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BCR: Peruvian economy up 141% between 2001-2018

09:11 | Cajamarca (Cajamarca region), Jun. 4.

Central Reserve Bank (BCR) Governor Julio Velarde has highlighted that Peru's economy expanded 141% between 2001 and 2018, with an annual average of 5%.

According to the official, the South American country's economy has registered almost 20 years of continuous growth after the "enormous block" in the 80's due to inadequate macroeconomic management.

Likewise, Velarde indicated Peru relies on macroeconomic foundations that position it among emerging markets' strongest economies.

He also explained that only Thailand registered a lower inflation rate between 2001 and 2018.

"In real GDP, only the Philippines and Indonesia surpass us with regards to growth during these 18 years. In terms of public debt, only Chile has a lower debt than ours, and in (Net) International Reserves, the only country that surpasses us is Thailand," the BCR Governor expressed.

"We have very solid foundations (…)," he added.

Exchange rate

Concerning the exchange rate increase, the official mentioned it might be caused by the intensification of the trade war between China and the United States.

Furthermore, he considered that the confrontation between the Inca country's Executive and Legislative Branches will have a marginal impact on the exchange rate, since the external situation is the most influential factor.

Remarks were made during Cajamarca Region's Economic Meeting on Monday.

(END) CNA/DTK/MVB

Published: 6/4/2019

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BCR: Peruvian economy up 141% between 2001-2018

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