Peru is ending one year of fine economic performance this December 31st. Its economic key indicators show a growing rate near 10%, inflation below 7%, surplus vs GDP rate around 2%, and massive net exports.
The growth was conducted for its four consecutive year by exports. Major mineral and fishmeal sales continue its increase, due to higher international prices. And along time, newly export categories like asparagus, apparel, and textiles improve the current account bottom line.
Inflation resent the strike of unusual high oil prices this ending year. They impact directly in the cost of fuel, and lead other related consumer prices to higher levels. To control the raising inflation the government implemented the Fuel Stabilization Fund, and in addition took actions to restraint local currency.
In contrast to the historical trend, 2008 ends with a net surplus in government accounts. Higher taxing revenues occasioned by productive growth outmatch by far the government expenses. These expenses weren’t social oriented, and this is a point to solve in 2009.
The net exports remain massive throughout the year. Despite a slight decline in the third quarter caused by oil prices, the high metal and fishmeal prices continue to support the favorable situation in the external sector.
Upcoming next week, Country Perspectives for 2009…and wish you an OUTSTANDING NEW YEAR!!… Better if you receive the visit of our Cuy Magico…
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