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Peru Economy Profile 2016

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Economy - overviewPeru's economy reflects its varied topography - 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. Peru is the world's second largest producer of silver and third largest producer of copper.

The Peruvian economy grew by an average of 5.6% from 2009-13 with a stable exchange rate and low inflation, which in 2013 was just below the upper limit of the Central Bank target range of 1% to 3%. This growth was due partly to high international prices for Peru's metals and minerals exports, which account for almost 60% of the country's total exports. Growth slipped in 2014 and 2015, due to weaker world prices for these resources. Despite Peru's strong macroeconomic performance, dependence on minerals and metals exports and imported foodstuffs makes the economy vulnerable to fluctuations in world prices.

Peru's rapid expansion coupled with cash transfers and other programs have helped to reduce the national poverty rate by 28 percentage points since 2002, but inequality persists and continues to pose a challenge for the Ollanta HUMALA administration, which has championed a policy of social inclusion and a more equitable distribution of income. Poor infrastructure hinders the spread of growth to Peru's non-coastal areas. The HUMALA administration passed several economic stimulus packages in 2014 to bolster growth, including reforms to environmental regulations in order to spur investment in Peru’s lucrative mining sector, a move that was opposed by some environmental groups. However, in 2015, mining investment fell as global commodity prices remained low and social conflicts plagued the sector.

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 EU, the European Free Trade Association, Chile, Thailand, Costa Rica, Panama, Venezuela, concluded negotiations with Guatemala and the Trans-Pacific Partnership, and begun trade talks with Honduras, El Salvador, India, Indonesia, and Turkey. Peru also has signed a trade pact with Chile, Colombia, and Mexico, called the Pacific Alliance, that seeks integration of services, capital, investment and movement of people. Since the US-Peru Trade Promotion Agreement entered into force in February 2009, total trade between Peru and the US has doubled.
GDP (purchasing power parity)$389.1 billion (2015 est.)
$376.9 billion (2014 est.)
$368.1 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$192.1 billion (2015 est.)
GDP - real growth rate3.3% (2015 est.)
2.4% (2014 est.)
5.9% (2013 est.)
GDP - per capita (PPP)$12,200 (2015 est.)
$12,000 (2014 est.)
$11,900 (2013 est.)
note: data are in 2015 US dollars
Gross national saving21.6% of GDP (2015 est.)
22.3% of GDP (2014 est.)
23.7% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 63.2%
government consumption: 12.7%
investment in fixed capital: 23.8%
investment in inventories: 1.1%
exports of goods and services: 22.4%
imports of goods and services: -23.2% (2015 est.)
GDP - composition by sectoragriculture: 7%
industry: 34.5%
services: 58.5% (2015 est.)
Population below poverty line25.8% (2012 est.)
Labor force16.8 million
note: individuals older than 14 years of age (2015 est.)
Labor force - by occupationagriculture: 25.8%
industry: 17.4%
services: 56.8% (2011)
Unemployment rate6.1% (2015 est.)
5.5% (2014 est.)
note: data are for metropolitan Lima; widespread underemployment
Unemployment, youth ages 15-24total: 8.8%
male: 8.3%
female: 9.3% (2013 est.)
Household income or consumption by percentage sharelowest 10%: 1.4%
highest 10%: 36.1% (2010 est.)
Distribution of family income - Gini index45.3 (2012)
51 (2005)
Budgetrevenues: $62.34 billion
expenditures: $63.34 billion (2015 est.)
Taxes and other revenues34.6% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-0.6% of GDP (2015 est.)
Public debt19.8% of GDP (2015 est.)
20.1% of GDP (2014 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
Inflation rate (consumer prices)3.5% (2015 est.)
3.2% (2014 est.)
note: data are for metropolitan Lima, annual average
Central bank discount rate5.05% (31 December 2012)
5.05% (31 December 2011)
Commercial bank prime lending rate15.9% (31 December 2015 est.)
15.74% (31 December 2014 est.)
note: domestic currency lending rate, 90 day maturity
Stock of narrow money$32.08 billion (31 December 2015 est.)
$32.81 billion (31 December 2014 est.)
Stock of broad money$91.26 billion (31 December 2014 est.)
$84.1 billion (31 December 2013 est.)
Stock of domestic credit$48.2 billion (31 December 2015 est.)
$48.24 billion (31 December 2014 est.)
Market value of publicly traded shares$153.4 billion (31 December 2012)
$121.6 billion (31 December 2011)
$160.9 billion (31 December 2010)
Agriculture - productsartichokes, asparagus, avocados, blueberries, coffee, cocoa, cotton, sugarcane, rice, potatoes, corn, plantains, grapes, oranges, pineapples, guavas, bananas, apples, lemons, pears, coca, tomatoes, mangoes, barley, medicinal plants, quinoa, palm oil, marigold, onion, wheat, dry beans; poultry, beef, pork, dairy products; guinea pigs; fish
Industriesmining 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-0.3% (2015 est.)
Current Account Balance-$8.431 billion (2015 est.)
-$8.091 billion (2014 est.)
Exports$36.35 billion (2015 est.)
$39.53 billion (2014 est.)
Exports - commoditiescopper, 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 - partnersChina 22.1%, US 15.2%, Switzerland 8.1%, Canada 7% (2015)
Imports$38.97 billion (2015 est.)
$40.81 billion (2014 est.)
Imports - commoditiespetroleum and petroleum products, chemicals, plastics, machinery, vehicles, TV sets, power shovels, front-end loaders, telephones and telecommunication equipment, iron and steel, wheat, corn, soybean products, paper, cotton, vaccines and medicines
Imports - partnersChina 22.7%, US 20.7%, Brazil 5.1%, Mexico 4.5% (2015)
Reserves of foreign exchange and gold$58.99 billion (31 December 2015 est.)
$62.51 billion (31 December 2014 est.)
Debt - external$61.27 billion (31 December 2014 est.)
$56.51 billion (31 December 2013 est.)
Stock of direct foreign investment - at home$87.13 billion (31 December 2015 est.)
$79.65 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad$3.037 billion (31 December 2015 est.)
$3.561 billion (31 December 2014 est.)
Exchange ratesnuevo sol (PEN) per US dollar -
3.186 (2015 est.)
2.8383 (2014 est.)
2.8383 (2013 est.)
2.64 (2012 est.)
2.7541 (2011 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on October 8, 2016

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