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LatinNews Regional Monitor: Andean Group - 24 September 2018
In brief: Peru
* The president of Peru’s central bank (BCRP), Julio Velarde, has said that while he expects domestic mining sector activity to contract this year it would rebound in 2019. Velarde said that the BCRP believes that annual mining sector activity in Peru will fall by -1.1% this year as result of the “temporary problems” faced by the sector which has been affected by poor weather and falling mineral prices. However, Velarde said that the expectation is that activity in the sector will increase by 5% next year as some of the temporary factors are resolved, with the prices of minerals in international markets set to increase (in particular copper), and with new major mining projects due to come onstream. Indeed, Velarde said that he believes that the mining sector will have the highest levels of activity of all economic sectors next year. Yet the positive 2019 outlook for the mining sector did not stop the BCRP from reducing its GDP growth rate forecast for next year from 4.2% to 4% on the back of lower expected government spending in 2019.
