve Bank (BCR) estimated today that the Peruvian economy would grow 10.7% this current year, registering a decrease compared to its previous forecast (11.5%), although it will be the greatest growth in South America during 2021.
“The forecast we are correcting for this year has changed from 11.5% to 10.7%, with an upward bias. For next year, we are forecasting a growth of 4.5%,” said the President of the BCR, Julio Velarde.
During the presentation of the Inflation Report for March 2021, Julio Velarde said that the primary Gross Domestic Product (GDP) will increase 7.4% this year and the non-primary GDP will grow 11.7%.
“We have adjusted the primary GDP to lower growth, basically due to a lower expected increase in the mining sector. Before a 14.4% growth in the mining sector was expected, now only 11%,” he said.
“For the non-primary GDP, a 11.7% growth is being projected, basically derived from the lower activity of some sectors during February,” he added.
The President of the BCR indicated that in the first quarter of this year a growth of 1.5% is expected, a growth of 39.7% in the second, a growth of 8.2% in the third, and a growth of 1.3% in the fourth quarter.
“The recovery in the first quarter will be a little lower than expected, due to the lockdown in February,” he said.
“The GDP will practically and entirely recover this year, or in any case during the first quarter (of 2022),” he added.
Julio Velarde considered that the world economic dynamics will contribute to a more accelerated recovery of the Peruvian economy.
“The international trends are in favor of the rapid recovery of the Peruvian economy,” he added.
The president of the BCR emphasized that the growth of 10.7% of the Peruvian economy for this year will be the greatest growth in South America.