Julio Velarde, president of the Central Reserve Bank of Peru (BCRP), reported that The growth projection of private investment for this year was raised, which went from 24.5% (in the September report) to 36% in real terms.
Likewise, investment in the mining sector would go from 18% to 22.8%, while the non-mining sector, from 25.5% to 37.9%.
However, Velarde announced that the BCRP maintains a growth projection of 0% for private investment for 2022.
“Some have believed that the Central Bank is saying that the investment will be 0%, and that is absurd. It would not be zero when mining investment, still important, grows 3.4% basically due to Quellaveco and non-mining investment, contracting slightly by 0.4% “explained the banker (see charts).
Velarde pointed out that for next year a private investment of US $ 46,378 million is expected.
Finally, for 2023 he added that “a slight growth” of private investment is expected but “with a different composition”, given that mining investment will fall -16.7% due to a statistical effect before the completion of Quellaveco and because “not yet there are big projects in sight ”.
To complement these forecasts, private investment for 2023 would rise by 2% and non-mining investment by 4.5%, achieving a total of US $ 49,535 million.
Velarde emphasized that “a certain predictable framework in legal and macroeconomic stability is required” for investments.
“We are taking this level of growth (in private investment) basically because of the expectations of the companies. We saw that after the announcement of the closure of mines, business expectations deteriorated. There is still mistrust, not the same as in August, but it is maintained, “he said.
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