Peru's central bank lowers 2025 growth forecast to 3.1 percent

LIMA, June 20 (Xinhua) -- Peru's Central Reserve Bank (BCRP) has lowered its 2025 growth forecast from 3.2 to 3.1 percent, citing weaker-than-expected performance in the metallic mining sector.

BCRP President Julio Velarde announced the revision on Friday during the presentation of the central bank's June Inflation Report.

The global uncertainty also played a role in the revision, he said, noting that while risk levels have eased slightly in recent days, they remain "quite high."

According to the report, Peru's primary GDP, which includes agriculture, fishing, mining, and hydrocarbons, is now expected to grow 2.1 percent in 2026, down from an earlier projection of 2.6 percent.

The sharpest revision came in metallic mining, with growth expectations cut from 2 percent to 0.3 percent, while the hydrocarbons forecast dropped from 5.5 to 4 percent.

Despite the downgrade for 2025, Velarde said the bank is maintaining its overall GDP growth forecast for 2026 at 2.9 percent. ■