The Central Bank of Peru's 2009 Annual Report, published in June, showed the economy grew moderately in 2009, but avoided much the declines of experienced in the rest of the world.

The report showed that after growing at an average rate of 7.7% in the 5 years prior, the Peruvian economy slowed down last year, recording a growth rate of 0.9% compared to 0.6% in the global economy, and a contraction of 3.2% in developed countries.

The central bank said the slowdown was mainly observed in