BCR: The performance of the economy is upward biased | economy

Central Reserve Bank (BCR) It maintained its economic growth estimate at 3% for 2024. In its December report it estimated a similar rate of expansion.

But its leader, Julio VelardeSaid that there is The upward bias of the Peruvian economy This is because there are upwardly revised indicators such as private consumption and private investment, which will be reflected in the June report.

He noted that the growth forecast of Private investment, 2.3% in 2024; Higher than estimated in December (1.8%), and driven by mining (+7.8%). 2023 closed with a fall of -7.2%.

He announced that by the end of the first semester there will be accurate information on how much the economy will grow this year.

Copper. For BCR, the performance of the global economy, The Higher copper prices Better mood of mining investors will be other factors that will determine higher growth in national production in 2024.

As for inflation, Velarde pointed out that it will be 2.2% this year, reflecting higher consumption.

Accordingly, he pointed out that BCR's benchmark interest rate will be prudently cut in March from February (6.25%).

Since the beginning of the global interest rate hike cycle, Peru has maintained one of the lowest rates in the region compared to some developed countries, never exceeding double digits.