BCRP: This 2024 the Peruvian economy will grow 3%

The president of the Central Reserve Bank of Peru (BCRP), Julio Velarde Flores projected an economic growth of the country of 3% by 2024.

“In the non-primary sector, which fell 1.5% last year, we are expecting growth of 3.1% this year and 3% next year, which gives us a growth of 3% for GDP this year,” he said. .

In a press conference, Velarde Flores stated that analysts and financial entities have raised their projections in line with the BCR.

According to BCRP calculations, economic growth is expected during 2024 in the agricultural sector of 3.5%; in metal mining, 2.0%; in hydrocarbons, 1.5%; in manufacturing, 3.9%; and in fishing, 10.5%.

Regarding inflation, he explained that a lower impact on the purchasing power of the population is contemplated and an environment of sociopolitical stability that will favor the recovery of consumption and private investment.

“We are waiting for a recovery in consumption because last year it was almost stagnant, it grew only 0.1%, but in 2024 we project that it will grow 2.7% and next year 2.8%.”

The head of the BCRP recalled that last year, climatic factors had a greater impact on economic growth.

«The weather particularly affected the second semester due to much higher than average temperatures, which affected crop yields, affected fishing, the agricultural sector fell almost 3%, fishing almost 20%. We hope that this year it will recover, we are putting there a growth in the agricultural sector of 3.5%. It is true that in January the agricultural sector fell almost 4% and the agricultural sector 2.9%, so we expect a recovery this year.

Likewise, he specified that this year the “El Niño” phenomenon is no longer included in the forecasts because its occurrence is practically ruled out, although there is talk of a possible Niña, which in any case would strongly favor the fishing sector.