In the second quarter of the year, the private investment registered a decline of 0.2%, reported the Central Reserve Bank (BCR). It should be noted that in the first three months of the year, growth of only 0.2% was observed.
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This decline was a consequence of lower residential spending, which fell by 9.8% between April and June. However, it was offset by a 3.4% increase in non-residential mining and non-mining investment.
“In the quarter, business confidence improved compared to the same period last year. Economic expectations for three months advanced, but remained on average in pessimistic territory,” the BCR said.
On the other hand, the BCR stated that private consumption grew by 2.3%, associated with the growth of employment and the recovery of real income. In this regard, it stated that formal employment grew by 2.2% year-on-year, which meant an increase of 370,000 jobs.
“The expansion of private employment in the services, trade and construction sectors is notable. For its part, the total real wage mass increased by 6.9%, explained by the growth of the average real wage and the advance of employment,” it said.
He also said that “this favourable context for consumption was reflected in a 2.6% increase in the volume of imports of non-durable consumer goods.” However, he said that consumer credit contracted by 1.2%.
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