Peru GDP Shrank at Least 10.5 Percent in 3rd Quarter with Pandemic Curbs
RIO DE JANEIRO, BRAZIL – The Central Bank of Peru said on Friday, October 9th, that the economy had likely contracted at least 10.5 percent in the third quarter, ravaged by health measures to curb the coronavirus in the hard-hit South American nation.
The bank’s economic studies director, Adrián Armas, said on a conference call that stimulus and public investment would help fuel growth in 2021. Armas said he expected Gross Domestic Product to fall between 5.5 percent and 6.5 percent in the fourth quarter of 2020.
Peru is deep in recession after registering a 30.2 percent year-on-year drop in GDP between April and June, the second consecutive quarterly contraction.
The Central Bank expects GDP to plunge 12.7 percent in 2020, the deepest downturn in a century.
Source: Reuters
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