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Peru Economy Profile 2013

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Economy - overviewPeru'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 upper limit of the Central Bank target range of 1 to 3%. 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, Japan, the European Free Trade Association, Chile, and four other countries; concluded negotiations with Venezuela, Costa Rica, and Guatemala; and begun trade talks with two other Central American countries and the Trans-Pacific Partnership. 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. Although Peru has continued to attract foreign investment, political activism and protests are hampering development of some projects related to natural resource extraction.
GDP (purchasing power parity)$332 billion (2012 est.)
$312.4 billion (2011 est.)
$292.2 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$199 billion (2012 est.)
GDP - real growth rate6.3% (2012 est.)
6.9% (2011 est.)
8.8% (2010 est.)
GDP - per capita (PPP)$10,900 (2012 est.)
$10,400 (2011 est.)
$9,900 (2010 est.)
note: data are in 2012 US dollars
Gross national saving23.2% of GDP (2012 est.)
23.4% of GDP (2011 est.)
22.8% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 61.7%
government consumption: 10.5%
investment in fixed capital: 26.6%
investment in inventories: 0.2%
exports of goods and services: 25.5%
imports of goods and services: -24.5%
(2012 est.)
GDP - composition by sectoragriculture: 6.4%
industry: 36.3%
services: 57.3% (2012 est.)
Population below poverty line27.8% (2011 est.)
Labor force16.2 million
note: individuals older than 14 years of age (2012 est.)
Labor force - by occupationagriculture: 0.7%
industry: 23.8%
services: 75.5% (2005)
Unemployment rate6.8% (2012 est.)
7.7% (2011 est.)
note: data are for metropolitan Lima; widespread underemployment
Unemployment, youth ages 15-24total: 16.2% (2011)
Household income or consumption by percentage sharelowest 10%: 1.4%
highest 10%: 36.1% (2010 est.)
Distribution of family income - Gini index46 (2010)
51 (2005)
Investment (gross fixed)26.6% of GDP (2012 est.)
Budgetrevenues: $62.19 billion
expenditures: $57.9 billion (2012 est.)
Taxes and other revenues31.2% of GDP (2012 est.)
Budget surplus (+) or deficit (-)2.2% of GDP (2012 est.)
Public debt16.6% of GDP (2012 est.)
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
Inflation rate (consumer prices)3.7% (2012 est.)
3.4% (2011 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 rate19.23% (31 December 2012 est.)
18.69% (31 December 2011 est.)
note: domestic currency lending rate, 90 day maturity
Stock of narrow money$32.66 billion (31 December 2012 est.)
$25.35 billion (31 December 2011 est.)
Stock of broad money$73.97 billion (31 December 2012 est.)
$64.6 billion (31 December 2011 est.)
Stock of domestic credit$37.15 billion (31 December 2012 est.)
$33.37 billion (31 December 2011 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 - productsasparagus, 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
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 rate6% (2012 est.)
Current Account Balance-$7.136 billion (2012 est.)
-$3.341 billion (2011 est.)
Exports$45.64 billion (2012 est.)
$46.27 billion (2011 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 19.7%, US 15.5%, Canada 9.4%, Japan 6.5%, Spain 5.2%, Chile 4.8% (2012)
Imports$41.11 billion (2012 est.)
$36.97 billion (2011 est.)
Imports - commoditiespetroleum 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 - partnersUS 24.4%, China 13.9%, Brazil 6.3%, Argentina 5.4%, Chile 4.7%, Ecuador 4.5%, Colombia 4.2% (2012)
Reserves of foreign exchange and gold$64.17 billion (31 December 2012 est.)
$48.93 billion (31 December 2011 est.)
Debt - external$52.59 billion (31 December 2012 est.)
$43.52 billion (31 December 2011 est.)
note: public debt component of total: $20.6 billion (31 December 2009)
Stock of direct foreign investment - at home$63.51 billion (31 December 2012 est.)
$51.21 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad$3.041 billion (31 December 2012 est.)
$3.099 billion (31 December 2011 est.)
Exchange ratesnuevo sol (PEN) per US dollar -
2.6376 (2012 est.)
2.7541 (2011 est.)
2.8251 (2010 est.)
3.0115 (2009)
2.91 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of February 21, 2013