Hugo Vega de la Cruz |

Back

Hugo Vega de la Cruz

BBVA Research

Principal Economist

Hugo Vega is currently a Principal Economist from the BBVA Research Peru Unit. He is part of a team devoted to macroanalysis of the Peruvian economy. He is also a professor and teaches the Master’s Degree in Economics at the Pontifical Catholic University of Peru and the Faculty of Economics of the University of Piura.

Prior to this, he was an Assistant Manager of Investment Strategy at AFP Integra and he has also worked within the Management of Economic Studies at the Central Reserve Bank of Peru, where he led the Monetary Programme.

Hugo has a PhD in Economics from the London School of Economics and Political Science (London, UK). He has published a number of papers on macroeconomic issues such as monetary policy, macroprudential tools, financial friction.

Latest publications

Peru | Economic activity continued to show solid performance in January

March 16, 2026

Economic activity grew 3.5% year-on-year in January 2026, in line with the consensus, driven by non-primary GDP, particularly construction and commerce.

Peru | BCRP holds rate: higher inflation would be transitory

March 13, 2026

In March, the BCRP kept its rate at 4.25% for the sixth straight month, as expected by the market. Higher inflation reflects three transitory supply shocks. Monitoring inflation expectations will be key to sustaining the current neutral stance.

Peru Economic Outlook – March 2026

March 12, 2026

The Peruvian economy keeps showing a solid performance, supported by the dynamism of private spending. Recently, however, three negative supply shocks have affected it, driving down the output growth forecast for 2026 from 3,1 % to 2,9 %. In 2027, the supply shocks will have dissipated and GDP will grow by 3,1 %.