During September of this year, 16,000 formal jobs were recovered in the private sector, compared to the same month in 2019, he explained. Adrian Armas, Manager of Economic Studies of the Central Reserve Bank of Peru (BCRP).
The official said that said growth is 0.4% and is reflected only in sectors whose participation in the economy has been more dynamic during the pandemic (see infographic).
In detail, the agricultural sector grew 25.2% (118,000 jobs) and mining, 7.3% (8,000); while in manufacturing there is a contraction of -2.7% (-13,000) and in services, -6.6% (-125,000).
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On the other hand, total jobs –considering the public and private sectors– increased by 1.7%.
“In August, formal employment had already exceeded its pre-pandemic levels (0.9%), in September this evolution has been maintained (1.7%),” he said during the presentation of the BCRP Monetary Program.
Armas specified that the formal wage bill went from 5.1% in August to 8.3% in September, maintaining its upward path, and this is mainly explained by the private formal labor market, which went from 1.5% in August to 5.6%.
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GDP continues to rise
Arms advanced that In the ninth month of this year, the economy would have grown between 8% and 9.5%.
“From January to September of this year, a higher level would be shown with respect to the same period of 2019. Peru will be one of the few economies in the region to register that the GDP for the year will be higher than the level that was in 2019, if it remains these indicators, ”he said.
Inflation indicators
Armas stressed that our country, as of October of this year, maintains its indicators of total inflation and underlying inflation within the lowest at the international level: 5.8% and 2.8%, compared to total inflation in Brazil (10, 7%), Mexico and the United States (6.2%) and Chile (6.0%).
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Given this, it foresees that to overcome the complicated situation, The BCRP will initiate monetary policies to return “in a prudent term” to the target range, as was previously possible.
Reduction of the fiscal deficit
Adrián Armas reported that the reduction in the fiscal deficit – updated in October to 4.1% of GDP – will contract faster than expected. The minister Pedro Francke it projects the deficit to be 4.9%.
“In fact, it is possible that Peru is one of the few countries in the region where a greater reduction in the fiscal deficit is observed. This is important because it gives more confidence to the markets and leads to a lower country risk ”, explained Armas.
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