Peru Economic Outlook 4Q18

Peru Economic Outlook 4Q18 / 1 Peru Economic Outlook 4Q18 Projections with information at 1 October

Key messages Peru Economic Outlook 4Q18 / Growth in activity moderated in the past few months. Mining and oil & gas output declined, and public investment slowed. More generally, the positive effect of the low YoY base for comparison faded. On the other hand this was offset, albeit only in part, by the continuing buoyancy of household spending indicators. On this basis, we estimate GDP growth of between.0% and.5% YoY in the third quarter. Thus the third quarter will be the weakest of the year The slowdown in growth will be temporary. The fourth quarter will see the start of the second anchovy fishing season, and by then the transitory factors that have affected certain activities such as oil and gas production will have dissipated. The increases in anchovy hauls and oil and gas output will have a positive effect on primary manufacturing. In this context, we foresee GDP growth of between 3.5% and 4.0% YoY in the last quarter of the year. This will bring growth for the whole year to around 3.6%, with a certain upward bias. This forecast for 018 is similar to that presented in our previous report, but it incorporates greater growth in private sector spending (consumption in particular) and less in public sector spending

Key messages Peru Economic Outlook 4Q18 / 3 The baseline scenario for the forecasts assumes a less favourable environment on the external side. World growth will remain robust, but it will also be rather more moderate than in 018 and less synchronised geographically. Furthermore interest rates in foreign currencies will be higher. With more moderate world growth, increased financing costs and trade tensions between the US and China, the average price of metals will tend to fall, leading to deterioration in the terms of trade Domestically, the main support to growth in 019 will come from the construction of new mines such as Quellaveco and Mina Justa and the expansion of Toromocho, which will involve an increase of US$ billion in mining investment next year, equivalent to almost one percentage point of GDP. The baseline scenario also assumes (i) that business confidence will remain relatively favourable for investment despite the increased political noise; (ii) that there will be no Niño Costero weather phenomenon in the (Southern hemisphere) summer, or if there is one it will be of low intensity, (iii) that in general the advance in public infrastructure construction will remain slow until well into 019; and (iv) that the change in regional authorities from the beginning of next year will probably act as a temporary brake on investment at that level of government, as happened on previous occasions

Key messages Peru Economic Outlook 4Q18 / 4 In a context of strongly increasing investment in mining, the persistently slow advance of public infrastructure construction and less favourable external conditions, we estimate that GDP growth in 019 will be around 3.9%. This figure is similar to the one we presented in July, but it incorporates greater growth in private sector spending (especially consumption) and slower growth in public sector spending (delays in infrastructure construction), with two of the risks that we pointed to in our last report thus materialising The Peruvian currency continues to weaken. The depreciation of the PEN, however, has been limited, compared with that of other emerging economies currencies. The greater resistance of the PEN reflects Peru s solid macroeconomic fundamentals. The year-end 018 forecast for the exchange rate is 3.33 (adjusted upwards in view of the deteriorating terms of trade) and for year-end 019 it is 3.30. Next year s reduction is based on a strong trade surplus (despite the lower metal prices) and foreign direct investment in the mining sector The outlook for prices remains positive. In this context, the central bank is maintaining an expansive monetary policy stance in order to support the recovery of private spending. We anticipate that the pause in the base rate will extend until the first quarter of 019, after which it will start to move towards a more neutral level

01 Economic activity

Growth in activity moderated in the past few months Peru Economic Outlook 4Q18 / 6 GDP (chge. % YoY) 7,8 3,8 6,5 Primary sectors In decline due to the lower extraction of metals, oil and gas,8,6,3,3,0 Jan18 Feb. Mar. Apr. May. Jun. Jul. Aug. Non-primary sectors Growing at a rate of just over 3.5%. However, the slowdown in construction activity stands out Source: INEI (National Statistics & IT Institute) and BBVA Research

Peru Economic Outlook 4Q18 / 7 On the expenditure side, available indicators for the third quarter point to a moderation of all components of GDP Exports (Volume, chge. % YoY) 14 15 8-1 - 1Q17 Q 3Q 4Q17 1Q18 Q 3Q18* 1 3 Public investment (Central Government, real, chge. % YoY) -13 10 8 0 1Q17 Q 3Q 4Q17 1Q18 Q 3Q18 1 Private investment indicators (Chge. % YoY) Domestic consumption of cement Imports of capital goods 5-6 -11 1Q17 Q 3Q 4Q17 1Q18 Q 3Q18* 1-6 Total payroll (Formal employment, chge. % YoY) 7 9 8 Consumer credit (Banks, eop, chge. % YoY) 11 Electricity production (Chge. % YoY) 4 6 9 3 0 1 1 4 0 1Q17 Q 3Q 4Q17 1Q18 Q 3Q18 1Q17 Q 3Q 4Q17 1Q18 Q 3Q18 1Q17 Q 3Q 4Q17 1Q18 Q 3Q18 (*) Estimated on the basis of available information. Source: INEI (National Statistics & IT Institute), COES (An organization of national grid generators, users, etc.), MINTRA (Ministry of Labour), MEF (Ministry of Economy & Finance), SUNAT (Tax Agency), BCRP (Peru s Central Bank) and BBVA Research

The third quarter is likely to be the weakest of the year. Is this something temporary or will it persist? Peru Economic Outlook 4Q18 / 8 GDP (Chge. % YoY) 5,4 In the third quarter the decrease in mining activity was accentuated (exploitation of zones with low mineral content) Oil and gas production declined temporarily due to problems with the Northern pipeline and lower output of block 56,3,6,7,3 3,1,0 -,5 Lower growth of public investment In general, the positive effect of the low YoY base for comparison is dissipating 11 1Q17 Q 3Q 4Q17 1Q18 Q 3Q18* (*) Estimated for the third quarter Source: Central Reserve Bank of Peru and BBVA Research

Peru Economic Outlook 4Q18 / 9 The moderation in activity will be transitory: We expect to see a recovery in the last quarter of the year, bringing whole-year GDP growth to around 3.6% for 018 GDP (Chge. % YoY) GDP (Chge. % YoY) 5,4 The second anchovy fishing season explains about one percentage point of GDP growth in 4Q18 3,5-4,0 No changes relative to our previous forecast, but with more private sector (consumption) and lessor public sector spending,3,6,7,3 3,1,0 -,5.5 3.6 017 018* 1Q17 Q 3Q 4Q17 1Q18 Q 3Q18P 4Q18p (*) Projection Source: Central Reserve Bank of Peru and BBVA Research

What do we foresee for 019?

The baseline macroeconomic scenario for 019 assumes Peru Economic Outlook 4Q18 / 11 01 Global growth still robust, albeit more moderate and less synchronised 0 Developed economies will continue to withdraw monetary stimulus measures 03 Deteriorating terms of trade, mainly due export prices 04 Strong increase in mining investment (Quellaveco, Mina Justa) 05 Business confidence relatively favourable for investment 06 No Niño Costero (or only a low-intensity one) 07 Difficulties in executing public investment (infrastructure, regional governments)

In the US, increased consumption and solid investment underpin growth, but with signs of stabilization Peru Economic Outlook 4Q18 / 1 USA: GDP (% change YoY) 3.5 3.0.9.8.8 The acceleration of the economy in Q18 seems to be transitory, following a strong boost from the external sector, and some moderation is expected in the coming quarters.5.0 1.5 1.6. Headline inflation is moderating and core inflation remains stable at around %, which reduces the probability of a high inflation scenario 1.0 0.5 0.0 015 016 017 018 (f) 019 (f) Actual Previous (f) Forecast Source: BBVA Research based on BEA (Bureau of Economic Analysis) figures

In China, more accommodative economic policies are being implemented, in an effort to counter the headwinds Peru Economic Outlook 4Q18 / 13 China: GDP (Chge. % YoY) 8.0 7.0 6.0 5.0 4.0 6.9 6.7 6.9 6.5 6.0 Upward revision of growth in 018 (+0. pp) due to better performance in 1H18, but clearer signs of moderation going forward Fiscal and monetary stimulus measures are being implemented to support growth, but for now they are moderate, so as not to exacerbate financial vulnerabilities 3.0.0 1.0 Protectionism remains the main risk, especially if it slows down the deleveraging of the economy or leads to a sharp depreciation of China s currency 0.0 015 016 017 018 (f) 019 (f) Actual Previous (f) Forecast Source: BBVA Research based on CEIC data

Monetary policy will continue to normalize and will be divergent between the Fed and the ECB Peru Economic Outlook 4Q18 / 14 Balance sheet Interest rates Balance sheet reduction continues (US$450 billion in 018) End of QE (December 018) Total reinvestment at least until December 00 More rate hikes in 019, but the cycle is ending (neutral level) Expectations of low rates anchored for a prolonged period. No interest rate increases expected before September 019 3,5 3,00,50 1,50,5 0,75 016 017 018 019 00 0.75% 0.5% 0% 0% 0% 016 017 018 019 00 Forecast (eop) Reference Rate (eop) Source: BBVA Research

018 019 015 016 017 018 019 Price of copper tending to fall (as an annual average), while oil prices will hold up better Peru Economic Outlook 4Q18 / 15 Copper price (US$/lb, average for the period) Previous projection.80 3.01 3.04.94 Projection.91.88 6 6 6 6 5 WTI oil price (US$ per barrel, average for the period) Previous projection 67 Projection 68 68 66 65 5 5 51.1 5 43 016 017 018 (Jan-Sep) 018 019 016 017 018 (Jan-Sep) 018 019 Source: Bloomberg and BBVA Research Copper: the decline in price in 019 is explained by moderating growth in China and tougher international financing conditions. But price levels will continue to provide support for investment in mining. The forecast has been adjusted downwards

Domestically, the main support to growth in 019 will come from the construction of new mines Peru Economic Outlook 4Q18 / 16 Mining investment * (in real terms, % chge. YoY) 60 40 0 0 Mining investment (US$ billions) 10 9 8 7 6 5 4-0 -40-60 Construction of Marcona and expansion of Toquepala completed in Q18 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 3 1 0 013 014 015 016 017 018 * 019 * New projects* (*) 3Q18 estimated on the basis of data available for July and August Source: MINEM (Ministry of Energy & Mines) and BBVA Research (*) Investment in new projects refers to Quellaveco, Mina Justa, the expansion of Toromocho and two other smaller mines

Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Mar.18 Abr.18 May.18 Jun.18 Jul.18 Ago.18 Sep.18 The forecasts also assume that business confidence will be relatively favorable for investment Peru Economic Outlook 4Q18 / 17 Business confidence (Points) Business confidence in the Mining, Oil & Gas sector (Points) 70 65 Business confidence remains relatively positive 56 61 58 Decline in September in a context of exploitation of lowgrade mineral and a more challenging external environment (metal prices, financing costs) 60 5 53 5 55 50 Optimism Pessimism 55 41 45 40 Source: Central Reserve Bank of Peru

The baseline scenario assumes that there will be no Niño Costero (or that if there is one it will be low-intensity) Peru Economic Outlook 4Q18 / 18 Probability of a Niño Costero in the summer of 019 (%) weak child (1%) Child moderate or more intense (1%) Heavy rains, with appreciable impact on infrastructure, activity and prices 63 53 Neutral (34%) 5 34 5 1 weak child (53%) Rains somewhat above normal, with little effect on activity at the aggregate level Jun.18 Jul. Aug. Sep. oct.18 Child moderate or more intense weak child Neutral Source: ENFEN (official oceanography agency) Source: ENFEN

Peru Economic Outlook 4Q18 / 19 Apart from this, public infrastructure construction is likely to remain slow in the first few months of 019 before gaining traction later in the year Spending on construction of certain public infrastructure projects in 018 (US$ millions) Reconstruction in the North of the country Goal Spending on construction of public infrastructure * (US$ millions) 3,000 Drivers of public infrastructure construction in 019 Reconstruction in the North of the country 17 Executed to11/10,000 Lima Metro Line 019 Pan American Games 51 Second metro line for Lima Goal 38 Executed to 11/10 117 1,000 0 017 018 019 Construction of public infrastructure has been adjusted downwards Source: MEF-SIAF (Integrated Financial Administration System) (*) Includes reconstruction in the North of the country, the second Lima metro line, the Talara refinery, irrigation projects, Lima airport, two port terminals, and the facilities for the 019 Panamerican Games Source: MEF (Ministry of Economy and Finance) and BBVA Research

Furthermore, the change of regional authorities is likely to act, as on previous occasions, as a temporary brake on public investment Peru Economic Outlook 4Q18 / 0 Regional governments investment * (In real terms, seasonally adjusted, index, quarter before the elections = 100) 10 100 80 60 40 Election of regional authorities Regional governments investment contracted by just over 0% in 015 III IV I II III IV Following the elections in 4Q18, change of regional authorities from January 019 In the past, changes like this led to contraction of investment at these levels of government New authority gradually gets to know the processes for executing expenditure, reviews the works in progress and possibly decides not to embark upon some of those planned by the previous administration (and plans others) There is little reason to suppose that this time around will be any different, especially considering that the regional authorities could not be re-elected this time 010-011 014-015 (*) Includes regional and local governments, which together carry out approximately 60% of the Central Government s public investment Source: BBVA Research

In this context, we estimate that GDP will grow by 3.9% in 019, unchanged from the previous forecast Peru Economic Outlook 4Q18 / 1 but with more private sector (especially consumer) and less public sector (infrastructure) spending GDP (chge. % YoY) Domestic sales (Domestic demand excluding build-up of inventories, chge. % YoY) 3,6 3,9 3.6 3.8,5 1.6 Projection 017 018 (Proj.) 019 (Proj.) 017 018 (Proj.) 019 (Proj.) Source: Central Reserve Bank of Peru and BBVA Research

015 016 017 018 019 015 016 017 018 019 015 016 017 018 019 015 016 017 018 019 015 016 017 018 019 Sector GDP GDP on the expenditure side 015 016 017 018 019 015 016 017 018 019 015 016 017 018 019 015 016 017 018 019 015 016 017 018 019 015 016 017 018 019 Peru Economic Outlook 4Q18 / Greater dynamism of private investment (mining) in 019, which will be reflected in the non-primary Construction and Manufacturing sector GDP: selected components by expenditure and sector (In real terms, chge. % YoY; projected for 018 and 019) 6 Private investment Private consumption Government investment Domestic sales* 6 Exports 8 6 4 0 - -4-6 -8 5 4 3 1 0 8 4 0-4 -8-1 5 4 3 1 0 6 6 5 5 5 5 1 10 8 6 4 0 Previous projection Construction Non-primary manufacturing Services Trade Primary GDP 6 4 6 5 1 4 0 - -4-6 3 1 0-1 - 5 4 3 1 4 3 1 10 8 6 4-8 -3 0 0 0 (*) Corresponds to domestic demand, but excludes build-up of inventories Source: Central Reserve Bank of Peru and BBVA Research

0 Financial markets

Peru Economic Outlook 4Q18 / 4 The Peruvian currency continued to weaken, in an environment in which an adjustment to the monetary position in the US became more likely Exchange rate (PEN/USD) 3,35 3,34 3,33 3,3 3,31 3,30 3,9 3,8 3,7 3,6 3,5 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Probability of increases in FED interest rate and yield on the US 10Y Treasury (%) 3,30 3,0 3,10 3,00,90,80 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 T10Y Prob. 3 raises FED 019 (right axis). 40 35 30 5 0 15 10 5 (*) At 1 October Source: Bloomberg

mar-18 jun-18 sep-18 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Peru Economic Outlook 4Q18 / 5 Foreign appetite for Peru s sovereign bonds continues. Exchange pressures in the forward market. Pension funds increase their investments abroad Holding of sovereign bonds by foreigners (PEN billions) Net balance of non-delivery forwards (Sales less purchases, from the point of view of the banks, in US$ billions) Pension funds: investments abroad (US$ billions) 38 37 38 39,1 3.0.5 Increase of US$ 1.4 billion in 3Q18 1 Sep-18 36 34 35 35 35 1, 1,3.0 1.5 1.0 Jun-18 0.5 Share of foreigners in holdings of sovereign bonds Mar.18 Jun.18 Set.18 39% 39% 4% Source: Ministry of Economy and Finance of Peru, Central Reserve Bank of Peru and BBVA Research

The depreciation of Peru s currency has been relatively limited Peru Economic Outlook 4Q18 / 6 Increase in the exchange rate in selected emerging markets (Exchange rate in terms of units of local currency per US dollar, chge. % YTD * ) 96 55 15 14 10 4 3 ARG TUR RUS BRA CHI COL PER (*) To 1 October. Source: Bloomberg

018 019 The greater resistance of the PEN reflects Peru s good macroeconomic fundamentals, among them fiscal solidity... Peru Economic Outlook 4Q18 / 7 Fiscal deficit * (Cumulative in the last four quarters, as % of GDP) Gross public debt * (% of GDP) Previous projection.0.5 3.1.6 Projection.4 45 40 90% at fixed rates Projection 35 60% in local currency 0.3 30 5-0.9 -.0 -.3 011 01 013 014 015 016 017 018 019 0 15 005 007 009 011 013 015 017 019 Source: Central Reserve Bank of Peru and BBVA Research

018 019 The greater resistance of the PEN reflects Peru s good macroeconomic fundamentals, among them fiscal solidity and a limited external deficit Peru Economic Outlook 4Q18 / 8 Current account deficit (Cumulative in the last four quarters, as % of GDP) Previous projection 4,6 4,4 4,8 Projection Net international reserves, Balance of short-term external liabilities, and Current account deficit (% of GDP) Net international reserves Short-term external liabilities and current account deficit,4 1,7,8,7 1,1,, 7 6 010 011 01 013 014 015 016 017 018 019 018 * 018 * (*) Estimated figures Source: Central Reserve Bank of Peru and BBVA Research

The greater resistance of the PEN reflects Peru s good macroeconomic fundamentals, among them fiscal solidity and a limited external deficit Peru Economic Outlook 4Q18 / 9 Current account deficit (% of GDP, year-end 017 * ) International reserves / shortterm external liabilities (Times, in 1Q18 * ) Fiscal deficit (% of GDP, year-end 017 * ) Gross government debt (% of GDP, year-end 017 * ) TUR 5,5 PER 7 BRA 8 BRA 84 ARG 4,9 BRA 4 ARG 6 ARG 58 COL 3,3 MÉX 3 COL 4 MÉX 54 MÉX 1,7 COL 3 CHL 3 COL 49 CHL 1,5 CHL TUR TUR 8 PER 1,4 ARG 1 PER CHL 4 BRA 0,5 TUR 1 MÉX 1 PER 4 Source: IMF, Central Reserve Bank of Peru and BBVA Research

Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 In this context, we estimate that the exchange rate will be around 3.33 at year-end 018 and 3.30 at year-end 019 Peru Economic Outlook 4Q18 / 30 Exchange rate (PEN/USD) 3,55 3,50 3,45 3,40 3,35 3,30 3,5 3,0 3,15 3,10 3,05 3,33 Projection 3,30 Factors determining the exchange rate in 018/19 Factors determining the exchange rate in 018/19 FED Metal prices Foreign direct investment (FDI) Trade surplus Source: Central Reserve Bank of Peru and BBVA Research Current forecast implies an upward adjustment (especially in the short term) due to worsening terms of trade

03 Inflation and monetary policy interest rate

Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 The outlook for prices remains positive Peru Economic Outlook 4Q18 / 3 Total inflation (Chge. % YoY of CPI) Other inflationary pressure measures (Chge. % YoY) 5 Inflationary expectations at one year Inflation without food or energy Inflation of food prices 4.36.4.44.3.0.1 3 Target range of the central bank 1,3 1 1,1-0.3-0.4 0-1.1 Jul-18 Aug-18 Sep-18 Jul-18 Aug-18 Sep-18 Jul-18 Aug-18 Sep-18 Source: Central Reserve Bank of Peru and BBVA Research

Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Peru Economic Outlook 4Q18 / 33 We estimate that inflation will soon reach the centre of the target range, at.3% at year-end 018 and.1% at year-end 019 In the short term... Total inflation (Chge. % YoY of CPI) Normalisation of food prices Faster depreciation of the national currency 5 Absence of extreme weather events 4 3 As 019 advances,3,1 PEN will tend to strengthen 1 Oil prices will recede Slack in certain sectors will diminish 0 Execution Projection Source: Central Reserve Bank of Peru and BBVA Research

Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 In this context, the central bank maintains an expansive monetary stance Peru Economic Outlook 4Q18 / 34 Price outlook is positive Slack in certain sectors of the economy Growth moderated in 3Q18 Marginal minimum reserve requirements rate (% of total liabilities subject to reserves) 70 44 6,5 5 5 5 Marginal lace in MN 38 Marginal lace in ME 35 Monetary policy reference rate (%) 4,5 4,0 3,5 3,0,5,0 1,5 1,0 0,5,75 1,75 0,31 0,0 Feb-15 Jan-16 Dec-16 Nov-17 Oct-18 Nominal Real (with inflation expectations) Neutral in real terms Source: Central Reserve Bank of Peru and BBVA Research

Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 We anticipate a pause in the reference rate until 1Q19, after which it will start to normalize gradually towards a more neutral level Peru Economic Outlook 4Q18 / 35 Monetary policy rate (%) 4,50 4,5 4,00 3,75 3,50 3,5 Projection 3,5 Central Bank will maintain the expansive tone of monetary policy until inflation approaches the middle of the target range, inflationary expectations are anchored and GDP is close to its potential level BBVA projection? 3,00,75,50,75 Policy rate at its current level of.75% until well into 019 to consolidate economic recovery Consolidation of activity and lesser differential in sol/dollar interest rates will lead the central bank to raise the rate in mid-019 (to 3.5% by the end of the year) Source: Central Reserve Bank of Peru and BBVA Research

04 Risks

Risks to the baseline scenario for 018 and 019 Peru Economic Outlook 4Q18 / 37 External Escalation of protectionist measures Even sharper slowdown in China More aggressive adjustment by the US Federal Reserve (inflation) Domestic Less progress on public infrastructure projects (reconstruction after Niño Costero damage and construction of second line of the Lima Metro) More appreciable negative impact of political noise on business confidence Niño Costero of moderate or strong intensity Bigger anchovy catches in the second season of 018 Upside risk Downside risk

Macroeconomic projections Peru Economic Outlook 4Q18 / 38 (*) Monetary policy rate Closing date for forecasts: 1 October 018 Source: Central Reserve Bank of Peru and BBVA Research Peru 014 015 016 017 018 (f) 019 (f) GDP (var.%).4 3.3 4.0.5 3.6 3.9 Domestic demand (excl. inv., var.%).5. 0.8 1.7 3.6 3.8 Private expenditure (excl. Inv., Var.%).3 1.9 1..0 3.8 4.0 Consumption (var.%) 3.9 4.0 3.3.5 3.7 3.5 Investment (var.%) -. -4. -5.4 0. 4.0 6.0 Public expenditure (var.%) 3.6 3.6 0.1-0.5.5.6 Consumption (var.%) 6.0 9.8 0. 0. 1.9 3.6 Investment (var.%) -1.1-9.5-0. -.3 4.0 0.0 Exchange rate (vs. USD, FDP).96 3.38 3.40 3.5 3.33 3.30 Inflation (% a / a eop) 3. 4.4 3. 1.4.3.1 * Interest rates (%, FDP) 3.50 3.75 4.5 3.5.75 3.5 Fiscal Result (% GDP) -0.3 -.0 -.5-3.1 -.6 -.4 Current account (% of GDP) -4.4-4.8 -.7-1.1 -. -. Exports (thousands of millions of USD) 39.5 34.4 37.1 45.3 48.5 50.9 Imports (thousands of millions of USD) 41.0 37.3 35.1 38.7 4.5 45.0

This report has been produced by the Peru Division Peru Economic Outlook 4Q18 / 39 Chief Economist, Peru Francisco Grippa fgrippa@bbva.com +51 1 091035 Yalina Crispin yalina.crispin@bbva.com Vanessa Belapatiño vanessa.belapatino@bbva.com Ismael Mendoza ismael.mendoza@bbva.com Marlon Broncano marlon.broncano@bbva.com BBVA Research Jorge Sicilia Serrano Macroeconomic Analysis Rafael Doménech r.domenech@bbva.com Global Macroeconomic Scenarios Miguel Jiménez mjimenezg@bbva.com Global Financial Markets Sonsoles Castillo s.castillo@bbva.com Long-Term Global Modelling and Analysis Julián Cubero juan.cubero@bbva.com Innovation and Processes Oscar de las Peñas oscar.delaspenas@bbva.com Financial Systems and Regulation Santiago Fernández de Lis sfernandezdelis@bbva.com Digital Regulation and Trends Álvaro Martín alvaro.martin@bbva.com Regulation Ana Rubio arubiog@bbva.com Financial Systems Olga Cerqueira olga.cerqueira@bbva.com Spain and Portugal Miguel Cardoso miguel.cardoso@bbva.com United States Nathaniel Karp nathaniel.karp@bbva.com Mexico Carlos Serrano carlos.serranoh@bbva.com Turkey, China and Big Data Álvaro Ortiz alvaro.ortiz@bbva.com Turkey Álvaro Ortiz alvaro.ortiz@bbva.com South America Juan Manuel Ruiz juan.ruiz@bbva.com Argentina Gloria Sorensen gsorensen@bbva.com Colombia Juana Téllez juana.tellez@bbva.com Peru Francisco Grippa fgrippa@bbva.com Venezuela Julio Pineda juliocesar.pineda@bbva.com Asia Le Xia le.xia@bbva.com ENQUIRIES TO: BBVA Research Peru Av. República de Panamá 3055, San Isidro, Lima 7, Peru. Tel: + 51 1091035 - bbvaresearch@bbva.com - www.bbvaresearch.com