By any measure, Peru is a giant of the global mining industry. Only Chile and China produce more copper and the country is the world’s seventh-largest producer of gold and the third largest of silver. It is unsurprising that Peru’s economic fortunes have been tied to the mineralogy of the Andes Mountains for many centuries. The mining industry has been the driver behind the growth of the...
The Peruvian insurance sector has experienced a decade of strong growth, benefitting from sustained economic expansion, a significant reduction in poverty levels and a rising middle class. In the 10 years to 2013, premium income tripled, and according to the Peruvian Insurance Association, net premiums then increased by 5.36% to $3.54bn in 2014. In the first 11 months of 2015 total premiums...
The Lima Stock Exchange (Bolsa de Valores de Lima, BVL) has had a difficult three years in 2013-15, having become somewhat less active and less liquid than its peers. The market capitalisation of listed Peruvian companies was worth 38.9% of GDP in 2014, according to the latest available comparable figures from the World Bank – ahead of Mexico (37.1%) and Colombia (38.8%) but behind Chile (90.4...
The Peruvian banking system continued to grow throughout 2015, with total bank credits rising by 15.26% year-on-year (y-o-y), to PEN250.8bn ($80bn) in September. The increase in bank credits in August 2015 reflected strong expansion in local currency lending, offset by a contraction in US dollar lending. Total outstanding local currency lending rose to PEN140.71bn ($44.9bn), at the end of...
In the 10 years to 2014 the Peruvian economy experienced rapid growth, averaging 6.2%, placing Peru among the fastest-growing economies in the region. In 2014 Peru was the seventh-largest economy in Latin America and Caribbean, with a GDP of $202.9bn. However, lower commodity prices and resulting lower export revenues for some of its key exports saw Peru’s growth slow considerably in 2015, to...
Buoyed by high commodity prices and market-friendly policies, Peru has been one of the best-performing and most stable economies in Latin America over the past decade. Rapid economic growth has, in turn, spurred an emerging middle class and notable social gains, with the poverty rate falling by more than half from 2004 to 2014. Today the challenge facing Peru, as well as other commodity-driven...
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