Fin Min: Peru relies on good growth pace in key economic sectors

Photo: ANDINA/Presidency of the Council of Ministers of Peru

13:20 | Lima, Nov. 23.

Economy and Finance Minister Pedro Francke on Tuesday stressed that Peru is registering a good growth pace in key sectors of the economy, adding that they lead to job creation.

"GDP growth in September was 9.7% higher than the previous year, which was very particular due to the pandemic. There are several important figures to highlight; for instance, the farming sector has grown 11.5%, higher than last year and 14.8% higher than in 2019," he expressed.

Likewise, the minister deemed the farming sector as important because it involves the majority of Peruvians and which hosts most poor citizens.

"But I also want to point out that the industrial sector, or non-primary manufacturing as it is known, has grown 12.7% last month. Besides, construction has grown 12.6%," he detailed.

Furthermore, the high-ranking official stressed that the great advance of the vaccination process —with a third dose for health personnel and senior citizens— is boosting greater economic growth in the country.

"There are countries that are imposing new quarantines, while we are avoiding them in Peru, supported by the proper use of facemasks and vaccination; this has led to economic growth," he noted.

Moreover, minister Francke reminded lawmakers that the

Public Sector Budget Bill for Fiscal Year 2022 was presented on August 30, when President Castillo's administration had only been in office for a month.

"The projection shows that in the next four years emerging countries, like ours, are expected to grow 4.5%. Therefore, we prefer to go with a slightly conservative projection in August," he said.

The minister also stressed that this year the Government is committed to one of the largest deficit reductions in Latin America.

"We are reducing the deficit by 4.2%; that is our commitment in accordance with the Multiannual Macroeconomic Framework," he concluded.

Remarks were made while addressing the Public Sector Budget Bill for Fiscal Year 2022 at Congress headquarters in Lima.

(END) CNA/MVB

Published: 11/23/2021

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Fin Min: Peru relies on good growth pace in key economic sectors

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