Gross domestic product (GDP) in Peru 2028
Dropping mineral prices affect Peru's economy
The economy of Peru is still strong and the prospect of significant future growth still remains, but overall GDP appears to be waning after a period of significant growth which took place between 2010 and 2013. The annual growth rate of Peruvian GDP was as high as 8.45 percent in 2010. Yet, the annual growth rate for 2014 was only a quarter of that, and future growth rates are expected to linger at around 4 percent.
Much of this earlier growth can be attributed to the country’s mineral wealth in copper, silver, lead, zinc, oil and gold, but over the years, the price of many of these minerals has been on a decline. The price of many of these mineral resources began to decline in 2011, some decreasing significantly in price and others less so. The copper price has decreased, as has the price of lead and gold. The price of silver dropped significantly, too, and the impact of falling oil prices is being felt around the world. Zinc is the only aforementioned mineral whose price has remained stable. As the economy of Peru is directly linked to these resources and industry composes close to a 40 percent share of GDP, it is no wonder the economy of Peru has been impacted.