Peru’s government revised downward its projection of economic growth in 2023, setting the advance of GDP at 1.1% this year after the 2.5% expected last April, the Ministry of Economy and Finance (MEF) reported.
“The Peruvian economy will continue with its recovery process and will grow 1.1% in 2023,” the MEF detailed in its Multiannual Macroeconomic Framework 2024–2027 report.
“The Peruvian GDP will advance despite the adverse shocks that have been registered in the South American country, including the El Nino phenomenon and social conflicts,” the Ministry of Economy and Finance explained.
The Peruvian economy will grow 3.0% in 2024 and then above that percentage until 2027 by maintaining “responsible” fiscal management aimed at closing gaps in infrastructure and human capital.
“The economic growth will be supported by the improvement in domestic demand, driven among other factors by private spending, as well as measures to address the climate emergency,” the Ministry of Economy and Finance explained in its report.
“The responsible management of fiscal accounts has allowed the nation to have resources to implement extraordinary measures to boost recovery as well as address climate emergencies presented since the beginning of the year,” the ministry added.
“Growth will respond to greater investments in infrastructure, increased mining production, the recovery of sectors associated with tourism, and the improvement of external demand, in addition to measures to strengthen competitiveness and productivity,” according to the MEF.
