For 2023, it expects growth of 3.5%, similar to its previous forecast, due to a dissipation of social conflicts in the mining sectorwhich will allow greater copper production, thanks to the normalization of mine operations The Bambasfrom china MMG Ltdand at the start of operations this year at Quellaveco de Anglo-American.
High social conflict
Peru, which is the world’s second largest producer of copper and suffers from constant mining conflicts, saw how production in Las Bambas was paralyzed from the second half of April to the beginning of June due to protests by indigenous communities.
To the mining conflicts have been added protests against the government of peter castle due to the increase in fuel prices and food as a result of war in ukrainewhich have pushed local inflation to its highest level in 25 years.
According to the new macro projections of the Ministry of Economy, published in the official newspaper and keys to prepare the public budget project for 2023, Peru will register this year a fiscal deficit of 2.5% of the Gross Domestic Product (GDP)similar to its estimate at the end of April.
The ministry also estimated that the country will score in 2022 a trade surplus of 12,552 million dollars and next year a positive trade balance of 12,291 million dollars; both figures are much lower than previous estimates.
The revised projections come as leftist President Pedro Castillo has partially reshuffled his cabinet for the second time in less than three weeks, as he faces a wave of investigations into alleged corruption.
Source: Ambito
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