LIMA, April 23 (NNN-ANDINA) — The Peruvian economy grew 2.8% year-on-year in February 2024, the highest increase in 20 months, thereby exceeding expectations, which anticipated a growth of 2.1%, according to the latest Weekly Macroeconomic and Markets Report prepared by BCP’s Economic Studies Department.
This increase is mainly due to the performance of primary sectors, which together rose 4.1%. The mining sector grew 17%.
This growth was also accompanied by an increase of 2.5% in non-primary sectors, among which non-primary manufacturing and the services sector stood out.
Thus, despite a slight decline in March, the banking institution’s expectations are still positive, with a GDP growth projection of 3% for 2024.
“Economic activity in March might have slowed slightly, influenced by a reduction in the number of working days during Holy Week, which impacted the demand for electricity and imports of capital goods,” the BCP explained.
“However, public investment continued its upward trend with an increase of 20% in real terms,” it highlighted.
In addition, it added, Central Reserve Bank‘s (BCR) macroeconomic indicators reflect an improvement in the current situation and an optimism that had not been felt over the past five years.
Looking ahead to April, the anchovy-fishing season begins with a quota of 2.5 million metric tons, while initial indicators suggest persistence in the economic recovery process. — NNN-ANDINA
