on Friday affirmed that the fundamentals of Peru's economy remain solid, although
will imply a review of its GDP growth projection for 2021.
"The restrictive measures that are being observed will obviously have an impact on the economic activity in February, and we should see how it (the economy) evolves in the following months," Armas said.
"Certainly this will lead to a review by the BCR of the GDP growth projection that we would be publishing in the next Inflation Report, in March," he added.
Leading indicators
The BCR official pointed out that the leading indicators moderated their recovery last month.
"For example, in December
electricity consumption had been reduced by 0.35%, while it declined by 1.2% in January," he indicated
Likewise, the economist showed that electricity production each time experienced a smaller drop during 2020 —considering that in March it had registered -27.4%, followed by April (-30%),
May (-25%), June (-12.4%), July (-5.9%), August (-2.8%), September (-1.9%), October (-0.4%), November (-0.28%), and December (-0.25%). However, it recorded -1.2% in January 2021.
"Domestic cement consumption continues to grow at double-digit rates, but there is a moderation," he said.
Moreover, the BCR official explained that in 2020 domestic cement consumption registered falls in March (-51%), April (-98.6%), May (-65.1%), June (-32.7%), and July (-4.5%). Nonetheless, it registered positive indicators in August (1.3%), September (9.7%), October (11.3%), November (17.7%), and December (21.5%). Yet it merely grew 15.9% in January 2021 —a lower rate compared to the previous month.