Peru economy to grow 7 pct in 2011, says central bank



Chief economist of BBVA Bank, Hugo Perea is confident that the economy will maintain its growing course. (Photo: Caretas )

Peru’s economy maintained a momentum close to potential GDP growth, estimated at nearly 7%, the president of Peru’s central bank, Julio Velarde, said today.

He noted that the dynamism of the economy remains strong, but will be moderated during the year. "Both monetary and fiscal policy will be much less expansionary this year compared to last year," he said.

"We are in process of economic estimates for 2011, but certainly we will have something between 6.5 and 7 percent growth," commented Hugo Perea, chief economist of the BBVA Bank.

Perea added that Peru’s economy would have ended 2010 with growth of nearly nine percent. "In October we thought the economy would grow 8.5 percent, but economic data in the latter part of the year have been very strong," he said.