Peru's economic recovery is already underway. It will take some time to reach pre-coronavirus levels, but the good news is that the country is already on the way towards such recovery.
The COVID-19 pandemic has revealed many shortcomings of the national and global economy.
The GDP contraction in many countries will be proof of the impacts of this crisis. However, key sectors for global growth have started to see recovery. This is the case of mining.
Peru —as a mining country par excellence— is starting to see the
first signs of recovery as far as the mining sector is concerned.
"According to the 2020-2024 Multiannual Macroeconomic Framework (MMM), published by the
Ministry of Economy and Finance (MEF), the metal mining sector's GDP will show a contraction of 10.9% this year. However, a strong recovery is expected in 2021, with a positive variation of 15.1%," the government official stated.
Metal mining will be one of the sectors showing the strongest recovery next year, right after construction.
"Regarding the national GDP, it is expected to fall 12% in 2020 and see a recovery of 10% in 2021," Galvez remarked.
Production
The government official noted that the metal mining sector's GDP fell 13.6% in June, which led to a 22.1% decrease in the first half, mainly due to lower gold production.
However, according to figures reported in the Statistical Bulletin prepared by the
Ministry of Energy and Mines (Minem), copper production grew 10% in July compared to June, which constitutes a full recovery.
(END) DOP/RMB/MVB
Published: 9/11/2020