Lima, Peru – The Central Reserve Bank of Peru (BCRP) has raised its economic growth forecast for 2024 from 3.1% to 3.2%.

"The growth of the Gross Domestic Product (GDP) for the year has increased from 3.1% to 3.2%," said Julio Velarde, president of the BCRP, during the presentation of the latest Inflation Report.

"The results we are seeing from the economy are quite positive. The indicators of economic demand are quite solid," he added.

With this adjustment, the BCRP's GDP growth projection for this year now aligns with that of the Ministry of Economy and Finance (MEF).

GDP Growth Projections

Velarde presented projections of 3.4% growth for the primary GDP and 3.1% for the non-primary GDP in the current year. For 2025, the projections are 3% for both primary and non-primary GDP, resulting in a total estimated GDP growth of 3% for the following year.

"Looking at economic sectors, we have raised the projection for the primary sector, which has also had some impact on the GDP. We are expecting good performance in the fishing sector," he said.

The BCRP president noted that the seasonally adjusted GDP indicator continued to recover in the third quarter of this year (1.2% compared to the previous quarter).

"If we look at the seasonally adjusted GDP in the third quarter of 2024, we are 7% above what we had at the end of 2019," he stated.

The BCRP official highlighted that business expectations regarding the economy and their respective sectors remain optimistic.

Optimistic Outlook

"Expectations are positive. They have been fluctuating because one month they fall slightly, another month they rise, but they are in optimistic territory. Twelve-month expectations are more optimistic than three-month expectations," he said.

On the other hand, Julio Velarde indicated that the global economy is projected to grow by 3.1% in 2024 and slightly decelerate to 3% in 2025.