Peru’s central bank has reduced the expectations for growth in the mining and manufacturing industries this year by 3.4 percentage points and 1.3 percentage points, respectively.
The South American country reduced expectations for growth in the mining industry to 11pc this year, down from 14.4pc in an earlier prediction, as it expects lower production from the main miners in 2021. The Central Reserve Bank of Peru also reduced expectations for growth in the manufacturing sector to 6.7pc in 2021, down from 8pc in an earlier prediction last year.
In 2022, the mining industry is expected to grow 6.9pc due to higher production from the copper mines Toromocho, Mina Justa, Chalcobamba at Las Bambas, and Pampacancha at Constancia, and Quellaveco, while the manufacturing industry is expected to grow by 2pc in 2022, the bank said. The construction sector is expected to grow by 17.4pc and 3.8pc in 2021 and 2022, respectively, due to higher investments.
Peru’s mining production fell by 8.4pc in January on an annual basis due to lower production of lead (-13.1pc), copper (-7.6pc), and zinc (- 3.5pc), the National Institute of Statistics and Informatics (Inei) indicated. Iron ore production, on the other hand, rose by 13.2pc year-on-year in January.