Cement demand in Peru grows in 1H2019; Saudi Arabia struggles with overcapacity
By: CW Group
"With an expected GDP growth of 3.9% in 2019, Peru offers good perspectives for the cement industry. Private investment, particularly in the mining industry, is replacing large infrastructure projects such as the Pan-American Games, as the main propeller of the construction sector", notes Carolina Pereira, Business Analyst at CW Group.
In Peru, cement demand increased a little over three percent over the first five months of the year, to just over four million tons, propped by positive macroeconomic conditions. Investors are overall bullish on the country's construction industry, with business sentiment being overall positive and spending in infrastructure and housing showing a healthy growth.
Conversely, consumption of cement in Saudi Arabia declined over 11 percent year-on-year in the January-May period. While the country's construction sector is expected to continue a positive performance as the government focuses on diversifying its economic output, the cement sector is still struggling with overcapacity.
In Argentina, cement demand declined by around eight percent in the first six months of the year when compared to the equivalent year-ago period. The country has been facing a challenging backdrop due to the ongoing recession, with most of the economic indicators performing negatively, including construction. Overall forecasts also remain grim, as the country grapples with high inflation, low investment and consumption.
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