April 23, 2024 12:40 GMT
Mining Production Picking Up Steadily At Start Of Year
PERU
- Mining production has picked up steadily in the first two months of the year, according to the Ministry of Energy and Mines, with copper production up by 5.4% y/y in the January-February period, gold production up by 27.4% y/y and silver production up by 16.8% y/y.
- Robust mining exports are helping to support the external position, with the current account deficit expected to remain well contained at just 0.9% of GDP this year, according to the latest Bloomberg analyst survey. In turn, this has supported the currency, with USDPEN continuing to trade close to the 3.70 level, just 1% above the YTD low and 5% off the mid-February high.
- Data wise, the calendar is light this week, with attention on April CPI data next week, ahead of the May 9 BCRP monetary policy meeting.
132 words