Julio Velarde: The economy will grow about 3% in the fourth quarter

The president of the Central Reserve Bank (BCR), Julio Velardesaid on Wednesday that in the fourth quarter of this year an improvement in the Peruvian economy is expected with a rate close to 3%.

“The performance in recent times has not been so good, but it is not bad either. This third quarter (July-August-September) we expect low growth of 1.7%, but in the fourth quarter there will be a recovery and we will grow close to 3%.”, he expressed during the XXXIII CIES Annual Seminar.

Velarde ratified that the Peruvian economy would grow 3% in 2022 due to lower primary GDP growth, although the non-primary sector is performing better.

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“The non-primary sector (industry and commerce) are showing upward indicators, as they grew 4.7% in the first semester, highlighting manufacturing that increased 6.5%”, he narrowed down.

In this sense, the president of the BCR indicated that the Gross Domestic Product (GDP) of Peru will be the one that grows the most in Latin America in 2023. It will surpass Colombia (1.6%), Mexico (1.2%), Brazil (0.9%), Argentina (0.2%) and Chile (-0.9%).

He explained that this projection is a trend of maintaining the growth of the Peruvian economy.

“The great fear that existed when the government began has disappeared, because nobody expects a very great radicalism, but they have mistrust of the future of the government. Businessmen do not see the demand as bad, but they have an image that the country will not do so well“, said.

formal employment

The economist pointed out that the number of formal jobs continues to grow at rates greater than 6%, exceeding pre-pandemic levels since August 2021.

“Employment has also recovered quite quickly and we have been above pre-pandemic levels for 14 months at the national level, and about five months in Lima.. It is as if it had grown since 2019, before the pandemic, almost 2.3% of formal employment, ”she said.

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