has maintained gross domestic product (GDP) growth projection at 3% for 2024, which would mark an acceleration in Peruvian economy next year.
However, the issuing entity reduced its growth estimate for 2023 from +0.9% to -0.5%.
The economist indicated that projections for 2024 consider a moderate El Niño phenomenon, as projected by the Multisectoral Commission in Charge of the National Study of El Niño Phenomenon (Enfen).
"Previous Enfen reports spoke of a stronger El Niño (phenomenon); there was talk about lower growth for 2024. Since there is now a projection of a moderate El Niño, we expect a greater recovery in fishing and agriculture (sectors)," he told reporters during a press conference on Friday.
Sectors
According to the December 2024 Inflation Report, the farming sector will recover and grow 3.5%, as will the fishing sector (10.5%).
"Both sectors were heavily punished in 2023 by El Niño phenomenon," he indicated.
Similarly, primary manufacturing would grow (3.9%) as would the non-primary manufacturing (3.1%) subsector.
In turn, construction would grow 3.2%, whereas mining would slow to 2.0%.
Quarters
Moreover, the issuing entity's head projected that Peruvian economy would reach a 0.7% increase in the first quarter, 1.8% in the second quarter, 4.1% in the third quarter, and 4.3% in the fourth quarter.
"We expect important rates for the last two quarters of next year," he underlined.