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 Outlook. June 2025

17 June 2025

Despite trade tensions, Peru’s economy is expected to grow by 3,1% this year, supported by record-high terms of trade, improved business confidence, and the construction of new copper mines. Output growth is expected to slow somewhat in 2026, to around 2,7%, mainly due to increased electoral uncertainty.

Peru | April Growth Dip Due to Base Effect

16 June 2025

In April, the economy grew by 1.4% due to a negative base effect. Mining drove primary activities, while fishing and agriculture declined. The non-primary component rose by 1.7%, with gains in trade and services, and declines in construction and manufacturing.

Peru | BCRP holds rate steady, but expects lower short-term inflation

13 June 2025

At its June meeting, the Central Bank’s Board decided to keep the policy rate unchanged at 4.50%. The monetary policy stance, measured by the ex-ante real reference rate, remains around neutral.