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Central Bank Reserve raises Peru’s GDP forecast to 3.2% for 2024

On the back of the best performances of the Fishing and Construction sectors.

View of the financial district of Lima. Peru. ANDINA/Norman Córdova

View of the financial district of Lima. Peru. ANDINA/Norman Córdova

14:37 | Lima, Dec. 20.

The Central Reserve Bank (BCR) today raised Peru’s Gross Domestic Product (GDP) growth forecast for 2024 to 3.2% from the previous 3.1% forecast issued last september, on the back of the best performances of the Fishing and Construction sectors.

“Gross domestic product (GDP) growth for the year goes from 3.1% to 3.2%,” said BCR president Julio Velarde, during the presentation of the latest Inflation Report.

“The results we are seeing from the economy are quite positive. The demand indicators of the economy are quite solid,” he added.

Thus, the BCR's GDP growth forecast for the present year now matches with the Ministry of Economy and Finance (MEF) forecast.

Julio Velarde showed the projections for the primary GDP growth (3.4%) and non-primary GDP (3.1%) for this year; while for 2025 they expect the following results: primary GDP (3%) and non-primary GDP (3%), so the forecast of Peru total GDP for next year will be 3%.

“Going by economic sectors, we have raised the forecast for the primary sector and that has also had some impact on GDP. In fishing we are expecting good performance,” he said.

The president of the BCR pointed out that the seasonally adjusted GDP indicator continued to recover in the third quarter of this year (1.2% compared to the previous quarter).

“If we look at the seasonally adjusted GDP in the third quarter of 2024 we are 7 % above what we had at the end of 2019,” he said.

Velarde also highlighted that businessmen expectations about the economy and their business sector remain in the optimistic range.

“Expectations are positive. They have been fluctuating because one month it falls slightly, another month it rises, but they are in the optimistic range. Twelve-month expectations are more optimistic than three-month expectations,” he said.

On the other hand, Julio Velarde pointed out that the world GDP growth forecast for 2024 is 3.1% and for 2025 will slightly slow its expansion to 3%.

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Published: 12/20/2024
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