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BCR: Peru's economy may have grown 1.5% in 1Q 2021

16:09 | Lima, Apr. 9.

The Central Reserve Bank (BCR) on Friday projected that the Peruvian economy may have grown 1.5% during the first quarter of this year, thus reflecting the recovery of national productive activity and the improvement in business expectations.

"The growth projection of 1.5% for the first quarter of this year is maintained," BCR Economic Studies Central Manager Adrian Armas expressed.

"The GDP situation comes in accordance with expectations; we also maintain the (2021 growth) projection of 10.7%. Despite the critical situation we face, the economy is doing relatively well," he stressed.

Likewise, the BCR official pointed out that the

leading economic indicators continued to recover last March.

He indicated that electricity production (without mining) each time registered a smaller fall during 2020 considering that in March of that year it decreased 11%, followed by -26.8% (April), -23.8% (May), -12.6% (June), -6.4% (July), -3.2% (August), -2.3% (September), -0.9% (October), -0.7% (November), and -0.6% (December).

In January 2021, it fell 1.6%, followed by -6.9% (February). However, it grew 12.5% in March.

"What we see in the electricity indicator, excluding mining, is that the inter-annual growth rate in March shows a growth of 12.5%. But we also witness that it is slightly above the pre-pandemic level," he said.

Furthermore, Armas recalled that in 2020 domestic cement consumption registered falls of -50.9% (March), followed by -98.2% (April), -64.9% (May), -30.7% (June), and -4.1% (July). Nonetheless, it registered positive figures: 1.7% (August), 10% (September), 19.1% (October), 18.7% (November), and 21.5% (December).

Moreover, in January of this year, domestic cement consumption grew 21.1%, followed by 15% (February) and 137.5% (March). The latter figure experienced a rebound effect if compared to the beginning of the pandemic in March 2020.

(END) CNA/MVB

Published: 4/9/2021

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BCR: Peru's economy may have grown 1.5% in 1Q 2021

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