Macroeconomic Forecast Peru

The Peruvian economy continues to fire on all cylinders, with recently released data showing real GDP expanding 9.2% year-on-year in May. Through the first five months of the year, the economy grew 7.4% y-o-y. The construction and manufacturing sectors performed particularly well, having grown 20.8% y-o-y and 14.5% compared to the same month a year earlier. While we maintain our forecast for growth of 5.9% in 2010, we stress that upside risks to this projection are steadily building.

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