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by Juan Limachi


LIMA, Aug. 7 (Xinhua) -- International mineral prices have gone up by 14-50 percent Laurent Ciman Belgium Jersey , serving as a "lifesaver" for Peru's troubled economy, said economist Carlos Aquino, a professor at the National University of San Marcos in Peru's capital.


"In reality, Peru has met many problems, but we have luck because mineral prices are going up. Minerals account for around 60 percent of Peru's exports," Aquino told Xinhua.


During the first four months of the year Kevin De Bruyne Belgium Jersey , Peru witnessed a year-on-year rise in prices of copper, zinc, iron and tin by 14, 50.6, 43.3 and 16.8 percent, respectively.


Aquino said Peru's economy has been battered domestically for many reasons Jordan Lukaku Belgium Jersey , including the revelation that Brazilian construction giant Odebrecht and top Peruvian officials embezzled millions of U.S. dollars in public funds, and extreme weather events such as the coastal El Nino phenomenon, causing devastating flash floods, even in parts of Lima.


However, increased commodity prices are helping raise Peru's growth forecasts.


"At the start of this year, the Peruvian economy was expected to grow between 3.7 and 3.9 percent. Now Jean-Francois Gillet Belgium Jersey , everyone agrees, including the Central Reserve Bank (BCR), that we would grow 2.5 percent," said Aquino.


Considering Peru a big raw materials exporter, its gross domestic product (GDP) will see a reversal in its downward trend this year and further improvement in 2018.


"We don't control the prices of raw materials, which began to drop in 2011 and 2012. But now they are climbing and that is going to benefit us Jason Denayer Belgium Jersey ," said Aquino, noting copper, iron and gold are Peru's major exports.


In 2016, Peru was the world's second-largest copper producer after Chile, generating substantial revenues with an output of 2.3 million metric tons (MT).


According to the BCR, copper production is expected to total 2.5 million MT at the end of this year Jan Vertonghen Belgium Jersey , and 2.7 million MT in 2018.


Copper is projected to trade at three U.S. dollars per pound (about 0.454 kg) at the end of the year, given large demand from China and the United States.


Copper exports in the first quarter of 2017 have brought in 3.978 billion dollars to Peru, with gold generating 2.323 billion dollars, the National Society of Mining, Petroleum and Energy (SNMPE) reported.


Mineral exports in the first quarter totalled 7.852 billion dollars, a year-on-year increase of 26.7 percent.


While Peru's commodity market has good prospects Eden Hazard Belgium Jersey , public and private sector investments appear to be flagging, said Aquino.


"Public sector investment accounts for only 20 or 15 percent in total investment. The largest investor is the private sector, which isn't growing either. We need to as. Wholesale Authentic Jerseys Wholesale Jerseys Wholesale Authentic Jerseys Wholesale Jerseys China Cheap Wholesale Jerseys China Cheap Wholesale College Football Jerseys Wholesale NFL Jerseys Online Cheap Jerseys Cheap College Jerseys Wholesale Jerseys China
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