Andina

Peru's economic growth back to pre-pandemic levels

14:22 | Lima, Oct. 18.

Economy and Finance Minister Pedro Francke highlighted that Peru has returned to pre-pandemic economic growth levels and is the country with the second-highest credit rating in Latin America.

He noted that although the country has not yet recovered to pre-pandemic levels in terms of employment, its GDP growth has already returned to its previous pace.

"Economic growth in August was 11.8%; August GDP is already like 2%, 1.6% higher than two years ago, in pre-pandemic times," he said in statements to Latina channel on Sunday evening.

"We have recovered in terms of GDP but not in jobs because unfortunately sectors such as tourism, personal services that create many jobs, have not yet recovered. Tourism is recovering, but it has been severely hit. We have to keep pushing forward," Francke stated.

Credit rating

On the other hand, the government official pointed out that despite recent revisions of Peru's credit rating by international agencies, such as Fitch Ratings and Standard & Poor's, it stands at a good level compared to its peers in the region.

"We have had a lot of dialogue with these agencies. Even with the revisions, Peru continues to be the country with the second highest credit rating in Latin America," the minister remarked.

Moreover, in terms of interest rate, Peru obtains loans at interest rates equal or even better than those obtained by Chile, which has the highest credit rating in the region, he said

The economist affirmed that the confidence of investors has not affected their interest in Peruvian bonds, following the revisions of the country's credit rating.

(END) MDV/MDV/RMB

Published: 10/18/2021
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