Peru’s Economy Grows

By: developer

The Peruvian economy had surpassed predicated outlooks and posted a 3.87 percent growth in June. The official figure could strengthen business and consumer confidence, which would help solidify Peru’s tenuous recovery.

Peru’s mining-fueled economy has slowed sharply in the past one and a half years as weak mineral prices have curbed investment.

Quick facts:

  • Mining led growth in June with a 14.15 percent expansion as output from new copper mines and others increased
  • Retail and wholesale sales were up 4.1 percent and agriculture increased 8.1 percent.
  • Construction fell 3.15 percent; fishing, 29.6 percent; and manufacturing, 2.89 percent, official data showed

The economy grew by a seasonally adjusted 1.1 percent rate in June from May, when it expanded by just 1.22 percent year-to-year, Inei said.

In 2014, the economy expanded by 2.35 percent, half as fast as in recent years when growth topped five percent. Expectations are that the economy should rebound in the second half of the year on public spending, and should end the year with growth of close to four percent.

According to research from the Florida Chamber Foundation, international business and foreign direct investment account for approximately 17 percent of Florida’s economic activity, and directly support more than one million Florida jobs. With more than 30 million people and one of the strongest economies in South America, there is a strong potential for Florida companies to expand their exports to Peru. Florida currently exports many different types of Florida-origin products to Peru, including industrial and electric machinery, fertilizers, vehicles, civilian aircraft, and medical instruments.

In fact earlier this year, the Florida Chamber of Commerce and the Lima Chamber of Commerce signed a Memorandum of Understanding (MOU) to help promote trade and investment opportunities between Peru and the United States.

 

Learn More:

In order to remain globally competitive, Florida needs to diversity our trading partners and markets to expand and grow Florida trade.  This is a strategy identified in the Florida Chamber Foundation’s most recent Trade and Logistics study. To learn more about how the Florida Chamber is work to build Florida’s international relationships, contact Alice Ancona today at aancona@flchamber.com.

 

Get Involved:

Two out of three jobs in Florida are created by small businesses. As such, the Florida Chamber continues to work in support of Enterprise Florida’s small business export grants, which help Florida exporters tap into new markets. Get involved in our efforts this upcoming legislative session by contacting Carolyn Johnson at cjohnson@flchamber.com today.