| 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 has been growing by an average of 6% per year since 2011 with a stable exchange rate and low inflation. Growth in 2010 was above 8% and in 2011 above 6%, due partly to a leap in private investment, especially in the extractive sector, which accounts for more than 60% of Peru's total exports. Inflation in 2011 was within the upper range of the Central Bank's 1%-3% target. 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 over 19 percentage points since 2002. A growing number of Peruvians are sharing in the benefits of growth but inequality persists posing a challenge for the new Ollanta HUMALA administration, which has championed indigenous and local disenfranchised groups. The administration seems committed to Peru's free-trade path. Since 2006, Peru has signed trade deals with the United States, Canada, Singapore, China, Korea, and Japan, concluded negotiations with the European Free Trade Association (EFTA) and Chile, and begun trade talks with Central American countries and others. The US-Peru Trade Promotion Agreement (PTPA) 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 against foreign investors may impede development of some projects related to natural resource extraction. |
GDP (purchasing power parity):
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$299.7 billion (2011 est.)
$282 billion (2010 est.)
$259.3 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$10,000 (2011 est.)
$9,500 (2010 est.)
$8,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$168.5 billion (2011 est.) |
GDP - real growth rate:
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6.2% (2011 est.)
8.8% (2010 est.)
0.9% (2009 est.) |
GDP - composition by sector:
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agriculture: 10%
industry: 35%
services: 55% (2010 est.) |
Investment (gross fixed):
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24.6% of GDP (2011 est.) |
Population below poverty line:
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34.8% (2009) |
Household income or consumption by percentage share:
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lowest 10%: 1.4%
highest 10%: 35.9% (2009) |
Distribution of family income - Gini index:
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48 (2009)
46.2 (1996) |
Inflation rate (consumer prices):
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3% (2011 est.)
1.5% (2010 est.)
note: data are for metropolitan Lima |
Central bank discount rate:
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3.8% (31 December 2010)
2.05% (31 December 2009 est.) |
Commercial bank prime lending rate:
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18.8% (31 December 2011 est.)
18.975% (31 December 2010 est.)
note: domestic currency lending rate |
Stock of money:
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$15.48 billion (31 December 2008)
$14.66 billion (31 December 2007) |
Stock of money - per capita:
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530 USD per capita |
Stock of quasi money:
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$25.27 billion (31 December 2008)
$19.95 billion (31 December 2007) |
Stock of quasi money - per capita:
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864 USD per capita |
Stock of domestic credit:
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$32.95 billion (31 December 2011 est.)
$44.2 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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1,127 USD per capita |
Stock of narrow money:
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$25.06 billion (31 December 2011 est.)
$21.69 billion (31 December 2010 est.) |
Stock of broad money:
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$67.61 billion (31 December 2011 est.)
$56.76 billion (31 December 2010 est.) |
Labor force:
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10.8 million (2011 est.) |
Labor force participation rate:
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36.92 % 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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6.8% (2011 est.)
6.6% (2010 est.)
note: data are for metropolitan Lima; widespread underemployment |
Unemployment, youth ages 15-24:
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total: 14%
male: 12.5%
female: 15.6% (2008) |
Budget:
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revenues: $49.49 billion
expenditures: $49.2 billion (2011 est.) |
Budget revenues per capita:
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1,693 USD per capita |
Taxes and other revenues:
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29.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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0.2% of GDP (2011 est.) |
Public debt:
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21.9% of GDP (2011 est.)
23.9% of GDP (2010 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 |
Industries:
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mining and refining of minerals; steel, metal fabrication; petroleum extraction and refining, natural gas and natural gas liquefaction; fishing and fish processing, cement, textiles, clothing, food processing |
Industrial production growth rate:
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6.6% (2011 est.) |
Electricity - production:
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35.79 billion kWh (2010 est.) |
Electricity - production per capita:
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1,224 kWh per capita |
Electricity - consumption:
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31.74 billion kWh (2009 est.) |
Electricity - consumption - per capita:
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1,086 kWh per capita |
Electricity - exports:
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111.9 million kWh (2010 est.) |
Electricity - imports:
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0 kWh (2010 est.) |
Oil - production:
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158,300 bbl/day (2010 est.) |
Oil - production per capita:
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5,413 bbl/day per capita |
Oil - consumption:
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189,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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2.36 bbl/year per capita |
Oil - exports:
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73,280 bbl/day (2009 est.) |
Oil - imports:
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88,080 bbl/day (2010 est.) |
Oil - proved reserves:
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532.7 million bbl (1 January 2011 est.) |
Natural gas - production:
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7.24 billion cu m (2010) |
Natural gas - production per capita:
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248 cu m per capita |
Natural gas - consumption:
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3.65 billion cu m (2010) |
Natural gas - consumption - per capita:
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125 cu m per capita |
Natural gas - exports:
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3.59 billion cu m
note: in 2010 Peru became a net exporter of LNG (2010 est.) |
Natural gas - imports:
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0 cu m (2010) |
Natural gas - proved reserves:
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345.5 billion cu m (1 January 2011 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:
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-$2.129 billion (2011 est.)
-$2.315 billion (2010 est.) |
Current account balance - per capita:
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-72 USD per capita |
Exports:
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$43.83 billion (2011 est.)
$35.56 billion (2010 est.) |
Exports per capita:
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1,499 USD per capita |
Exports - commodities:
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copper, gold, zinc, tin, iron ore, molybdenum; crude petroleum and petroleum products, natural gas; coffee, potatoes, asparagus and other vegetables, fruit, apparel and textiles, fishmeal |
Exports - partners:
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China 18.4%, US 16.1%, Canada 11.7%, Japan 6.6%, Germany 4.5%, Spain 4% (2010) |
Imports:
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$36.85 billion (2011 est.)
$28.82 billion (2010 est.) |
Imports per capita:
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1,260 USD per capita |
Imports - commodities:
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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:
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US 24.7%, China 13%, Brazil 7.4%, Ecuador 4.7%, Chile 4.3%, Colombia 4.2% (2010) |
Reserves of foreign exchange and gold:
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$53.28 billion (31 December 2011 est.)
$44.21 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,822 USD per capita |
Debt - external:
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$37.69 billion (31 December 2011 est.)
$34.25 billion (31 December 2010 est.)
note: public debt component of total: $20.6 billion (31 December 2009) |
Debt - external - per capita:
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1,289 USD per capita |
Stock of direct foreign investment - at home:
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$51.05 billion (31 December 2011 est.)
$44.24 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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1,746 USD per capita |
Stock of direct foreign investment - abroad:
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$2.375 billion (31 December 2011 est.)
$2.095 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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82 USD per capita |
Market value of publicly traded shares:
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$160.9 billion (31 December 2010)
$107.3 billion (31 December 2009)
$57.2 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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5,502 USD per capita |
Currency (code):
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nuevo sol (PEN) |
Exchange rates:
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nuevo sol (PEN) per US dollar -
2.75 (2011 est.)
2.8251 (2010 est.)
3.0115 (2009)
2.91 (2008)
3.1731 (2007) |
Fiscal year:
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calendar year |
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