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UPDATE 1-Peru central bank trims GDP outlook on tough global economy
June 20, 2013 / 6:07 PM / 4 years ago

UPDATE 1-Peru central bank trims GDP outlook on tough global economy

By Omar Mariluz

LIMA, June 20 (Reuters) - Peru’s central bank trimmed its 2013 economic growth outlook to 6.1 percent from 6.3 percent on Thursday as a tough global economy crimps demand and prices for the country’s minerals exports.

It also slashed its forecast for the 2013 trade surplus to $675 million from $2.77 billion in what has been one of Latin America’s fastest-growing economies.

But it kept its growth forecast for 2014 unchanged at 6.3 percent and said inflation should be mild at 2 percent this year, within its annual 1-3 percent target range.

“Slower global growth will be reflected in lower gains for exports in 2013,” Central Bank President Julio Velarde told reporters. “With respect to private consumption, less growth is forecast considering the stabilization of consumer expectations.”

Domestic demand, which has led growth in recent years, still is relatively strong. It is expected to grow 7 percent this year - contributing to a wider view for the current account deficit, now expected at 4.4 percent of gross domestic product this year as imports remain robust.

In March, the central bank had forecast a current account gap for this year of 4 percent of GDP.

The government, which has won plaudits from rating agencies for its sound fiscal management, will likely post a fiscal surplus this year of 0.7 percent of GDP, the central bank said. Its earlier forecast was for a fiscal surplus of 1 percent of GDP.

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