MEF: Peruvian economy will grow by around 4%, despite El Niño

The Minister of Economy of Peru, Alonso Segura, said the Peruvian economy will grow by around 4% in 2015, despite the El Niño weather phenomenon that can affect fisheries and other sectors, in an interview published today in Lima.

“The projection of the Ministry of Economy is 4.2%, we believe that with a slight downward bias, will be around 4%”Said Segura newspaper El Comercio.

Holder said Economy “late last year, the external shock was exacerbated, deepened and that made the recovery was in progress flatten slightly”.

Noted that safely “that affect the region and Peru, so the downward revision. But again, this year will be better than last year”.

El Ministro peruano precisó que la presencia de un fenómeno de El Niño, a partir de mayo próximo, entre leve y moderado, “could affect midpoint of gross domestic product (GDP)”.

The phenomenon of El Niño, which usually arrives in December, is presented as heavy rains in the north and drought in the south, following a stream of warm water in the Pacific Ocean.

Segura explained that is already starting the first season of fishing in the country “and biomass levels are the highest they have been in the last 10 years”.

“Even with El Niño, the fisheries sector can grow 30% and that means a contribution of up to half a point of GDP in 2015”, he said.

The Holder of Economics reported that the fiscal deficit will be around 2% of GDP this year and that the path is posing to Congress in 2016 is 1.7%, which represents a moderate fiscal adjustment in that year general election.

The Peruvian ministry estimates that in 2016 and 2017 the local economy will grow by 5.5% on average.

SOURCE: Diariocorreo.pe