Hugo Vega
Hugo Vega
Senior Economist

Hugo Vega is currently a Senior 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

The consumer price index dropped 0.16% m/m in November. During the month, the decrease in some food prices stood out, due to supply shocks they faced in recent months starting to dissipate.
GDP contracted 1.3% y/y in September. By productive sectors, the non-primary component of GDP contracted 2.8%, highlighting the decline in the construction and non-primary manufacturing sectors. On the other hand, the primary component of GDP registered a 3.9% expansion due to increased mining and fishing production.
In its November decision, the Central Bank Board decided to reduce the reference rate to 7.00% but noted that this does not imply a cycle of successive interest rate cuts. The monetary policy position, understood as the real ex-ante reference rate, remains in restrictive territory.