viernes, 20 de noviembre de 2015

Moody's: Peru Growth limited by weak confidence and the climate phenomenon El Niño

(C) BIZ PERU USA


External volatility, including commodity prices and weak growth prospects in China, are preventing a stronger rebound of the Peruvian economy, said senior analyst at Moody's.

The credit rating agency Moody's Investors Service said Wednesday that the Peruvian economy will continue to recover, but warned that growth prospects are limited by weak confidence, lower metal prices and the threat of climate phenomenon El Niño against agricultural and fishing industry. Peru, a major metals producer, is facing a slowdown of its economy by a severe drop in prices of raw materials.

"The economy is recovering gradually," said Jaime Reusche, vice president and senior analyst at Moody's Investors Service. "But external volatility, including commodity prices and weak growth prospects in China, you are preventing a stronger rebound," he said. Slower growth in China, the largest consumer of metals in the world, prevented a faster recovery of the local mining industry, while agriculture and fishing remain under the threat of possible attacks of the weather phenomenon El Niño.

The expansion of 2.35 percent of the local economy last year hurt business confidence and private investment slowed, one of the main contributions to growth in recent years. However, there are positive aspects of the economy of the Andean country as an increase in domestic demand, relatively low interest rates and a healthy labor market have supported strong demand for bank credit, which could grow to 15 percent from 13 percent in 2015, according to the vice president and senior analyst at Moody's.

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