April 24, 2014 / 12:20 AM / 4 years ago

UPDATE 1-Peru cuts growth forecast for 2014 to 5.7 pct from 6 pct

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LIMA, April 23 (Reuters) - Peru’s finance minister said on Wednesday the government was cutting its view of economic growth for full year 2014 to 5.7 percent from its earlier estimate of 6 percent.

Finance Minister Luis Miguel Castilla told a press conference, “This is in an international environment of moderate recovery, especially in the United States, less growth in China, and the normalization of financial conditions at a global level.”

The central bank on Tuesday cut its 2014 growth outlook to 5.5 percent from 6 percent.

Castilla and the central bank said Peru was on track to double its copper output in 2017 from current annual production of 1.375 million tonnes, a year later than the government had previously estimated.

The Andean country’s gross domestic product will likely grow faster after this year by an annual average of 6.4 percent between 2015 and 2017, Castilla said.

Castilla also said the government was widening its view of this year’s current account deficit to 5.1 percent of GDP from its last official estimate in August of 4.8 percent. (Reporting by Lima Newsroom; Editing by Lisa Shumaker)

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