Peru: Economic and Social Outlook
Luis Miguel Castilla Minister of Economy and Finance January, 2012
Peru – Key Investment Highlights Highest growth in the region with moderated inflation Outstanding economic perspectives
Economic dynamism across sectors
Exports at record levels and increasing its diversification
Reduced unemployment and poverty
Sound fiscal position allows countercyclical policy
Healthy external debt levels
Baa3 / Baa3
(1)
Positive outlook
BBB / BBB+ Stable outlook
BBB / BBB+ Stable outlook
(1) Foreign Currency rating / Local Currency rating
2
Sound Macroeconomic Performance
90
75
60
0 P.R. China India Tajikistan Kazakhstan Vietnam Panama Singapore Peru Sri Lanka United Arab Emirates Bangladesh Kuwait Ghana Malawi Zambia Dominican Republic Indonesia Argentina Albania Egypt Malaysia Philippines Moldova Pakistan Niger Turkey Libya Mali Russia Morocco Costa Rica Thailand Tunisia Botswana Hong Kong Colombia Ecuador Paraguay Honduras Poland Republic of Korea Uruguay Lithuania Bolivia Bulgaria Mauritania Serbia Kenya Romania Algeria Brazil Nepal Bosnia and… Chile Ukraine Montenegro Belize Saudi Arabia South Africa Israel Estonia Guatemala Czech Republic Burundi Latvia Yugoslav Australia Luxembourg Venezuela Nicaragua Slovenia Croatia New Zealand Greece Ireland Sweden Iceland El Salvador Mexico Spain Canada Finland United States Switzerland Hungary Austria Norway Dominica United Kingdom Netherlands France The Bahamas Germany Japan Jamaica Denmark Portugal Haiti Italy
In recent years, Peru has been among the fastest growing economies in the world World’s GDP 2002-2010 (Accum. % Change)
150
135
120
105
Peru 73,2 Argentina 59,9 Colombia Ecuador 45,9 46,8
45 Brazil Chile 40,3 39,5
30 Mexico 18,9
15
Source: IMF .
4
Peru achieved the lowest inflation rate of the region between 2002-2011 Average Inflation in Latin America 2002-20111 (%) 25
Tomar periodo
24.0
20
15 11.0 10 6.7
5.1 5
4.4
3.2
2.5
0 Venezuela Argentina
Brazil
1/ Average inflation of Argentina and Mexico up to November, 2011. Source: IMF, Bloomberg.
5
Colombia
Mexico
Chile
Peru
Peru – Key Investment Highlights GDP Breakdown by sector 2010
GDP Breakdown by sector 2005 8%
Agriculture and Livestock
1%
Agriculture and Livestock
7% 0%
Fishing
7%
Fishing 5%
Mining
Mining 38% 15%
Manuf acturing
39%
Manuf acturing
15%
Electricity and Water
Electricity and Water
Construction
2% 5%
Construction
2%
Commerce
Commerce
7%
14%
Other Services
Other Services
15%
GDP Breakdown per Sector 2005
GDP Breakdown per Sector 2010
(Annual % change)
(Annual % change)
Mining
8.4
Construction
Construction
8.4
Manuf acturing
Manuf acturing
7.5
Other Services
6.2
Electricity and Water
5.6
Agriculture and Livestock
2
4
6
Electricity and Water
7.7
Other Services
7.4
4.3
Mining -0.1 6.8
0
9.7
Agriculture and Livestock
5.4
Perú
13.6
Commerce
6.4
Commerce
17.4
Perú 8
10
8.8 -2
Source: IMF .
6
3
8
13
18
23
In 2011 Peru grew close to 7% and continues to be one the most dynamic economies of the region
10 9
Peru: GDP 2011
LATAM: GDP 2011
(Annual % change)
(Annual % change)
8.9
7
6.8
7
6.2
6
7.4
8
6.8
5.2
6.8
6.6
5
6
3.9
4
5 4
3
3
2
3.7 2.9
2 1
1
0
0
1Q11
2Q11
3Q11
Jan-Sep 2011
Peru
2011*
Chile
Colombia
Mexico
Venezuela
Nominal GDP accounted for USD 153,919 millions in 2010. Cumulative GDP to 3Q11 is around US$ 130,248 million.
Source: MEF, IMF, Consensus Forecasts.
7
Brazil
Economic dynamism prevails Electricity Production
Credit to Private Sector
(Annual % change)
(Annual % change)
14
25
12
21.3
10
20
8.4
20.1
8
15
6 4
10
Nuevos Soles
2
Total
0
J-10
M-10
S-10
J-11
M-11
5
S-11 D-11
D-09
M-10
J-10
S-10
D-10
M-11
J-11
S-11
Construction
Private Vehicles Imports
(annualized % change rolling quarter, seasonally adjusted)
(Millions of US$) 160
23,5
25
D-11
140
126
20
120 15 100 10 80 5
60
0
40
-5
20
-10
0
-15
S-10
N-10
E-11
M-11
M-11
J-11
F-10
S-11O-11
Source: BCRP, SUNAT.
8
M-10
A-10
N-10
F-11
M-11
A-11
N-11 D-11
And the exchange rate of the Peruvian Nuevo Sol is one of the less volatile currencies in the region Relative volatility of some Latin American currencies (Base: January 03, 2000 = 3,509 Nuevos soles/USD)
8,00
8,00
7,50
7,50 Perú
7,00
Brazil
Colombia
Chile
Mexico
7,00
6,50
6,50
6,00
6,00
5,50
5,50
5,00
5,00
4,50
4,50
4,00
4,00
3,50
3,50
3,00
3,00
2,50 2 000
2 001
2 002
2 003
2 004
2 005
2 006
Source: Bloomberg, MEF
9
2 007
2 008
2 009
2 010
2 011
2,50 2 012
In 2011 exports achieved record levels
Trade Balance
Total Exports
(Millions of US$)
(Millions of US$) 50,000
9,000
45,019
45,000
8,000
40,000
7,000 34,444
35,000
6,951
6,000
30,000
5,000
25,000
4,000 17,368
20,000
7,922
5,286
3,000
2,000
15,000 10,000
1,000
6,955
5,000
0
0
-1,000
2000
2005
Jan-Sep 2011
2011*
-403 2000
2005
Jan-Sep 2011
• Preliminary estimates. Source: BCRP.
• •
In 2011 exports surpassed US$ 45 billion, a historical record. The trade balance reached a surplus of around US$ 8 billion.
10
2011*
Current account deficit is sustainable
Net foreign direct investment
Current Account & Financial Account
(Millions of US$)
(% of GDP) 10,000
10 8
Current account
9,000
Financial account
8,000
6
7,000
4
6,000
2
5,000
0
4,000
3,000
-2
2,000
-4
1,000 0
-6
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*
• Preliminary estimates. Source: BCRP.
11
Solid banking system and low exposure to European banks Solvency indicator of banking1
Dollarization Ratio2
(%)
(%)
15
80
79
70
68
Liquidity
Credit
14 13 12
60
11
Prudencial Requirements 50
10
44
Banking Law
9
39
40
International Standard 8
30
7
S-07 F-08
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
J-08 D-08 M-09 O-09 M-10 A-10 E-11 J-11 N-11
European Banks as a Share of Total Bank Credit
Participation of European Banks in LATAM Financial System (% of bank capital)
(% of total loans)
60 50
60
48
50
40
49
40
30 30
29
30
22
20
20
10
10
0
27
0
Mexico
Chile
Peru
Mexico
1/ Capital Adequacy Ratio: risk weighted assets and contingent loans to regulatory capital. Source: BCRP, Goldman Sachs.
2/. As of November, 2011.
12
Chile
Peru
More decentralized employment Employment in companies with 10 or more employees – Main Cities (Accumulated % change Jan-Nov 2011/Jan–Nov 2005)
Urban Employment (Annual % change)
Piura
Puno Arequipa Trujillo
10
Huancayo
9
Paita
8
Tarapoto
7
Tacna
6
Talara
5
Huaraz
4
Cusco
3
Chiclayo
2
Chincha Pisco
Pucallpa Iquitos 20
30
40
50
60
7.1
7.2
8.6 7.6
6.4 5.5 5.4 4.4 4.0
3.6 3.8 1.9 1.3
2003
Cajamarca
10
8.3 8.6
2.4 1.6 0.7
0
Sullana
0
Other Urban
1
Average Grotwh 40%
Ica
Metropolitan Lima
70
80
90
Source: INEI, MINTRA.
13
2004
2005
2006
2007
2008
2009
2010
JanNov11
Increase in adequate employment and income
Average Quarterly Income Index
Employment in Metropolitan Lima by type
(Jan. 2007=100)
(% of total EAP1) 65 150
60
59
140
138
55
130
134
50
120
45
110
40
100
41 Adequate Employment
Urban Peru
Underemployment
90
35 nov-jan07
Metropolitan Lima
1T07 3T07 1T08 3T08 1T09 3T09 1T10 3T10 1T11 3T11
jun-aug08
jan-mar10
aug-oct11
1/ EAP: Economically Active Population. Source: INEI.
14
Peru is an investment-grade Latam country Foreign Country Sovereign Ratings
Peru’s Foreign Sovereign Rating
Local Country Sovereign Ratings
Peru’s Local Sovereign Rating
Source: Standard & Poor’s, Fitch, Moody’s.
15
Solid external accounts and lower external vulnerability versus Baa2 and Baa3 countries Current account balance 2010
External vulnerability indicator1
32
Colombia (Baa3) Kazakhstan (Baa2)
94
Chile (Aa3)
113
0
50
100
150
Official Forex Reserves 2010 10
27
-2.3
-3.2
-8.1
-8.4
(% of GDP)
35 29
-1.5
Net Foreign Direct Investment 2010
(% of GDP)
25
Average Baa3
25
8.6
8 6
20 14
15
13
10
Average Baa2 13 9
3.4
4
3.1
5
Average Baa3
3.1
2
1.8
1.5 Average Baa2 0.1
1/ (Short-Term External Debt + Currently Maturing Long-Term External Debt + Total Nonresident Deposits Over One Year)/Official Foreign Exchange Reserves. Source: Moodys, Central Banks.
16
Colombia (Baa3)
Kazakhstan (Baa2)
Brazil (Baa2)
Chile (Aa3)
Panama (Baa3)
Colombia (Baa3)
Chile (Aa3)
Brazil (Baa2)
Kazakhstan (Baa2)
Mauritius (Baa2)
Peru (Baa3)
0
Mauritius (Baa2)
Panama (Baa3)
0
Peru (Baa3)
30
Average Baa3
Kazakhstan (Baa2)
56
Average Baa2
Mauritius (Baa2)
Brazil (Baa2)
1.9
Panama (Baa3)
30
2.9
Colombia (Baa3)
Average Baa3
18
Panama (Baa3)
4 2 0 -2 -4 -6 -8 -10
Brazil (Baa2)
Peru (Baa3)
Average Baa2
Peru (Baa3)
8
Chile (Aa3)
Mauritius (Baa2)
(% of GDP)
Solid Fiscal Accounts
Solid Public Finances and Fiscal Commitment Non-Financial Public Sector Result
Total Gross Public Sector Debt
(% of GDP)
(% of GDP)
5
35
4,2
4
1,6
2
15
0
10
-0,5
-1
2006
2007
2008
-1,6 2009
26,9 20,9
21,8
Jan-Sep 2011
2011*
20
1
-2
27,1 24,1
25
2,3
2,2
29,7
30
3,1 3
33,0
5 0
2010
Jan-Sep 2011
2006
2011*
2007
2008
2009
2010
Total External Debt Service
Fiscal Stabilization Fund 2011
(% of exports of goods and services)
(Billions of US$)
25
6
5,6
20,9
5
20
4
14,8
15 10,2 10
3 9,1
2 5
3,4
1 0,3
0
0 2007
2008
2009
2010
Jan-Sep 2011
Dec 2005
* Preliminary estimates. Source: BCRP, MEF, MMF 2012-2014 Revised.
18
Set 2011
Strong fiscal position and better performance than the average Baa2 and Baa3 countries in a decade Financial Balance 2010
Financial Balance 2001 - 2010
(% of GDP)
(% of GDP) 4
2
1.4
Peru 2
Average Baa2
0
Average Baa3
-2
Average Baa2
-4
Average Baa3
0
-0.3
-0.5
-1.9 -2.7
-2.9
-3.2
-2
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Public Debt 2010
(% of GDP)
(% of GDP)
50
Average Baa3
44
40
10
35
9
10
Kazakhstan (Baa2)
20
Average Baa2
Chile (Aa3)
30
Mauritius (Baa2)
50
37
40
45
Colombia (Baa3)
57
60
50
24
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Moody´s, Central Banks.
19
Brazil (Baa2)
Average Baa3 20
Mauritius (Baa2)
Average Baa2
Panama (Baa3)
Peru
Colombia (Baa3)
0
Peru (Baa3)
25
Brazil (Baa2)
Public Debt 2001 - 2010 55
30
Panama (Baa3)
-8
Peru (Baa3)
-6
Chile (Aa3)
Kazakhstan (Baa2)
-6
-4
Impact on fiscal revenues of a 35% decline in commodity prices Fiscal Revenues (% of 2010 GDP)
Impact of a 35% fall in commodity prices
Colombia Argentina Peru
1,2
Chile Ecuador Venezuela Bolivia Trinidad & Tobago 0
1
2
Source: IMF Staff estimates 20
3
4
5
6
7
Debt profile: exchange and interest rate exposure Public Debt Structure by Currencies (%)
September 2011
September 2006 19,3 USDollar 21,7
59,0
46,8
46,6
Other Nuevo Sol 6,6
Debt denominated in local currency has more than doubled in the last 5 years Public Debt Structure by Interest Rate (%)
September 2006
September 2011 22,6
44,0
Variable
56,0
Fixed
Source: MEF
77,4
Sharply decrease in debt attached to variable rates 21
Debt profile: amortization payments exposure Public Debt profile by type September 2006
September 2011
Pressure in amortization payments has been reduced by 24.6% over the past five years.
Source: MEF 22
Fiscal policy main guidelines of the new administration 1.
To reach a fiscal balance in the structural accounts.
2.
To hold a countercyclical fiscal position.
3.
To increase permanent fiscal revenues.
4.
To assure a decreasing tendency of the national debt as a percentage of GDP ratio (from 23.4% in 2010 to a 17.7% in 2014).
5.
A conservative Budget for 2012 (surplus of almost 2% of GDP in 2011), but covers main priorities of the government: (i) social inclusion, (ii) human capital, (iii) citizen security, among others.
6.
Designing and implementing a Contingency Plan. 23
Strategy to increase permanent fiscal revenues • • • • • •
Fight against tax evasion. Fight against smuggling and undervaluation. Tax debt recovery. Tax crime and customs fraud detection and effective sanctions. Case for tax payment and custom facilitation. Tax expenditure rationalization. Tax Burden1
Tax Evasion
(% of GDP)
(%VAT) 20
50 45
18,0
40,6
40
18 34,7
35
15,8 15,5
16
30
14,8
25
20,0
13,7
14
20 15
12
10 5
10
0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
…
2003
2016
1/ Central Government Revenues / GDP. Source: SUNAT.
24
2004
2005
2006
2007
2008
2009
2010 Jan-Sep 2011* 2011
…
2016*
Sound fiscal position allows to countercyclical policy stance Non-Financial Expenditures and Current Revenues
Non-Financial Public Sector Overall Balance
(Annual % Change)
(% of GDP)
25
5 18,5
20
4,2
4
17,8
3,1
15
3
10
6,1
5
2,3
2,3
1,6
2
2,0
0
0,8
1
-5
0
-10 2006
2007
2008
2009
2010
Jan-Sep 2011
-0,5
-1
2011*
-2 General Government Non-Financial Expenditures
2006
2007
-1,6 2009
2008
2010
General Government Current Revenues
(% of GDP)
(% of GDP) 14
3,2
3
12
2,5
10
2
8 1,4
1,5
1,4
1,4
6
1 0,5
0,4
4
0,5
2
0 2006
2007
2008
2009
2010
2011*
Public Savings up to September 2011
Fiscal Stabilization Fund 3,5
Jan-Sep MMF 2011 2011 1/
2,5
Other Deposits
2,7
Deposits in Private Financial Institutions
2,1
Subnational Governments Resources (Canon, etc.)
3,2
Fiscal Stabilization Fund
2,5
Demand Deposits and Time Deposits in Central Bank
0
Sep 2011*
Public Savings
* Preliminary estimates. 1/ Multiannual Macroeconomic Framework Revised 2012-2014 Source: MEF.
Public Savings accounts 13,1% of GDP 25
Contingency Fiscal Plan Timely, temporary and aggressive. Combines short-run actions (transitory fiscal impulse) and long-run actions (reducing infrastructure gap, improving productivity and potential GDP). Emphasis on poor areas: • Infrastructure projects. • Infrastructure maintenance. • Small and medium enterprise procurement (SMEs). • Guarantee Fund for SMEs and non-traditional exporters. • Enabling feasibility studies. • Temporary Employment Program. Since september 2011, precautionary measures have been taken to boost fiscal impulse (1.5%-2% of GDP).
26
Fiscal Impulse in 2012
Total Current Non-Financial Expenditures : 2006-2011 (% of GDP) 12,8 12,6 12,4
12,7
12,6 12,4
12,3
12,2 11,9
12 11,8
11,6
11,6 11,4 11,2 11 2006
2007
2008
2009
2010
Jan-Sep 2011
• Public Investment will grow above 30% in 2012 (after falling 6% in 2011). • Fiscal Surplus will reach around 0.8% of GDP in 2012. Source: MEF
27
Social Outlook
Peru has grown steadily over the recent years and poverty has been reduced
GDP tripled in 2010 compared to 2000.
Per Capita GDP (10-yr.-average, % change) 5
Fastest per capita GDP growth since the 1950’s.
4.4
4 3
2.5
2.9
2.1
2
0.7
1
Per Capita GDP levels catching up after 3 lost decades.
0 -1 -2
-3
Poverty has reduced from 50% to 30%.
-3.2
-4
51-60
Population has grown in the last 10 years at an average rate of 1.26%, and in 2010, it reached a total of 29.5 million persons.
Source: BCRP.
29
61-70
71-80
81-90
91-00
01-10
However, the challenge remains to achieve a broad based development and further social inclusion Total Poverty and Extreme Poverty 2010: National vs. Rural (% of population) 60
National
Rural
50 40
30
54.2
20
31.3
23.3
10
9.8 0
Total Poverty
Extreme Poverty
Rural poverty doubles the national average.
Source: INEI.
30
In the coming years, Peru’s main goals are further poverty reduction and social inclusion
Variable
Base Line 2010
Target 2016
1. Poverty
31.3%
Poverty less than 20%
2. Extreme poverty
9.8%
Extreme poverty less than 5%
3. Child chronic malnutrition
17.9%
Child chronic malnutrition less than 10%
Source: MEF; ENAHO and ENDES 2010 - INEI.
31
The government strategy is based on social programs that follow a “Life Cycle Approach” Public Programs (Millions of Nuevos Soles) SAMU: S/. 40
SMN: S/. 1 400
Cuna Más: S/. 190 Chronic malnutrition
Maternal mortality Neonatal mortality
Jóvenes a la obra: S/. 34
PAN: S/. 1 607
Infant mortality Cognitive and Emotional development
PELA Elementary school: S/. 2 195
Learning achievements Elementary school Coverage
PELA Primary school: S/. 4 251
PELA Secondary school:
S/. 2 833 Secondary Coverage
Learning achievements
Learning achievements No dropout
Beca 18: S/. 136 Access to quality higher education Relevant education for the labor market
Pensión 65: S/. 241
Ensure the basic conditions for subsistence
JUNTOS: S/. 822 Millions
Pregnancy
0–2 years
3–5 years
6 – 12 years 32
13 – 17 years
17 – 24 years
+ 65 years
The 2012 Public Budget reflects the priorities of the Government related to social issues The 2012 Public Budget by type of intervention
Distribution of the 2012 Public Budget 1
(Millions of Nuevos Soles)
Expenses
(%)
Amount
Social
32,666
Productive
18,113
Administrative
12,310
Governance and Public Order
12,422
Subtotal
75,511
Debt Service
9,492
Pension Duties
9,375
Contingency Reserve
1,157
Total
95,535
Gobernabilidad Governance y orden público 17%
Social Sociales 43% 43%
Administrative Administrativos 16%
Productivos Productive 24% 24%
2012 social sector budget allocation has increased by approximately 20% with respect to the 2011.
1/ Out of debts service, pension duties and contingency reserves. Source: MEF
33
Perspectives
Per Capita GDP: Upward trend Per Capita GDP (US$ of 2011)
5,904
6,000
5,290
5,500 5,000
4,500 4,000 3,500 3,000
2,500 2,000
Current
1,500
Average 3 years
1,000 1950
1958
1966
1974
35
1982
1990
1998
2011 2006
Sharp reduction in Per Capita GDP gaps: Peru vs. Other Latam countries PPP Per Capita GDP Gap 1 (Peru=100)
215
Peru Colombia Chile Brazil Mexico
GDP per capita PPP ($ PPP) 2001 2011 Var. % 5,116 10,001 95.5 6,010 10,155 69.0 9,939 16,172 62.7 7,358 11,846 61.0 10,821 15,121 39.7
212 194
195 175 155
162
2001
151
2011
144
135 118
115
117 102
95
Mexico
1/ Each country’s GDP per capita PPP divided by Peru’s GDP per capita PPP. Source: IMF-WEO Setember 2011
36
Chile
Brazil
Colombia
In 2012 Peru is expected to be the economy with the fastest growth and lowest inflation in the region
6
LATAM: GDP 2012
LATAM: Inflation 2012
(Annual expected % change)
(Anual expected % change) 35
5.4
5
29.3
30
4.5 4.0
4
3.9
25
3.5 3.1
3.2
20
3 15 2
10.3 10
1 5 0
2.5
3.0
3.5
3.7
Peru
Chile
Colombia
Mexico
5.3
0 Peru
Colombia
Chile
Venezuela Argentina
Mexico
Brazil
Source: MEF, Consensus Forecasts.
37
Brazil
Argentina Venezuela
Continue to promote private investment as the engine of growth
Announcement of Private Investments Projects in the next 3 years (Billions of US$)
Private Investment Projects 2011–2013 (Millions of US$) 27,793
48
47
40
7,513
6,960
2,847
Dec-10
Jun-11
Mining and Hydrocarbons
Dec-11
Source: BCRP.
38
Electricity
Industry
3,191
Infraestructure Other Sectors
Ample growth and investment opportunities Copper Production 2010
Tourist arrivals 2010
Exports 2010
(Thousands of Fine Metric Tons)
(Millions of persons)
(Billions US$)
6,000
4.3
5,000
4
8.7
9
2.8
3 2.1
3,000
4
5
2.1
3
4
3.2
2
3
1.0
1,247
4.9
6
2
2,000
Wood & paper
6
5
8 7
4,000
1
2
1,000
1
0.4
1 0
0
Peru
Colombia
Chile
Argentina
Peru
Vehicle Vehiclesales salesper percapita capita2010 2010
(% (%ofofGDP) GDP)
Chile
72
70 60 48
40
16.3
800
14
700
12
600
10
500
6
300
5.1
20
4
200
10
2
100
Brazil
Chile
50 50 40
30 20
197
10
Peru
Colombia
Ecuador
Chile
7
0
0
0
0
60
400
6.6
4.1
847
900
16
8 25
Sale Salesurface surfacein indepartment departmentstores stores (Thousand of m2) (m2mts perper inhabitant) (Thousand of sq.mts.) (Sq. inhabitant)
(Vehicles per (Vehicles per1000 1,000inhabitants) inhabitants) 18
80
Peru
Peru
Chile
Chile
Banking BankingSystem Systemcredits Credit2010 2010
50
0
0 Ecuador
Peru
30
Agro
10
5
5,520
Peru
Chile
Peru
Source: Sunat, UNWTO, Geological Service of USA, AEADE, ARAPER, ASBANC, FELABAN, CAVEM, ASOPARTES, CCL, Ripley FELABAN, SBS, Superinterdency of Banks and Financial Institutions (Chile).
39
Chile
In conclusion, Peru should continue in the path of growth and social inclusion
Per Capita GDP
Total Poverty Rate
(US$)
(% total population)
12,000
55 50
10,000
45
8,000
40 35
6,000
30
4,000
25 20
2,000
15
0
10
2000
2005
2010
2015e
2020e
2000
Source: MEF.
40
2005
2010
2015e
2020e
Peru: Economic and Social Outlook
Luis Miguel Castilla Minister of Economy and Finance January, 2012
