Peru's economy will expand by 3.1% in 2015, as was forecasted last month by the Central Reserve Bank (BCR), its Chairman Julio Velarde affirmed.
He went on to add the WEO growth projection on the country, released by the IMF (2.4%), does not take the domestic primary sector recovery into consideration.
"Our projection remains at 3.1%. We expect a 3.8% growth in the second half thanks to the electricity sector expansion [7%] registered last August […]," Velarde told.
According to Peru's BCR governor, the recovery is essentially due to the increase in the mining activity, being copper the fastest-growing metal in the country.
"This recovery is adding 1.6 percentage points to last year's growth. It means, if the other sectors grew at the same pace as they did last year, growth would stand at 4%. Since other sectors will expand less, compared to last year, forecasted growth has been reduced to 3.1%," he told.
Velarde went on to add the mining expansion is "impressive."
On the other hand, he expressed confidence that public investment will recover in the fourth quarter of the year.
"We expect it to grow in October, November and December; and this would accelerate the country’s growth," he added.
(END) JCC/JJN/MVB
Published: 10/7/2015