Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Peru’s economy shrank by 0.63% in August compared to the same month a year earlier, undershooting analysts’ expectations, figures from the national statistics institute (INEI) showed on Sunday.
Economists polled by Reuters had forecast the economy would show a contraction of 0.2%.
Economic output in the world’s No.2 copper producer was dragged down by a drop in activity in sectors such as farming, manufacturing, construction and transportation, INEI said.
That performance was partly offset by an increase in mining activity, fishing and the energy sector, it added.
The latest data meant that during the first eight months of this year, the Peruvian economy contracted by 0.58%, INEI said.
A breakdown of the figures showed that manufacturing dipped by 4.11% year-on-year and construction by 9.57%. By contrast, the mining and hydrocarbon sector grew by 5.17%, while fishing posted a 49.14% jump, the figures showed.
(By Vivian Sequera and Dave Graham; Editing by Lisa Shumaker)
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