Andina

ECLAC: Peru to grow 10.6% in 2021, above regional average

Photo: Courtesy

Photo: Courtesy

19:02 | Lima, Aug. 31.

Peru will experience a growth of 10.6% this year, which will be above the average for Latin America and the Caribbean, the Economic Commission for Latin America and the Caribbean (ECLAC) indicated on Tuesday.

According to the Economic Survey of Latin America and the Caribbean 2021: Labour dynamics and employment policies for sustainable and inclusive recovery beyond the COVID-19 crisis, Peru's GDP will grow 10.6% in 2021, while the regional growth projection for the same year has been updated to 5.9%.

In addition, the annual report shows that, in 2022, Peru will once again grow above the regional average.

Thus, the South American nation should see a growth rate of 4.4% in 2022, whereas the region is expected to grow 2.9% in the same year.

Peru's position in Latin America

Peru will see the third largest growth in Latin America and the Caribbean this year, with 10.6% GDP growth, after Guyana and Panama, which are forecast to expand 16% and 12%, respectively. 

Peru will be followed by Chile (9.2%), Dominican Republic (8%), Argentina (7.5%), El Salvador (7.5%), Colombia (7.5%), and Mexico (6.2%), among others.

In 2022, Peru's economy is projected to grow 4.4%, putting it tenth in the region, after Guyana (32%), Saint Lucia (11.9%), Bahamas (8.5%), Panama (8.2%), Barbados (7.5%), Belize (6.4%), Jamaica (5.7%), Dominican Republic (5.5%), and El Salvador (4.6%).

According to ECLAC Executive Secretary Alicia Barcena, Peru's estimated expansion of 10.6% for this year is explained by its good results in consumption and investment.

She mentioned that Peru is an important producer of commodities such as copper, gold, and zinc, adding that the terms of trade have been favorable.

(END) MMG/JJN/RMB

Published: 8/31/2021