| Economy | Peru |
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Economy - overview:
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Peru's economy reflects its varied geography - an arid coastal region, the Andes further inland, and tropical lands bordering Colombia and Brazil. Abundant mineral resources are found in the mountainous areas, and Peru's coastal waters provide excellent fishing grounds. The Peruvian economy grew by more than 4% per year during the period 2002-06, with a stable exchange rate and low inflation. Growth jumped to 9% per year in 2007 and 2008, driven by higher world prices for minerals and metals and the government's aggressive trade liberalization strategies. Peru's rapid expansion has helped to reduce the national poverty rate by about 15% since 2002, though underemployment and inflation remain high. Despite Peru's strong macroeconomic performance, overdependence on minerals and metals subjects the economy to fluctuations in world prices, and poor infrastructure precludes the spread of growth to Peru's non-coastal areas. Not all Peruvians therefore have shared in the benefits of growth. President GARCIA's pursuit of sound trade and macroeconomic policies has cost him political support since his election. Nevertheless, he remains committed to Peru's free-trade path. The United States and Peru completed negotiations on the implementation of the U.S.-Peru Trade Promotion Agreement (PTPA), and the agreement entered into force February 1, 2009, opening the way to greater trade and investment between the two economies. |
GDP (purchasing power parity):
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$238.9 billion (2008 est.)
$218.8 billion (2007)
$206.6 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$8,400 (2008 est.)
$7,800 (2007 est.)
$7,300 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$131.4 billion (2008 est.) |
GDP - real growth rate:
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9.2% (2008 est.)
9% (2007 est.)
7.6% (2006 est.) |
GDP - composition by sector:
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agriculture: 8.5%
industry: 21.2%
services: 70.3% (2008 est.) |
Investment (gross fixed):
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24.4% of GDP (2008 est.) |
Population below poverty line:
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44.5% (2006) |
Household income or consumption by percentage share:
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lowest 10%: 1.3%
highest 10%: 40.9% (2003) |
Distribution of family income - Gini index:
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49.8 (2005) |
Inflation rate (consumer prices):
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6.7% (2008 est.) |
Central bank discount rate:
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6.5% (December 2008) |
Commercial bank prime lending rate:
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24.1% (December 2008) |
Stock of money:
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$14.66 billion (31 December 2007) |
Stock of money - per capita:
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497 USD per capita |
Stock of quasi money:
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$19.95 billion (31 December 2007) |
Stock of quasi money - per capita:
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676 USD per capita |
Stock of domestic credit:
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$17.88 billion (31 December 2007) |
Stock of domestic credit - per capita:
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606 USD per capita |
Labor force:
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10.2 million (2008 est.) |
Labor force participation rate:
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34.52 % of population |
Labor force - by occupation:
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agriculture: 0.7%
industry: 23.8%
services: 75.5% (2005) |
Unemployment rate:
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8.4% in metropolitan Lima; widespread underemployment (2008 est.) |
Budget:
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revenues: $38.83 billion
expenditures: $35.5 billion (2008 est.) |
Budget revenues per capita:
|
1,315 USD per capita |
Public debt:
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24.1% of GDP (2008 est.) |
Industries:
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mining and refining of minerals; steel, metal fabrication; petroleum extraction and refining, natural gas; fishing and fish processing, textiles, clothing, food processing |
Industrial production growth rate:
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4.5% (2008 est.) |
Electricity - production:
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30.57 billion kWh (2008 est.) |
Electricity - production per capita:
|
1,035 kWh per capita |
Electricity - consumption:
|
28.97 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
981 kWh per capita |
Electricity - exports:
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0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
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110,800 bbl/day (2008 est.) |
Oil - production per capita:
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3,750 bbl/day per capita |
Oil - consumption:
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170,000 bbl/day (2007 est.) |
Oil - consumption - per capita:
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2.10 bbl/year per capita |
Oil - exports:
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27,390 bbl/day (2007 est.) |
Oil - imports:
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109,000 bbl/day (2007 est.) |
Oil - proved reserves:
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930 million bbl (1 January 2008 est.) |
Natural gas - production:
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3.4 billion cu m (2008 est.) |
Natural gas - production per capita:
|
116 cu m per capita |
Natural gas - consumption:
|
3.4 billion cu m (2008 est.) |
Natural gas - consumption - per capita:
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116 cu m per capita |
Natural gas - exports:
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0 cu m (2008 est.) |
Natural gas - imports:
|
0 cu m (2008 est.) |
Natural gas - proved reserves:
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334.7 billion cu m (1 January 2008 est.) |
Agriculture - products:
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asparagus, coffee, cocoa, cotton, sugarcane, rice, potatoes, corn, plantains, grapes, oranges, pineapples, guavas, bananas, apples, lemons, pears, coca, tomatoes, mango, barley, medicinal plants, palm oil, marigold, onion, wheat, dry beans; poultry, beef, dairy products; fish, guinea pigs |
Current account balance:
|
-$3.631 billion (2008 est.) |
Current account balance - per capita:
|
-122 USD per capita |
Exports:
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$33.27 billion f.o.b. (2008 est.) |
Exports per capita:
|
1,127 USD per capita |
Exports - commodities:
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copper, gold, zinc, crude petroleum and petroleum products, coffee, potatoes, asparagus, textiles, fishmeal |
Exports - partners:
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US 19.5%, China 12.7%, Canada 7.6%, Japan 7.5%, Chile 5.9%, Switzerland 4.2%, Spain 4.1% (2007) |
Imports:
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$29.08 billion f.o.b. (2008 est.) |
Imports per capita:
|
985 USD per capita |
Imports - commodities:
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petroleum and petroleum products, plastics, machinery, vehicles, iron and steel, wheat, paper |
Imports - partners:
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US 20.5%, China 10.8%, Brazil 9%, Ecuador 6.1%, Argentina 5.6%, Chile 5%, Colombia 4.8% (2007) |
Reserves of foreign exchange and gold:
|
$31.79 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,076 USD per capita |
Debt - external:
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$35.46 billion (31 December 2008 est.) |
Debt - external - per capita:
|
1,201 USD per capita |
Stock of direct foreign investment - at home:
|
$32.14 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
1,088 USD per capita |
Stock of direct foreign investment - abroad:
|
$1.476 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
50 USD per capita |
Market value of publicly traded shares:
|
$57.23 billion (31 July 2008) |
Market value of publicly traded shares - per capita:
|
1,937 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$397.8 million (2005) |
Economic aid - recipient per capita:
|
14 USD per capita |
Currency (code):
|
nuevo sol (PEN) |
Exchange rates:
|
nuevo sol (PEN) per US dollar - 2.91 (2008 est.), 3.1731 (2007), 3.2742 (2006), 3.2958 (2005), 3.4132 (2004) |
Fiscal year:
|
calendar year |
|
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