The Central Reserve Bank of Peru (BCRP) indicated that, according to advanced indicators on the economyit would be expected that the Gross Domestic Product (GDP) register a fall in May of this year. However, the official information would be released by the National Institute of Statistics and Informatics (INEI) this Saturday, July 15.
“Regarding the GDP for May, it is likely to be a negative rate, indeed“, commented Adrián Armas, central manager of Economic Studies of the BCRP, during the presentation of the Monetary Program of July 2023.
According to the official of the monetary entity, it has been observed that the primary sector would have a significant drop in the month of May as a result of the cancellation of the first fishing season of anchovy and by the effects of El Niño Global.
“What has been seen is that there is a strong contraction in fishing production, unfortunately, and that we will continue to monitor (…). In data already observed, the production of fishing, of anchovy, comes less even than was already expected and that will affect the month of May,” Armas pointed out.
Economy returns to negative territory
If a contraction of the Peruvian economy is confirmed in May, the national GDP would return to the negative rates registered in the first months of the year. As recalled, both in January and February there were monthly figures in the red, with -1.02% and -0.51%, respectively. While in March and April there were hardly any variations of 0.22% and 0.31%, according to INEI data.
Thus, between January and April, national production accumulated a contraction of 0.24%.
Source: Larepublica
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