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Economic Survey of Latin America and the Caribbean 2005-2006

image of Economic Survey of Latin America and the Caribbean 2005-2006

This year's edition of the Economic survey of Latin America and the Caribbean, the fifty-seventh in this series, is divided into two parts. The first analyses the main features of the regional economy, while the second examines the situation in the individual countries of Latin America and the Caribbean. The full statistical appendix is published in electronic format for ease of data processing.

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Peru

The Peruvian economy expanded by 6.4% in 2005, well exceeding initial expectations, to close the period 2000-2005 with an average growth rate of more than 4% per annum. A highly favourable external climate contributed to a steep rise in exports, resulting in an unprecedented surplus, equivalent to 1.3% of GDP, on the balance-of-payments current-account. The economic policy implemented in the last few years has brightened the expectations of economic agents and fuelled domestic demand. Thus, all the components of aggregate demand outstripped the previous year’s rates of growth without generating inflationary pressure; at the end of the year, the consumer price index showed a moderate rise of 1.5%. Buoyant economic activity contributed to a significant improvement in the fiscal balance. Formal employment rose significantly but its impact on the labour market overall was limited and the unemployment rate rose slightly to 9.6%, while poverty levels remained high.

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