Julio Velarde: "We are experiencing poor growth"

BCR lowers its GDP projection for 2022 and 2023

The president of the (BCR), Julio Velarde, announced that the institution he heads has lowered its projection of the Gross Domestic Product (GDP) for 2022 and 2023.

Thus, the estimate went from 3%, which was in September, to 2.9% for both years.

Julio Velarde explained that the protests “are having a marginal effect that has affected economic activity” and with these data they have estimated the progress of GDP.

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Likewise, he revealed that for 2023 they have modified their projection for private investment downwards from 1.8% to 1%, while private consumption has been modified from 3.1% to 3%.

“We expect public investment to grow 0%, basically due to the reduction in spending by subnational governments with the recently elected authorities,” said the president of the BCR.

On the other hand, Velarde stated that they have detected that the protests in the tourism sector have generated an impact of US$40 million, for the second half of December, and more than US$100 million in January, due to cancellations already made.


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