Peru's economy seems to have reached a trend of sustained growth, and its gross domestic product is expected to grow seven percent in 2011, Central Reserve Bank of Peru President Julio Velarde said Friday.
Peru's GDP has been one of the fastest growing in Latin America, Velarde said while speaking at the New York Stock Exchange. The manufacturing and construction sectors likely will drive economic growth this year, he said.
"Domestic demand has been a factor behind growth," Velarde said, noting that electricity production in Peru grew more than 10 percent in the first two months of 2011.
Sound fiscal policies have improved the country's fiscal position, he said. Still, Peru needs some reforms, including increasing the flexibility of the labor market and improving the quality of education, the central banker said.
Although inflation in Peru has been among the lowest in Latin America, it is increasing, he said, adding that there is some concern about commodity prices.
The central bank aims to keep inflation within a range of 1.0 percent to 3.0 percent, reported Dow Jones.
On Thursday, Peru's central bank raised its reference interest rate by 25 basis points to 3.75 percent. It reiterated that its interest-rate increase was of a "preventive" nature, coming against a backdrop of rising international prices for food and energy.
Velarde said Friday that the Peruvian sol has been one of the less-volatile currencies in the region.
Source: www.andina.com.pe
Peru's GDP has been one of the fastest growing in Latin America, Velarde said while speaking at the New York Stock Exchange. The manufacturing and construction sectors likely will drive economic growth this year, he said.
"Domestic demand has been a factor behind growth," Velarde said, noting that electricity production in Peru grew more than 10 percent in the first two months of 2011.
Sound fiscal policies have improved the country's fiscal position, he said. Still, Peru needs some reforms, including increasing the flexibility of the labor market and improving the quality of education, the central banker said.
Although inflation in Peru has been among the lowest in Latin America, it is increasing, he said, adding that there is some concern about commodity prices.
The central bank aims to keep inflation within a range of 1.0 percent to 3.0 percent, reported Dow Jones.
On Thursday, Peru's central bank raised its reference interest rate by 25 basis points to 3.75 percent. It reiterated that its interest-rate increase was of a "preventive" nature, coming against a backdrop of rising international prices for food and energy.
Velarde said Friday that the Peruvian sol has been one of the less-volatile currencies in the region.
Source: www.andina.com.pe
No comments:
Post a Comment