said Friday that economic activity in Peru remains close to its potential level, and leading indicators for March continue to show solid performance.
"Domestic value-added tax (IGV) grew 8.3% in the first quarter; domestic cement consumption increased at a double-digit rate (11.3%); durable consumer goods imports grew 31%, and capital goods imports rose by a significant 9.3%," he added.
Armas emphasized that Peru's economy continues to show notable momentum. Thus, the BCR's projections outlined in its latest Inflation Report remain in place.
"Stronger growth likely occurred in non-primary GDP (construction, commerce, and manufacturing) during the first quarter; however, temporary factors such as El Niño would have weighed on primary GDP (agriculture, fishing, and mining)," he detailed.
The official February GDP figure is scheduled for release by the National Institute of Statistics and Informatics (INEI) on April 15.
The BCR official noted that most current and expectations indicators remained in optimistic territory last March.
"For example, the three-month economic situation stands at 52, up from 50.2 in February," he said.
The BCR official indicated that global risk remains elevated due to the conflict in the Middle East, reflected in higher financial market volatility and rising international oil prices.
"There was a sharp surge in international oil prices in late February and early March, and that situation still persists. Oil prices have increased by a cumulative 70% so far this year. Markets expect a correction," Armas indicated.
"Despite this, global economic growth prospects remain positive, and terms of trade continue to be favorable for the Peruvian economy," he added.
(END) CNA/MVB