Executive Search in Peru – 2020 Outlook
Peru keeps up enviable growth
Peru is one of the best performing economies in Latin America. A successful macroeconomic policy with a favorable external context generated important growth and prosperity between 2004 and 2015, peaking at an average of 5.5%. During 2016 to 2019, external conditions were less favorable, however, Perú grew at an average of 4%.
In 2020, growth is expected to remain above 3.5% annually, sustained by strong domestic demand and a gradual increase in exports. These growth projections are vulnerable to external shocks such as a decline in commodity prices or changes in international financial conditions.
Peru’s varied geography is reflected in the country’s economy. The abundance of resources is found mainly in mineral deposits in the mountainous regions, while its extensive maritime territory has traditionally yielded excellent fishing resources.
Agriculture contributes to 7% of the country’s GDP and employs 28% of the active population. The country’s main agricultural products are cotton, sugarcane, coffee, wheat, rice, maize, quinoa, and barley. Peru is also one of the world’s leading exporters of artichokes, quinoa, mangoes, citrus, avocados, and grapes.
The industry sector generates 30% of the GDP, employing almost 16% of the active population. Peru is a mining country with a large and dynamic mining industry. It is the world’s top producer of silver, the fifth producer of gold, the second producer of copper, and an important supplier of zinc and lead.
Large mining projects are expected to begin in the next 10 years, which could further increase the importance of the mining sector. The country also has large reserves of natural gas and oil, although Peru is a net energy importer. The main manufacturing activities are textiles, consumer goods, food processing and fish products.