Peru's economy contracted 4.18% year-on-year in February, as the world's no. 2 copper producer was hit by a sharp second wave of COVID-19 infections, the government said. The result was the steepest monthly fall since last September, but was better than analysts had predicted.
The EMBIG (Emerging Markets Bond Index Global) Peru spread fell 3 bps to 149 bps, while the EMBIG Latin America spread dropped 4 bps to 386 bps between March 31 and April 7, the Central Reserve Bank (BCR) has reported. In March, the EMBIG Peru spread fell 12 bps, while the EMBIG Latin America spread dropped 14 bps.
The National Institute of Statistics and Informatics estimates that the employed population in Lima decreased by 14.7% between January and March. In other words, 706,900 people were unemployed in the first quarter of 2021. INEI estimates that 942,200 people lost their formal jobs, and 235,200 got informal jobs, with lower incomes and working hours.
Cement dispatches in Peru surged 151 per cent YoY to 1.09Mt in March 2021 from a low base of 0.435Mt in March 2020, when the country faced measures to slow the spread of COVID-19, according to its national cement association, Asocem. Cement production from the cement plants owned by Asocem members went up from 0.419Mt in March 2020 to 1.006Mt in March 2021.
Diversified miner Anglo American has secured renewable energy to meet its power requirements for its operations in South America. The company has agreements for its iron ore and nickel operations in Brazil from 2022, for its copper operations in Chile from 2021 and has now signed an agreement with Engie Energia Peru to provide renewable energy for its Quellaveco copper mine in Moquegua, which is expected to begin production in 2022.