PERU experienced 3.6 percent growth in GDP during 2003, unchanged from the previous year, and inflation for the year was 2.5 percent. The value of all Peruvian exports increased by 17 percent to 8.96 billion US dollars during 2003, and imports increased by 11 percent to 8.2 billion US dollars. Peru's net international currency reserves at the end of 2003 increased to 10.61 billion US dollars, 11 percent above that of the previous year. Among the most important mining news during 2003 was Barrick Gold Corp's decision to start construction of the Alto Chicama gold project during the first quarter of 2004, and the difficulties faced by Manhattan Minerals Corp concerning its Tambogrande project. At the end of 2003, the mining industry was shaken by a proposal submitted to Congress to impose a 3 percent royalty on gross sales, The government said that it was looking at the possibility of reducing the percentage and that it was also considering whether the royalty could be regarded as an early instalment of income tax.
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