Peru’s GDP on track to exceed pre-pandemic levels in 2021, says central bank

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LIMA, Nov 12 (Businesshala) – Peru’s central bank said on Friday that the country is on track to surpass its 2019 pre-pandemic GDP next year, according to Adrian Armas, the bank’s head of economic studies, amid a strong economic recovery. is on. ,

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If the trend holds, Armas said, “Peru will be one of the few economies in the region where GDP for the year will be higher than in 2019,” he said in a call to reporters.

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Central Bank President Julio Velarde said on Thursday that Peru’s economy could grow by 13.2% in 2021, compared to an official forecast of 11.9%.

Armas said the bank is “highly likely” to lower its fiscal deficit guidance for the year, which currently stands at 4% of GDP, due to higher tax revenues and economic output.

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The bank also estimated that the economy grew between 8.5% and 9.5% in September, ahead of official figures to be released on December 15.

Amid persistent inflation, the central bank on Thursday raised the interest rate to 2%, its fourth hike in a year.

Peru’s economy shrank 11.1% in 2020, one of the worst contractions in Latin America, due to very strict lockdown measures during the pandemic that brought the country’s economy to a halt. (Reporting by Marco Aquino; Editing by Kirsten Donovan)

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