Eclac: Peru to be South America’s third largest economy in 2015

Mining production in Peru. Photo: ANDINA/ Archive

Mining production in Peru. Photo: ANDINA/ Archive

12:52 | Santiago (Chile), Jul. 29.

Peru will have the third highest economic growth among South American countries in 2015 due to increased mining production and measures adopted by its government, the Economic Commission for Latin America and the Caribbean (Eclac) revealed.

According to the Economic Survey of Latin America and the Caribbean 2015: Challenges in boosting the investment cycle to reinvigorate growth, presented this morning at a press conference in Chile, Eclac states that Peru will grow by 3.6%, up compared to the 2.4% of last year.

“GDP is expected to grow by 3.6% in 2015, driven by increases in mining output and, to a lesser extent, the expansion of public spending and the monetary stimulus created by lower interest rates and increased availability of credit,” reads the report

The United Nations organization informed that Panama will lead the growth in the region with average GDP growth predicted of 6.0%, followed by Bolivia (4.5%) and Paraguay (4.0%).

Peru’s GDP growth rate will exceed that of Chile (2.5%), Colombia (3.4%), Ecuador (1.9%), Uruguay (2.6%) and Argentina (0.7%). Brazil will see a contraction of 1.5% , while Venezuela’s GDP is expected to shrink by 5.5%

According to the regional report, Latin American and Caribbean countries’ weighted-average growth rate is expected to be 0.5%.

Notwithstanding this overall picture of regional deceleration, growth patterns differed greatly between countries and subregions, so that while the region’s weighted-average growth rate is expected to be 0.5%, South America is set to contract by 0.4%, but Central America and Mexico are likely to expand by 2.7% and the Caribbean will grow by 1.7%.


Published: 7/29/2015