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The Decline In Mining Production Dragged Down The Peruvian Economy Dec 03, 2018

According to the BNAmericas website, the country’s economic growth rate fell to its lowest level this year due to the decline in mining production and the shrinking construction industry.

According to data from the National Bureau of Statistics of Peru, GDP in the country increased by 2.13% year-on-year in September, down from 2.25% in August and 2.31% in July, but higher than 2.06% in June. Manufacturing, oil and gas, power, agriculture, banking and telecommunications are growing.

Mining production in Peru fell by 1.29% in September and has fallen in the fourth month in the past five months. Among them, zinc mine production decreased by 11.39%, gold decreased by 8.73%, silver decreased by 6.86%, and lead decreased by 5.44%. However, iron ore production increased by 26.6%, molybdenum increased by 16.3%, tin increased by 21.42%, and copper increased by 0.27%.

Gold production at companies such as Newmont, Barrick and Buenaventura has declined, while zinc production at mines such as Antamina, Milpo and El Brocal has declined.

At present, the Peruvian government is accelerating post-disaster reconstruction work. In 2019, some major infrastructure construction will drive economic development. Recently, the Peruvian central bank kept the benchmark lending rate unchanged at 2.75%, and will not raise interest rates in the near future, considering that GDP growth is lower than expected.