TAG: Peru
Lima, January 2018: Despite the political challenges that faced Peru in 2017, the year ended on a positive note for Peruvian exports, the value of which reached $44.9bn, the highest figure since 2011. Continuing this upward trend, estimates for 2018 suggest a 13.2% increase on 2017 numbers.
Largely thanks to the recovering prices of some key commodities, the region recorded a positive first quarter in 2018, with the IMF forecasting Latin America and the Caribbean’s GDP growth for the year to reach 2%. Currency volatility remains among the primary challenges, however, offsetting some gains. The economy is thus centre stage in countries headed to the polls this year, potentially ushering in a period of economic transformation in several of the region’s major players.
In early June the Central Reserve Bank of Peru (Banco Central de Reservas del Perú, BCRP) revised its 2019 growth projections for the local economy, forecasting GDP to expand by 4.2% next year, up from its March prediction of 4%. The institution maintained its projection of 4% for 2018.