In Peru, the country saw an improvement in economic expansion of 9.9 per cent in December compared to December of 2006. The growth is attributed to many factors including a good surge in construction, as well as in copper and natural gas output. This information was reported by Bloomberg News from the national statistics institute.
GDP grew 9 per cent throughout the year of 2007. This is the fastest rate for this type of growth in 14 years. Much of this growth has come from the improvement of job availability as well as higher real wages.
According to Boris Segura who is a Latin America economist at Morgan Stanley based in New York, "Peru's growth rate is spectacular." And, "Growth is broad based and has moved well beyond mining to other areas such as construction, thanks to credit availability."
Meanwhile, the country is working hard at developing relationships with other countries around the world. The free trade deal with Canada is one of the prime methods for accomplishing this.
The country is also looking to expand through trade deals with the United States and later with the European Union. They aim to become partners with the European Free Trade Association in the coming months.
