He BCP maintained its growth projection of Gross Domestic Product (GDP) by 3% for this year, “in a context of cyclical and gradual recovery.”
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One of the factors for the rebound this year, the financial institution said, is the absence of supply shocks in 2023 such as the El Niño phenomenon and social protests.
He also highlighted the favorable export prices, lower inflation that benefits household purchasing power, and countercyclical economic policies such as lower reference rates and increased public investment.
According to the financial institution, GDP growth of around 3.5% is expected for the third quarter, “given a moderation of economic activity in August and September,” and after the 4.5% growth in July.
On the other hand, the BCP indicated that it maintains its projection that the reference rate will close the year at 5% and that in 2025 it will be at 4.25%. “This in the context of a still high negative output gap, real rate, inflation and expectations within the target range, and an early start of cuts by the FED,” it added.
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