Andina

Peru's GDP to grow 6% in Q1 2014, cenbank says

11:00 | Lima, Jan. 11 (ANDINA).

Peru's gross domestic product will likely expand 6% in the first quarter of 2014 over the same period last year, according to the Andean country's Central Reserve Bank (BCR).

Growth in 2014 will be buoyed by a better international environment, increased Peruvian exports and the startup of new mining projects, the BCR said on Friday.

"There will be new [mining] projects like Toromocho and also higher production of hydrocarbons and fishmeal," said the central bank's head of economic studies, Adrian Armas.

Armas noted that the country is speeding up concessions which results in increased private investment and an improvement in both business and consumer confidence.

"The improvement in business confidence means that private investment will recover in the first quarter, we also see increased consumer confidence in a context where macroeconomic conditions are pretty good. All this points to a recovery of our economy," he explained.

The economy is expected to have expanded by 5.1% in 2013, according to BCR estimates.

(END) LVT/DLG/EEP


Published: 1/11/2014
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