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BCRP’s Velarde Says Economy Expected To Grow By Around 5% Y/y In May

PERU
  • BCRP President Julio Velarde said yesterday that the economy is expected to grow by around 5% y/y in May, but could be higher, following a better-than-expected 5.3% y/y increase in April. His remarks came after Finance Minister Arista also said that the economy is seen growing by 4.5-5% y/y or more in May, driven by good fishing results. The May data are due for publication on July 15.
  • Velarde also reiterated the central bank’s 3.1% GDP growth forecast for this year, but noted that this forecast has an upwards bias.
  • Before the May activity data, the central bank is due to hold its next monetary policy meeting on July 11. Given the persistence of core inflation above the upper bound of the target range, the most likely outcome of the July meeting is for the committee to extend the pause in the easing cycle at 5.75%, while leaving the door open to resume easing later this year.
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