| 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. |
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