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Over the past decade, Peru has been one of the region’s fastest-growing economies, with an average growth rate 5.9 percent in a context of low inflation (averaging 2.9 percent). A favourable external environment, prudent macroeconomic policies and structural reforms in different areas combined to create a scenario of high growth and low inflation.
The strong growth in employment and income have sharply reduced poverty rates. Moderate poverty (US$4 a day 2005 PPP) fell from 45.5 percent in 2005 to 19.3 percent in 2015. This is equivalent to 6.5 million people getting out of poverty during this period. Extreme poverty (US$2.5 a day 2005 PPP) declined from 27.6 percent to 9
percent over the same period.
GDP growth continued to accelerate in 2016 on the back of higher mining export volumes as several large mining projects entered into production and/or reached full capacity. The economy is estimated to have grown above potential at 3.9 percent in 2016 due to that temporary peak in mining production. Higher growth in mining export volumes was partially attenuated by lower dynamism in domestic demand, as public spending receded and investment continued to decline. The current account deficit declined significantly from 4.9 to 2.8 percent of GDP in 2016, owing to the surge in export growth and lower imports. Net international reserves stood at the comfortable level of 32 percent of GDP as of February 2017. The average headline inflation amounted to 3.6 percent in 2016, above the upper limit of its target range for a third straight year, as supply-side shocks on food prices offset weak domestic demand. Peru faced a moderate fiscal deficit of 2.6 percent in 2016. The higher deficit stems from a decline in revenues that came with the economic slowdown, the 2014 tax reform, and an increase in recurrent expenditures in recent years, especially for goods and services and wages. However, at 23.8 (8.5) percent of GDP, Peru’s gross (net) public debt remains one of the lowest in the region.
For 2017, GDP is On the external front, the main challenges that may have an impact on economic growth include::expected to slow slightly due to the leveling off in the mining sector and still weak private investment- the latter affected by adverse global conditions and the uncertainty related to corruption scandals in projects signed in past years.
Fiscal policy remains prudent, even as deficits have increased over the last years. The higher deficit stems from a decline in revenues that came with the economic slowdown, the 2014 tax reform and increases in recurrent expenditures in recent years, especially for goods and services, and wages. In the context of supporting the
economy as mining production levels off, the authorities are expected to more aggressively increase public investment in 2017, thus maintaining or marginally
increasing the 2016 deficit level. The Government expects to phase out current fiscal deficits gradually over the medium term on the back of expenditure measures and plans to improve tax collection.
Growth projections are vulnerable to external shocks in commodities prices, a further deceleration of China’s growth, capital markets volatility, the speed of monetary policy tightening in the United States. The economy is also exposed to natural risks, including recurrent climatic phenomena such as El Niño. Raising growth requires
structural and fiscal reforms to unleash productivity, reduce informality, and improve efficiency of public services.
Peru is located in the central part of South America and borders on the north with Ecuador and Colombia, on the east with Brazil and Bolivia, on the south with Chile and on the west with the Pacific Ocean. The Peruvian territory covers an area of 1,285.216 square kilometers. More than half of the Peruvian population (54.6%) lives on the coast. The Andean region is home to 32%, whereas only 13.4% of the total population lives on the Amazonian plains. Lima is the capital city of the Republic.
Peru is the third largest country in South America after Brazil and Argentina, and ranks among the 20 largest countries in the world. The country's location facilitates the
access to markets in Asia and the United States of America, which enables its projection as a linking bridge between markets in South America and Southeast Asia.
Surface Area in Peru (Land & Water)
PERUVIAN PORT SYSTEM
Currently, the Peruvian port system has 81 port facilities, of which 55 are privately owned terminals, while the other 26 are port facilities for public use. Of these 26,
seven correspond to port concessions.
The seven port concessions under PPP are from north to south: Terminales Portuarios Euroandinos-Paita (TPE-Paita) a consortium made up of Peruvian port and airport operator Andino Investment Holding (AIH) and Turkey’s Yilport. Yurimaguas Port Terminal (Peruvian Amazon). In Callao are located: Terminal Norte (Multipurpose Terminal operated by APTM), Muelle Sur (Container Terminal operated by DP World) and the Terminal de Embarque de Concentrados de Minerales (Bulk Terminal). In the province of Pisco is located Puerto General San Martín, the contract was awarded to concessionaire Terminal Portuario Paracas S.A., comprising Servinoga S.L., Pattac Empreendimentos e Participacoes S.A., Tucumán Engenharia e Empreendimentos Ltda., and Fortesolo Servicios Integrados Ltda. and further south in the province of Arequipa there is the Port Terminal of Matarani-Tisur (Grupo Romero), the first to be granted by Peru in 1999.