Excerpted from the Peru Career Guide
The economy is one of the fastest growing in Latin America over the past decade, even during the global recession, and is growing by an average 6 percent annually, twice the regional average. Economic growth is expected to continue albeit at a slower pace. Growth is driven primarily by global (mainly Chinese) demand for metals and minerals, which represent nearly 60 percent of Peru’s exports. Peru is the world’s second-largest producer of silver and the third-largest producer of copper.
The financial sector has also grown during the past ten years in parallel to the overall economy, a further indicator of the country’s increasing financial stability.
While hiring activity has slowed compared to last year, the outlook remains positive overall.
Hiring intentions are expected to remain steady for the foreseeable future, with all sectors across all surveyed regions reporting positive intentions, according to a Manpower survey. The mining sector provides the most opportunities, followed by banking, finance and real estate, and agriculture and fishing. As the result of a recently announced government investment incentive plan, mining sector hiring is expected to remain strong for months to come. Formal employment in commerce continues to grow. The manufacturing sector has seen weakened hiring this year.
Areas of Promise
Recently, large infrastructure projects have created shortages of skilled workers. The Centro Nacional de Planeamiento Estratégico (Ceplan) estimates a shortage of 300,000 technicians/skilled tradespersons in mining, agribusiness and textiles. Mining, manufacturing and construction companies are hiring foreign workers, usually from Spain, to fill the gaps.
Inflation is low and under control. Last year it reached nearly 3 percent and is expected to remain at 3 percent this year, within the Central Bank’s goal range. The Central Bank projects inflation to be within the 1.5 to 2.5 percent range next year.
The basic minimum monthly wage (Remuneración Mínima Vital, or RMV) is currently 750 PEN but there is an ongoing debate as to whether to raise it. The government enforces the minimum wage in the formal sector only; informal workers often earn much less.
This is just a short sample of what you’ll find in over 100 pages of information in the complete Peru Guide.