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BCP raises Peru growth projection from 3.8% to 4% for 2018

16:10 | Lima, Aug. 7.

Privately-run BCP's Economic Studies Department on Tuesday projected Peruvian GDP will expand 4% in 2018, thus revising upwards its previous projection (3.8%).

Within this framework, BCP raised Peru's GDP growth projection from 3.8% to 4.0% (2018), and from 3.5% to 3.7% (2019) due to a higher-than-expected expansion in the second quarter of the current year.

The Quellaveco mining project also contributed to said forecast, the banking institution said.

According to BCR, the economic activity progress report —last June— showed new evidence that the Inca economy had moderated its growth rhythm, after higher-than-expected rates in April (7.8%) and May (6.4%).

"Primary sectors were the most affected, as their production would have shrunk after four months. The fishery sector slid 8% in June, the lowest rate in six months, due to lower catches of anchovy (-15%) after closing the first season," it indicated.

"The mining and hydrocarbon sector registered the strongest setback in 42 months (-4.6%) due to a lower production in metallic mining (-5.7%)," it added.

(END) CNA/DTK/MVB

Published: 8/7/2018

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BCP raises Peru growth projection from 3.8% to 4% for 2018

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