The Coronavirus pandemic left 30% of the Peruvian population in poverty, according to data from the National Institute of Statistics and Informatics (INEI). This percentage is equivalent to 9.82 million people and represents a regression to the poverty levels of 2010. The paralysis of most activities, due to the strict quarantine applied in 2020, was the main cause behind the increase in poverty in the country.
Moody's changed the outlook on Peru's long-term foreign and local currency A3 issuer ratings to negative from stable. This change reflects Moody's view that an increasingly polarised and fractured political environment has been undermining the effectiveness of the country's policymaking, leading to a progressive deterioration in Peru's institutional strength. If sustained, this erosion will undermine economic resilience and continue to weigh on business sentiment and negatively affect investment.
Peru's Gross Domestic Product (GDP) grew 3.8% in the first quarter of the current year if compared with the similar period of 2020, following the contraction registered in the four previous quarters, the National Institute of Statistics and Informatics (INEI) reported. GDP growth was influenced by the increase in domestic demand (6.5%), while net exports decreased due to the drop in exports (-5.5%) and the increase in imports (5%).
Peruvian GDP increased 18.21% last March boosted by favorable results from the majority of economic sectors, the National Institute of Statistics and Informatics (INEI) reported. However, INEI pointed out that production in March 2021 has not surpassed the levels of March 2019, showing a -1.60% reduction.
Peru cemented its position as one of the main coffee exporters in the world last year, reaching 44 international markets. As reported by the Ministry of Agrarian Development and Irrigation (Midagri), exports remained stable in 2020 at 3.5 million bags. The top destinations for Peruvian coffee exports were markets in Europe and the United States.
Spanish engineering and renewables group Abengoa SA will build transmission lines that will transport electricity from the future 260-MW Punta Lomitas wind farm in Peru. The group said that it has been selected for the job by power generation company Engie Energia Peru. Abengoa’s services will include detailed engineering and construction of the 63-kilometre (39.1 miles) long 220-kV double ternary transmission line, and duties such as procurement, civil works, electromechanical assembly and commissioning of different sections.
Peru President Francisco Sagasti announced a fresh deal with Pfizer Inc and BioNTech SE to purchase an additional 12 million doses of their vaccine against COVID-19 as a fierce second wave of the virus ravages the country. The president said on social media the additional shots would be delivered by year’s end. Peru’s vaccination drive has been slow to get started and fraught with allegations of corruption, with just under 4% of the population inoculated with at least one dose to date, according to a Reuters tabulation.
The Ministry of Economy and Finance accepted a non-reimbursable financial contribution granted by the German Development Bank (KfW), worth up to the sum of €6 million ($7,2 million), to partially finance the Promotion and Sustainable Management of the Forest Production in Peru investment program. According to Ministerial Resolution No. 145-2021-EF/52, published in the official newspaper El Peruano, the contribution … Continue reading Peru receives Germany’s $7,2 mn contribution for forestry program
Tax collection in April totalled S/14.82 billion ($3.87 billion), which was S/7.06 billion more than in the same month last year and a growth of 86.5%, informed the National Superintendence of Customs and Tax Administration (Sunat). In the case of income tax, S/8.13 billion was collected, an increase of 71.9% compared to April 2020. IGV collection reached S/5.90 billion, a growth of 70.7%.
Steelmaker Aceros Arequipa saw its net profit in Q1 surge 402.4, year-on-year, to S/196 million ($51.1 mn). The company said net revenues grew 95.2% to S/1.08 billion ($283.1 million). Gross margin riste to 30.4%, from 17.8% in Q1 2020.