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Economy | July 19, 2011 [ 8:34 ]

Peru's economy grew over 6 percent in June

LivinginPeru.com

Ismael Benavides, Minister of  Finance, has stated that the Peruvian economy grew over six percent in June, down slightly from the %7.1 growth recorded in May.

Benavides said the fundamental reason for the decline was the slow-down in the performance of private investment.

"When there is lack of confidence that first thing to stop is investment decisions, it is important to reactivate these decisions," he said.

According to the National Statistics Institute, Peru's production activity increased 7.1% in May 2011, bringing the GDP to a growth of 8.04% between January and May of this year.

Based on these figures, Benavides reiterated that the Peruvian economy had a predicted growth of 7.5% for the first half of the year.

The figures were revealed during a seminar titled "The legislative and budget processes and government control", organized by the Ministry of Finance, the World Bank and the Comptroller General's Office

Benavides also mentioned that poverty fell from 48.7 to 31.3% between 2005 and 2010 and was on the way down to 30 percent by the end of July.

"In the case of employment, growth was historic in Peru with 2.3 million new jobs between 2006 and 2010, especially in companies with ten or more workers, where growth is almost 24%," he said.

Benavides added that by the end of July a record of 2.5 million new jobs is expected.

Family income also increased by almost 50% in the last five years, particularly in the poorest quintile, which recorded an increase of 74%.

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