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Rapid growth in the mining sector was a key factor behind Peru achieving respectable GDP growth last year. However, in 2017, the expansion is set to become more broad-based as the new government implements its policy agenda. We forecast that GDP growth will pick up to 4% this year. This will reflect an expansionary fiscal policy, including increased infrastructure spending, which should spur private investment. In addition, a recovery in the labour and credit markets, coupled with lower inflation, should lead to stronger growth in private consumption, while higher copper prices will boost the country's exports.
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