BCRP confirms projections: Peruvian economy will grow by 3% in 2024.

The Central Reserve Bank of Peru (BCRP) has confirmed its economic growth projections for the country, maintaining the expectation that the Peruvian economy will grow by 3% during the current year, as reported by the president of the monetary entity, Julio Velarde. In a recent presentation, Velarde pointed out that the growth forecast for 2024 has been slightly revised upwards compared to previous expectations, showing an increase of 0.1 percentage points from the previous estimate. However, the president of the BCRP indicated that any necessary adjustments to the annual projections will be made in the June report. It is expected that the normalization of climatic conditions in the country will boost the primary Gross Domestic Product (GDP), while the recovery of private spending will favor non-primary activity. This has led to maintaining the growth projections for both 2024 and 2025 at 3%. Regarding the performance of the primary sector of the economy, a growth of 2.8% is projected, remaining stable compared to previous reports. Velarde highlighted that adverse weather conditions last year negatively impacted sectors such as agriculture and fishing, due to higher than usual temperatures associated with the El Niño phenomenon. For the current year, a recovery is expected in these sectors, with growth projections of 3.5% for the agricultural sector and 10.5% for fishing. Despite the declines recorded in January in the agricultural and livestock sector, there is confidence in a recovery due to the discounted influence of El Niño and the possible moderation of La Niña. Regarding the non-primary part of the economy, it is expected that sectors such as manufacturing, construction, and services will exit the negative territory they were in during 2023, experiencing a growth of 3.1% during the current year. The stability and favorable projections of the BCRP reflect an optimistic outlook for the Peruvian economy in 2024, highlighting the importance of the recovery of key sectors for the country's economic development.