The Central Reserve Bank (BCR) of Peru adjusted the recent projection of the 2015 GDP, from a previous 5.5% down to 4.8%.
The BCR announced today that although various sectors of the economy should improve others might not perform as well and therefore they estimate a lower growth than previously expected.
Similar to the end of 2014, a lower growth was recorded for GDP after fishing and mining took large falls in output. In 2014, the BCR expected a growth of 3.1% but instead the year closed with a GDP of 2.4%.
However, with the most recent data, fishing and mining will experience a recovery while agriculture and hydrocarbon sectors will remain stagnant and low.
The figures expect a growth of 17.2% in fishing and 6.3% in mining after seeing contractions of 25.3% and 17.2% respectively.
These numbers continue to be rough estimates as climate changes continue to disrupt fishing, agriculture, and mining sectors. The unpredictable climate leads to questionable and fluctuating prices, proving these estimations to be rough. The bank’s estimations have been lowered from previous projections due to international climate and slow GDP.