Peru’s Construction Sector Grew in Double Digits in November 2020

RIO DE JANEIRO, BRAZIL – Peru´s Central Reserve Bank (BCR) on Friday reported that the advance in public investment and the increase in domestic cement consumption suggest a double-digit growth in the construction sector for November.

“The data on domestic cement consumption, plus what we have (registered) in public investment, is already ensuring double-digit growth in the construction sector for November, which is quite important,” BCR Governor Julio Velarde expressed.

Domestic cement consumption grew 11.3% in the analyzed period and public investment reached an execution of  3.88 billion soles (about US$1.07 billion) in that same month, thus recording a nominal growth of 28.41%, according to the Economy and Finance Ministry (MEF).

Based on figures from the National Institute of Statistics and Informatics (INEI), the construction sector has registered the following rates so far this year: January (5.68%), February (5.58%), March (-46.25%), April (-90.26%), May (-66.73%), June (-42.71%), July (-12.89%), August (-6.71%), September (4.38%), and October (8.84%).

In this sense, Velarde indicated that the aforementioned sector would fall 15.6% this year —a smaller decline than previously expected. In addition, it could grow 17.4% in 2021 and 3.8% in 2022.

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