Page last updated on February 20, 2013
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 Central Bank target of 3 percent. 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, and Japan, concluded negotiations with the European Free Trade Association and Chile, and begun trade talks with Central American countries and others. 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. Trade agreements with South Korea, Japan, and Mexico also were signed in 2011. Although Peru has continued to attract foreign investment, political disputes and protests may impede development of some projects related to natural resource extraction.
GDP (purchasing power parity):
$325.4 billion (2012 est.)
country comparison to the world: 41
$306.9 billion (2011 est.)
$287 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$200.3 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
6% (2012 est.)
country comparison to the world: 44
6.9% (2011 est.)
8.8% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$10,700 (2012 est.)
country comparison to the world: 109
$10,200 (2011 est.)
$9,700 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 7.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
33.9%
services:
58.4% (2012 est.)
Labor force:
15.9 million
country comparison to the world: 39
note:
individuals older than 14 years of age (2011 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:
7.7% (2012 est.)
country comparison to the world: 89
7.9% (2011 est.)
note:
data are for metropolitan Lima; widespread underemployment
[see also:
Unemployment rate country ranks ]
Population below poverty line:
31.3% (2010 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 ]
Investment (gross fixed):
25.4% of GDP (2012 est.)
country comparison to the world: 44
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $58.15 billion
[see also: Budget revenues country ranks ]
expenditures:
$56.42 billion (2012 est.)
Taxes and other revenues:
29% of GDP (2012 est.)
country comparison to the world: 104
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
0.9% of GDP (2012 est.)
country comparison to the world: 29
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
18.3% of GDP (2012 est.)
country comparison to the world: 130
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 ]
Inflation rate (consumer prices):
3.6% (2012 est.)
country comparison to the world: 104
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 2011)
country comparison to the world: 94
3.8% (31 December 2010)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
19.7% (31 December 2012 est.)
country comparison to the world: 22
18.69% (31 December 2011 est.)
note:
domestic currency lending rate
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$27.64 billion (31 December 2012 est.)
country comparison to the world: 60
$25.35 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: 61
$64.6 billion (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$37.63 billion (31 December 2012 est.)
country comparison to the world: 67
$33.37 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$121.6 billion (31 December 2011)
country comparison to the world: 36
$160.9 billion (31 December 2010)
$107.3 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
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:
5% (2011 est.)
country comparison to the world: 63
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$4.856 billion (2012 est.)
country comparison to the world: 166
-$2.267 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$47.38 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 18.3%, US 15.2%, Canada 11.4%, Japan 5.4%, Spain 5.3%, Chile 4.8%, South Korea 4.6%, Germany 4.1% (2011)
Imports:
$41.15 billion (2012 est.)
country comparison to the world: 60
$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 24.5%, China 13.7%, Brazil 6.7%, Chile 5.9%, Ecuador 4.4%, South Korea 4% (2011)
Reserves of foreign exchange and gold:
$61.3 billion (31 December 2012 est.)
country comparison to the world: 31
