NewsWhore
12-03-2008, 03:30 PM
Cemex Dominicana is predicting a 16% decline in cement sales for 2009, as local construction slows down. The company forecasts that local demand for cement will decline from 3,441 metric tons to 2,879 metric tons, as reported in Diario Libre.
Cemex Dominicana president Carlos Jacks told reporters that the global financial crisis that started with the sub-prime mortgage crisis is affecting the real economy with constraints on financing and liquidity. He said consumer confidence is down. He commented that the average decline in housing starts in the US is 52%, in France 27.8%, UK 30.3%, Germany 36.8% and Spain 58.4%.
He said that in the DR, construction makes up 4.2% of the GDP, and that GDP is expected to grow 3.2% this year and 5.3% in 2009.
Jacks forecasts a drastic decline in cement demand in 2009. He says 2009 will be a difficult year with all economic indicators worsening, with the exception of inflation that from 11% in 2008 is forecast to close at 9.2% in 2009. He commented that the lending rate that was 11.9% in 2007, has climbed to 24% this year and will increase to 25% in 2009. He also expects a larger fiscal deficit. He says the DR will feel the effects of the US economy closing with a 0.5% growth this year and 1.2% in 2009.
More... (http://www.dr1.com/index.html#6)
Cemex Dominicana president Carlos Jacks told reporters that the global financial crisis that started with the sub-prime mortgage crisis is affecting the real economy with constraints on financing and liquidity. He said consumer confidence is down. He commented that the average decline in housing starts in the US is 52%, in France 27.8%, UK 30.3%, Germany 36.8% and Spain 58.4%.
He said that in the DR, construction makes up 4.2% of the GDP, and that GDP is expected to grow 3.2% this year and 5.3% in 2009.
Jacks forecasts a drastic decline in cement demand in 2009. He says 2009 will be a difficult year with all economic indicators worsening, with the exception of inflation that from 11% in 2008 is forecast to close at 9.2% in 2009. He commented that the lending rate that was 11.9% in 2007, has climbed to 24% this year and will increase to 25% in 2009. He also expects a larger fiscal deficit. He says the DR will feel the effects of the US economy closing with a 0.5% growth this year and 1.2% in 2009.
More... (http://www.dr1.com/index.html#6)