Peru’s Central Reserve Bank President, Julio Velarde, has forecast that the Peruvian economy will grow by more than 5% next year, bolstered by the greater dynamism of public, private investment and consumption, which are crucial to the primary sector's recovery.
“Next year will be better, since 2014 has been the worst year for the primary sector in 22 years; such a sharp decline has not been observed since 1992. However, it is temporary and can be reversed because it is not structural,” he pointed out.
Velarde said the decrease in the production of rice –the country’s most important crop– and coffee –the main export crop– will be reversed next year.
Fishing industry, in turn, has shown a substantial fall this year as well.
Mining has also faced a serious decline despite the favorable growth rates foreseen early this year, due to a delayed large-scale project and fewer laws regarding mining deposits.
(END) JJN/AQR/RMB/MVB
Published: 12/17/2014