During a press conference held this week, Finance Minister Luis Valdivieso announced that gross domestic product (GDP) of Peru will record an increase of almost 9 percent in 2008.
Thus, the GDP is projected to surpass all recent estimations. Experts had predicted a growth of around 8-8.5 percent.
Statistics show that Peru posted a growth of nearly 9 percent in 2007, as well. It has been noted that the country has experience impressive development in past few years, especially due to macroeconomic stability, improved terms of trade, and rising investment and consumption.
Mr Valdivieso said that the consumer price index (CPI) is expected to end the year at around 5.7-5.8 percent.
Fiscal surplus will be more than 2 percent of GDP.
Peru's main exports include gold and textiles, among others. Its major trade partners in past years have been the US, China, Brazil, and Chile.
The Minister also assured that the Central Reserve Bank of Peru will try its best to keep inflation in the range of 1.0-3.0 percent. However, the inflation is bound to touch 3.5 percent in 2009.
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