Peruvian economy would grow 2.7% in the first quarter due to a boost from the trade and services sectors, estimates CCL

Updated on 02/03/2022 04:58 pm

For the first quarter of this year, the Peruvian economy would register a growth of 2.7% due to the impulse of the trade and services sectors, estimated the Lima Chamber of Commerce (CCL).

According to the projections of the Institute of Economy and Business Development (IEDEP) of the CCL, the commerce sector would achieve an expansion of 4.2%, while the services sector would report a growth rate of 3.1%.

“The recent government measures such as the suspension of the curfew and the expansion of capacity in shopping centers, restaurants, stadiums and other entertainment and cultural activities, will boost consumption and, therefore, reactivate businesses”, explained the head of IEDEP, Óscar Chávez.

It is worth mentioning that the tertiary sector has been one of the most affected by the targeted measures to face the COVID-19 pandemic, including the capacity limit, which has not allowed them to operate at 100% capacity.

Chávez added that while the suspension of the curfew and the expansion of capacity continue, the growth of the Gross Domestic Product (GDP) of 2.7% could be replicated in the second quarter.

Meanwhile, the mining and hydrocarbons sector would grow 2.9% in a context of high metal prices and foreign demand. This result means a recovery when compared to its similar quarters in 2021 and 2020, whose reports remained negative due to the pandemic.

The agricultural sector will also have a positive performance of 1.9% considering that it is an important supplier of companies in the trade and services sector.

However, the construction sector will suffer a strong slowdown in the first quarter with a meager advance of 0.4%, taking into account the low growth prospects for private investment and the end of the statistical rebound in this sector.