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Peru Economy Profile 2014

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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 has been growing by an average of 5.6% for the past five years 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%. For the last three years, 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. 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. 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 begun trade talks with Honduras and El Salvador, Turkey and the Trans-Pacific Partnership. Peru also has signed a trade pact with Chile, Colombia, and Mexico, called the Pacific Alliance, that rivals Mercosur. Since the US-Peru Trade Promotion Agreement entered into force in February 2009, total trade between Peru and the United States has doubled. 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)$344 billion (2013 est.)
$327.3 billion (2012 est.)
$308 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$210.3 billion (2013 est.)
GDP - real growth rate5.1% (2013 est.)
6.3% (2012 est.)
6.9% (2011 est.)
GDP - per capita (PPP)$11,100 (2013 est.)
$10,700 (2012 est.)
$10,300 (2011 est.)
note: data are in 2013 US dollars
Gross national saving22.2% of GDP (2013 est.)
23.3% of GDP (2012 est.)
23.4% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 62.4%
government consumption: 10.8%
investment in fixed capital: 27%
investment in inventories: 0.1%
exports of goods and services: 24.4%
imports of goods and services: -24.7%
(2013 est.)
GDP - composition by sectoragriculture: 6.2%
industry: 37.5%
services: 56.3% (2013 est.)
Population below poverty line25.8% (2012 est.)
Labor force16.16 million
note: individuals older than 14 years of age (2012 est.)
Labor force - by occupationagriculture: 25.8%
industry: 17.4%
services: 56.8% (2011)
Unemployment rate3.6% (2012 est.)
3.9% (2011 est.)
note: data are for metropolitan Lima; widespread underemployment
Unemployment, youth ages 15-24total: 9.5%
male: 9.4%
female: 9.7% (2011)
Household income or consumption by percentage sharelowest 10%: 1.4%
highest 10%: 36.1% (2010 est.)
Distribution of family income - Gini index48.1 (2010)
51 (2005)
Budgetrevenues: $60.95 billion
expenditures: $58.91 billion (2013 est.)
Taxes and other revenues29% of GDP (2013 est.)
Budget surplus (+) or deficit (-)1% of GDP (2013 est.)
Public debt14.9% of GDP (2013 est.)
16.6% of GDP (2012 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)2.9% (2013 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 rate20.3% (31 December 2013 est.)
19.23% (31 December 2012 est.)
note: domestic currency lending rate, 90 day maturity
Stock of narrow money$32.2 billion (31 December 2013 est.)
$32.61 billion (31 December 2012 est.)
Stock of broad money$80.91 billion (31 December 2013 est.)
$77.62 billion (31 December 2012 est.)
Stock of domestic credit$37.96 billion (31 December 2013 est.)
$36.76 billion (31 December 2012 est.)
Market value of publicly traded shares$NA (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 rate5% (2013 est.)
Current Account Balance-$10.31 billion (2013 est.)
-$7.137 billion (2012 est.)
Exports$41.48 billion (2013 est.)
$45.64 billion (2012 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 19.9%, US 15.7%, Canada 9.5%, Japan 6.6%, Spain 5.2%, Chile 4.9% (2012)
Imports$42.13 billion (2013 est.)
$41.11 billion (2012 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 24.6%, China 14%, Brazil 6.4%, Argentina 5%, Chile 4.8%, Colombia 4.2%, Ecuador 4.1%, Mexico 4% (2012)
Reserves of foreign exchange and gold$65.15 billion (31 December 2013 est.)
$64.17 billion (31 December 2012 est.)
Debt - external$50.15 billion (31 December 2013 est.)
$50.47 billion (31 December 2012 est.)
note: public debt component of total: $20.6 billion (31 December 2009)
Stock of direct foreign investment - at home$76.57 billion (31 December 2013 est.)
$63.51 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$3.165 billion (31 December 2013 est.)
$3.041 billion (31 December 2012 est.)
Exchange ratesnuevo sol (PEN) per US dollar -
2.699 (2013 est.)
2.6376 (2012 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 August 23, 2014