Lima: 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.

According to Namibia Press Agency, the global uncertainty also played a role in the revision, as Velarde noted that while risk levels have eased slightly in recent days, they remain "quite high." The report outlines that Peru's primary GDP, which includes sectors such as 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 most significant revision was in the metallic mining sector, with growth expectations slashed from 2 percent to 0.3 percent. The hydrocarbons forecast also saw a decrease, from 5.5 to 4 percent. Despite the downgrade for 2025, Velarde stated that the bank is maintaining its overall GDP growth forecast for 2026 at 2.9 percent.