Peruvian economy would have a growth of 2.7% in the first quarter, estimates the CCL

The Lima Chamber of Commerce (CCL) projected that, in the first quarter of this year, the national Gross Domestic Product (GDP) would register a growth of 2.7% explained by the impulse of the tertiary sector, specifically of the sectors Commerce and services, which will have a better performance in that period.

According to the estimates of the Institute of Economy and Business Development (IEDEP) of the CCL, the sector Commerce would achieve an expansion of 4.2%, while the services category would report a growth rate of 3.1%.

“The recent measures of the Government, such as the suspension of the curfew and the expansion of capacity in shopping centers, restaurants, stadiums and other entertainment and cultural activities, are going to boost the consumption and, therefore, reactivate businesses”, explained the head of Iedep, Óscar Chávez.

It is worth specifying that the tertiary sector has been one of the most affected sectors due to the targeted measures to face the pandemic of the COVID-19including the capacity limit, which did not allow them to operate at 100% capacity.

Óscar Chávez added that if these measures continue (suspension of the curfew and the expansion of capacity), the GDP growth of 2.7% could be replicated in the second quarter.

Meanwhile, the mining and hydrocarbons sector would grow 2.9% in a context of high prices for metals and foreign demand. This result means a recovery when compared to its similar quarters in 2021 and 2020, whose reports remained negative due to the pandemic.

The agricultural sector will also have a positive performance of 1.9% considering that it is an important supplier of companies in the trade and services sector.

However, the construction sector will suffer a sharp slowdown in the first quarter with a meager advance of 0.4%, taking into account the low growth prospects for private investment and the end of the statistical rebound in this sector.