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Peru Economy 2014
http://www.theodora.com/wfbcurrent/peru/peru_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
Peru's economy reflects its varied geography - an arid lowland coastal region, the central high sierra of the Andes, the dense forest of the Amazon, with tropical lands bordering Colombia and Brazil. A wide range of important mineral resources are found in the mountainous and coastal areas, and Peru's coastal waters provide excellent fishing grounds. The Peruvian economy has been growing by an average of 6.4% per year since 2002 with a stable/slightly appreciating exchange rate and low inflation, which in 2013 is expected to be below the upper limit of the Central Bank target range of 1 to 3%. Growth has been in the 6-9% range for the last three years, due partly to a leap in private investment, especially in the extractive sector, which accounts for more than 60% of Peru's total exports. Despite Peru's strong macroeconomic performance, dependence on minerals and metals exports and imported foodstuffs subjects the economy to fluctuations in world prices. Poor infrastructure hinders the spread of growth to Peru's non-coastal areas. Peru's rapid expansion coupled with cash transfers and other programs have helped to reduce the national poverty rate by 23 percentage points since 2002, but inequality persists and continues to pose a challenge for the new Ollanta HUMALA administration, which has championed a policy of social inclusion and a more equitable distribution of income. Peru's free trade policy has continued under the HUMALA administration; since 2006, Peru has signed trade deals with the US, Canada, Singapore, China, Korea, Mexico, Japan, the European Free Trade Association, Chile, and four other countries; concluded negotiations with Venezuela, Costa Rica, and Guatemala; and begun trade talks with two other Central American countries and the Trans-Pacific Partnership. Peru also has signed a trade pact with Chile, Colombia, and Mexico called the Pacific Alliance that rivals Mercosur in combined population, GDP, and trade. The US-Peru Trade Promotion Agreement entered into force 1 February 2009, opening the way to greater trade and investment between the two economies. Although Peru has continued to attract foreign investment, political activism and protests are hampering development of some projects related to natural resource extraction.

GDP (purchasing power parity):
$322.9 billion (2012 est.)
country comparison to the world: 42

$303.8 billion (2011 est.)
$284.3 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$196.2 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.3% (2012 est.)
country comparison to the world: 38

6.9% (2011 est.)
8.8% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,600 (2012 est.)
country comparison to the world: 112

$10,100 (2011 est.)
$9,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
23.3% of GDP (2012 est.)
country comparison to the world: 57

23.4% of GDP (2011 est.)
22.7% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 61.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.3%
investment in fixed capital: 26.6%
investment in inventories: 0.3%
exports of goods and services: 25.5%
imports of goods and services: -24.5%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 6.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 37.6%
services: 56.1% (2012 est.)

Agriculture - products:
asparagus, coffee, cocoa, cotton, sugarcane, rice, potatoes, corn, plantains, grapes, oranges, pineapples, guavas, bananas, apples, lemons, pears, coca, tomatoes, mangoes, barley, medicinal plants, palm oil, marigold, onion, wheat, dry beans; poultry, beef, pork, dairy products; guinea pigs; fish

Industries:
mining and refining of minerals; steel, metal fabrication; petroleum extraction and refining, natural gas and natural gas liquefaction; fishing and fish processing, cement, glass, textiles, clothing, food processing, beer, soft drinks, rubber, machinery, electrical machinery, chemicals, furniture

Industrial production growth rate:
4.5% (2012 est.)
country comparison to the world: 64
[see also: Industrial production growth rate country ranks ]

Labor force:
11.02 million
country comparison to the world: 50
note: individuals older than 14 years of age (2012 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23.8%
services: 75.5% (2005)

Unemployment rate:
5.2% (2012 est.)
country comparison to the world: 48

7.9% (2011 est.)
note: data are for metropolitan Lima; widespread underemployment
[see also: Unemployment rate country ranks ]

Population below poverty line:
27.8% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 36.1% (2010 est.)

Distribution of family income - Gini index:
46 (2010)
country comparison to the world: 34

51 (2005)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $62.19 billion
[see also: Budget revenues country ranks ]
expenditures: $57.9 billion (2012 est.)

Taxes and other revenues:
31.7% of GDP (2012 est.)
country comparison to the world: 87
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
2.2% of GDP (2012 est.)
country comparison to the world: 20
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
16.6% of GDP (2012 est.)
country comparison to the world: 136

19.9% of GDP (2011 est.)
note: data cover general government debt, and includes debt instruments issued by government entities other than the treasury; the data exclude treasury debt held by foreign entities; the data include debt issued by subnational entities
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.7% (2012 est.)
country comparison to the world: 115

3.4% (2011 est.)
note: data are for metropolitan Lima, annual average
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.05% (31 December 2012)
country comparison to the world: 68

5.05% (31 December 2011)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
19.23% (31 December 2012 est.)
country comparison to the world: 22

18.69% (31 December 2011 est.)
note: domestic currency lending rate, 90 day maturity
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$32.61 billion (31 December 2012 est.)
country comparison to the world: 58

$25.15 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$73.97 billion (31 December 2012 est.)
country comparison to the world: 60

$64.6 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$36.76 billion (31 December 2012 est.)
country comparison to the world: 66

$33.15 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$153.4 billion (31 December 2012)
country comparison to the world: 38

$121.6 billion (31 December 2011)
$160.9 billion (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-7.137 billion (2012 est.)
country comparison to the world: 170

$-3.341 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$45.64 billion (2012 est.)
country comparison to the world: 61

$46.27 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
copper, gold, lead, zinc, tin, iron ore, molybdenum, silver; crude petroleum and petroleum products, natural gas; coffee, asparagus and other vegetables, fruit, apparel and textiles, fishmeal, fish, chemicals, fabricated metal products and machinery, alloys

Exports - partners:
China 19.9%, US 15.7%, Canada 9.5%, Japan 6.6%, Spain 5.2%, Chile 4.9% (2012)

Imports:
$41.11 billion (2012 est.)
country comparison to the world: 59

$36.97 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
petroleum and petroleum products, chemicals, plastics, machinery, vehicles, color TV sets, power shovels, front-end loaders, telephones and telecommunication equipment, iron and steel, wheat, corn, soybean products, paper, cotton, vaccines and medicines

Imports - partners:
US 24.6%, China 14%, Brazil 6.4%, Argentina 5%, Chile 4.8%, Colombia 4.2%, Ecuador 4.1%, Mexico 4% (2012)

Reserves of foreign exchange and gold:
$64.17 billion (31 December 2012 est.)
country comparison to the world: 32

$48.93 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$50.47 billion (31 December 2012 est.)
country comparison to the world: 62

$44.87 billion (31 December 2011 est.)
note: public debt component of total: $20.6 billion (31 December 2009)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$63.51 billion (31 December 2012 est.)
country comparison to the world: 49

$51.21 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$3.041 billion (31 December 2012 est.)
country comparison to the world: 69

$3.099 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
nuevo sol (PEN) per US dollar -

2.6376 (2012 est.)
2.7541 (2011 est.)
2.8251 (2010 est.)
3.0115 (2009)
2.91 (2008)


NOTE: The information regarding Peru on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Peru Economy 2014 information contained here. All suggestions for corrections of any errors about Peru Economy 2014 should be addressed to the CIA.



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