South American Real Estate News

Peru’s post-pandemic economic recovery is faster than that elsewhere in Latin America

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According to reports released Wednesday in Lima, Peru quickly bounced back from the COVID-19 pandemic, even if compared with other countries in the region and the world.

“We recovered very rapidly because already in the fourth quarter of 2020, we were almost at the pre-pandemic level,” Central Bank (BCRP) President Julio Velarde said during the XXXIII Annual Seminar of the Consortium for Economic and Social Research (CIES).

Velarde also admitted that although economic “growth has slowed, ” the recovery was “quite fast” compared to Germany, France, and Spain.

He also forecasted that Peru will grow 3 % in 2023, while other countries in the region have much lower projections: Colombia 1.6 %, Mexico 1.2 %, Brazil 0.95 %, Argentina 0.2 %, and Chile (-0.9 %).

“This third quarter, we expect a low growth of 1.7 %, but in the fourth quarter, there will be a recovery, and we will grow close to 3 %,” he added.

According to Velarde, this projection ratifies Peru’s economic growth despite inflation above the target range of 1 and 3 %. It is projected to close 2022 at 7.8 % and then “return to the expected range by the end of next year, due to the clearly uncertain situation.”

“The great fear that existed” when President Pedro Castillo’s administration began in July 2021 has disappeared, Velarde stressed.

In this scenario, Peruvian agro-exports resulted in US$ 6.113 billion in revenues between January and August this year, which meant an expansion of 23.5 %, the Ministry of Agrarian Development and Irrigation (Midagri) reported Wednesday.

Non-traditional agricultural exports totalled US$ 5,401 million, 15.1 % higher than in the same period of the previous year, while traditional agricultural exports during the first eight months of the year reached US$712 million, an increase of 175.4 % over 2021.

It was reported that sales of non-decaffeinated coffee and cane molasses went up by 213.1 % and 22.6 %, respectively.

In August alone, agricultural exports reached US$ 1.026 billion, a growth of 30.6 % compared to the same month in 2021.

Among Peru’s agricultural exports’ top 10 destination countries were the United States, The Netherlands, Spain, Ecuador, China, Chile, Germany, England, Colombia, and Mexico, which accounted for 76.3 % of the total value exported.

(Source: Xinhua)

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