Economy of Peru
||The neutrality of this article is disputed. (June 2012)|
|Economy of Peru|
Financial centre of Lima
|Rank||40th (PPP, 2012)|
|Currency||Peruvian nuevo sol (PEN)|
|Fiscal year||calendar year|
|GDP||$325.4 billion (PPP, 2012, est.)|
|GDP growth||6.0% (2012 est.)|
|GDP per capita||$10,700 (PPP, 2012 est.)|
|GDP by sector||agriculture: 7.8%; industry: 33.9; services: 58.4% (2012 est.)|
|Inflation (CPI)||3.6% (2012)|
below poverty line
|▼ 27.8% (2011), 25.8% (2012)|
|Gini coefficient||▼ 47.9 (2008) 26th in the world|
|Labour force||15.9 million (2011 est.) Note individuals older than 14 years of age|
|agriculture: 0.7%, industry: 23.8%, services: 75.5% (2005)|
|Unemployment||7.7% in metropolitan Lima; widespread underemployment (2012 est.)|
|Main industries||mining and refining of minerals/jewels; 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|
|Ease of doing business rank||43rd|
|Exports||$47.38 billion (2012 est.)|
|Export goods||copper, 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|
|Main export partners|| China 19.7%
United States 15.5%
Chile 4.8% (2012 est.)
|Imports||$41.15 billion (2012 est.)|
|Import goods||petroleum and petroleum products, chemicals, plastics, machinery, vehicles, color TV sets, power shovels, front-end loaders, telephones and telecommunications equipment, iron and steel, wheat, corn, soybean products, paper, cotton, vaccines and medicines|
|Main import partners|| United States 24.4%
Colombia 4.2% (2012 est.)
|FDI stock||$59.49 billion (31 December 2012 est.)|
|Gross external debt||$38.91 billion (31 December 2012 est.)|
|Public debt||18.3% 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|
|Revenues||$58.15 billion (2012 est.)|
|Expenses||$56.42 billion (2012 est.)|
|Economic aid||$525 million (2010 est.)|
|Foreign reserves||US$61.3 billion (31 December 2012)|
The economy of Peru is classified as upper middle income by the World Bank and is the 42nd largest in the world. Peru is, as of 2011, one of the world's fastest-growing economies owing to the economic boom experienced during the 2000s. The core of the current sound economic performance of the country is a combination of:
- Macroeconomic stability
- Prudent fiscal spending
- High international reserve accumulation
- External debt reduction
- Achievement of investment grade status
- Fiscal surpluses:
All of these factors have enabled Peru to make great strides in development, with improvement in government finances, poverty reduction and progress in social sectors.
Peru is an emerging, market-oriented economy characterized by a high level of foreign trade. The inequality of opportunities has declined: between 1995 and 2006 Peru's rating on The World Bank's Human Opportunity Index improved substantially as increased public investment in water, sanitation and electric power has sustained the downward trend in inequality of opportunities. Its economy is diversified although the commodity exports is important, the trade and industry are centralized in Lima but the agricultural exports have created development in all the regions. In 2010 Peru's per capita income (PPP) is bordering $10,000. Peru has a high Human Development Index score of 0.723. Poverty has steadily decreased in 18% since 2004, when nearly half the country's population was under the poverty line. 2011 data shows that around 27% of its total population is poor.
Historically, the country's economic performance has been tied to exports, which provide hard currency to finance imports and external debt payments. Peru's main exports are copper, gold, zinc, textiles, chemicals, pharmaceuticals, manufactures, machinery, services and fish meal; its major trade partners are the United States, China, Brazil, European Union and Chile. Although exports have provided substantial revenue, self-sustained growth and a more egalitarian distribution of income have proven elusive.
Services account for 53% of Peruvian gross domestic product, followed by manufacturing (22.3%), extractive industries (15%), and taxes (9.7%). Recent economic growth has been fueled by macroeconomic stability, improved terms of trade, and rising investment and consumption. The USA has become Peru's largest trading partner following a free trade agreement with the United States signed on April 12, 2006 and a free trade agreement with China (2009). Currently a Free Trade agreement has been sent to the EU, and is in the process of being approved. It will most likely take effect in 2012. Inflation in 2006 was the lowest in Latin America at only 1.8%, but increased in 2007 as oil and commodity prices rose; in the first half of 2008, it had reached about 5.5%. The unemployment rate had increased to 8.8% by January 2009; the current average wage in the country is 1,047 nuevos soles per month.
Peruvian economic policy has varied widely over the past decades. The 1968–1975 government of Juan Velasco Alvarado introduced radical reforms, which included agrarian reform, the expropriation of foreign companies, the introduction of an economic planning system, and the creation of a large state-owned sector. In 1990 the neoliberal government of Alberto Fujimori ended price controls, protectionism, restrictions on foreign direct investment, and most state ownership of companies. Reforms have permitted an economic growth since 1993, except for a slump after the 1997 Asian financial crisis. In 2007, the Peruvian economy experienced a growth rate of 9%, the largest in Latin America, and this repeated in 2008 with a 9.8% rate; in 2006 and 2007, the Lima Stock Exchange grew by 185.24%  and 168.3%, respectively. However, in the wake of the 2008 global crisis, growth for 2009 was only 0.9 percent, but rebounded to 8.8 percent the following year. The pro-market policies enacted by Fujimori, were continued by presidents Alejandro Toledo and Alan Garcia,While poverty of Lima is 18.5%, the national average is 25.8%, while the unemployment rate is 6.5% and 54% are employed formally.
- 1 History
- 2 Sectors
- 3 External trade and investment
- 4 Currency
- 5 Income and Consumption
- 6 Employment
- 7 Economic trends
- 8 Statistics
- 9 Trade Agreements
- 10 See also
- 11 Notes
- 12 References
Peru is a country with many climates and geographical zones that make it a very important agricultural nation. Peru agricultural exports are highly appreciated and include artichokes, grapes, avocados, mangoes, peppers, sugarcane, organic coffee and premium-quality cotton.
Industry and services
Fishing: Peru is an international leader in fishing, producing nearly 10 percent of the world's fish catch.
Mining in Peru: Peru ranks fifth worldwide in gold production (first in Latin America), second in copper, and is among the top 5 producers of lead and zinc.
Peru has developed a medium manufacturing sector. The sector now represents 23 percent of GDP and is tied heavily to mining, fishing, agriculture, construction and textiles. Manufacturing is mainly devoted to processing to gain a value-added advantage. The most promising sector is textiles, metal mechanics, food industry, agricultural industry, manufactures, chemicals, pharmaceuticals, machinery and services.
Tourism has represented a new growth industry in Peru since the early 1990s, with the government and private sector dedicating considerable energies to boosting the country's tourist destinations both to Peruvians and foreigners.
Peru's natural resources are copper, silver, gold, timber, fish, iron ore, coal, phosphate, potash, and natural gas.
External trade and investment
Foreign investment and balance of payments
Foreign trade and balance of payments
In 2001 the current account deficit dropped to about 2.2% of GDP (US$1.17 billion)--from 3.1% in 2000—while the trade balance registered a small deficit. Exports dropped slightly to $7.11 billion, while imports fell 2.1% to $7.20 billion. After being hit hard by El Niño in 1998, fisheries exports have recovered, and minerals and metals exports recorded large gains in 2001 and 2002, mostly as a result of the opening of the Antamina copper-zinc mine. By mid-2002, most sectors of the economy were showing gains. After several years of substantial growth, foreign direct investment not related to privatization fell dramatically in 2000 and 2001, as well as in the first half of 2002. Net international reserves at the end of May 2002 stood at $9.16 billion, up from $8.6 billion (2001), $17 billion at the end of 2006, over $20 billion in 2007, and over $35 billion in May 2008. Peru has signed a number of free trade agreements, including the 2007 United States-Peru Trade Promotion Agreement, and agreements with Chile, Canada, Singapore, Thailand and China.Under President Alan Garcia administration Peru achieved a bilateral Trade agreement with U.S. since 2010 to improve exports for its country and reach in August 2011 its pick in exports of more than 4,700 MM.
The Peruvian government actively seeks to attract both foreign and domestic investment in all sectors of the economy. International investment was spurred by the significant progress Peru made during the 1990s toward economic, social, and political stability, but it slowed again after the government delayed privatizations and as political uncertainty increased in 2000. President Alejandro Toledo has made investment promotion a priority of his government. While Peru was previously marked by terrorism, hyperinflation, and government intervention in the economy, the Government of Peru under former President Alberto Fujimori took the steps necessary to bring those problems under control. Democratic institutions, however, and especially the judiciary, remain weak.
The Government of Peru's economic stabilization and liberalization program lowered trade barriers, eliminated restrictions on capital flows, and opened the economy to foreign investment, with the result that Peru now has one of the most open investment regimes in the world. Between 1992 and 2001, Peru attracted almost $17 billion in foreign direct investment in Peru, after negligible investment until 1991, mainly from Spain (32.35%), the United States (17.51%), Switzerland (6.99%), Chile (6.63%), and Mexico (5.53%). The basic legal structure for foreign investment in Peru is formed by the 1993 constitution, the Private Investment Growth Law, and the November 1996 Investment Promotion Law. Although Peru does not have a bilateral investment treaty with the United States, it has signed an agreement (1993) with the Overseas Private Investment Corporation (OPIC) concerning OPIC-financed loans, guarantees, and investments. Peru also has committed itself to arbitration of investment disputes under the auspices of ICSID (the World Bank'sInternational Center for the Settlement of Investment Disputes) or other international or national arbitration tribunals.
The nuevo sol (commonly referred to simply as "sol") is the currency of Peru. The exchange rate as of April 26, 2012 is 2.64 soles to the US dollar. In November 2011 one euro was worth 4.05 soles, by April 2012 one euro worth 3.50 soles. It was instated in 1991, when the Peruvian government abandoned the inti due to hyperinflation of the currency; the nuevo sol replaced the inti at a rate of 1 nuevo sol = 1,000,000 intis. The inti itself replaced another inflated currency, the sol, which was used between 1863 and 1985. The name sol comes from the Latin solidus, and is also the Spanish word for "sun", which the ancient Inca civilization worshiped as the god Inti.
The nuevo sol currently enjoys a low inflation rate of 1.5%. Since it was put into use, the nuevo sol's exchange rate with the United States dollar has stayed mostly between 2.80 and 3.30 to 1. Out of all the currencies of the Latin American region, the nuevo sol is the most stable and reliable, being the least affected by the downturn in the value of the US dollar; during late 2007 and early 2008, the exchange rate fell to 2.69 to 1, which had not been seen since 1997. The exchange rate is set on a daily basis by the Banco Central de Reserva del Perú (Central Reserve Bank of Peru).
The nuevo sol is divided into 100 céntimos. The highest-denomination banknote is the 200 nuevos soles note; the lowest-denomination coin is the rarely-used 5 céntimos coin.
Income and Consumption
Peru divides its population into five socio-economic classes, A-E, with A representing the rich; B, the upper middle class; C, the middle class; D, the working class and low income families; and E, the marginalized poor.
Unemployment in Greater Lima is 9.6%, while for the rest of Peru is 10%. FY 2009-2010
From 1994 through 1998, under the government of Alberto Fujimori, the economy recorded robust growth driven by foreign direct investment, almost 46% of which was related to the privatization program.The government invested heavily on the country's infrastructure, which became a solid foundation for the future of the Peruvian economy. The economy stagnated from 1998 through 2001, the result of the century's strongest El Niño weather phenomenon, global financial turmoil, political instability, a stalled privatization program, increased government intervention in markets, and worsening terms of trade. President Alejandro Toledo implemented a recovery program after taking office, maintained largely orthodox economic policies, and took measures to attract investment, including restarting the privatization program. Nonetheless, political uncertainty led to GDP growth of 0.2% in 2001. The Lima Stock Exchange general index fell 34.5% in 2000 and 0.2% in 2001. Inflation remained at record lows, registering 3.7% in 2000.
The year 2001 saw deflation of 0.1%. The government's overall budget deficit rose sharply in 1999 and 2000 to 3.2% of GDP, the result of hikes in government salaries, expenditures related to the 2000 election campaign, higher foreign debt service payments, and lower tax revenues. The government brought the deficit down to 2.5% of GDP in 2001, and set a target of 1.9% of GDP for 2002. Peru's stability brought about a substantial reduction in underemployment, from an average of 74% from the late 1980s through 1994 to 43% in the 1995-96 period, but the rates began climbing again in 1997-2002 to over half the working population. The poverty rate remained at 54% in 2001, with 24% of Peruvians living in extreme poverty. In 2005, 18% of Peruvians were living in extreme poverty and a poverty rate at 39%. As of 2010, around 30% of its total population is poor 
|This section is outdated. (October 2011)|
Forecasts for the medium- and long-term remain highly positive. Peru's real GDP growth in 2007 (8.3%) was the largest in Latin America and in 2008 was an outstanding 9.8%, the highest in the world. Inflation remained low, at about 3%, while the budget surplus is expected to remain at about 1% of GDP. Private investment should keep growing at a rate of 15% a year. Exports and imports are expected to keep rising. The unemployment and underemployment indexes (5.2% and 34%, respectively, in Lima) should keep coming down as the economy grows, other cities in Peru like Cajamarca, Ica, Cuzco and Trujillo are starting to show less unemployment nowadays. The country is likely to attract future domestic and foreign investment in tourism, agriculture, mining, petroleum and natural gas, power industries and financial institutions. According to the IMF and the World Bank, Peruvian GDP economic growth between 2007-2013 was:
In 2007 at 8.9%, in 2008 at 9.7%, in 2009 at 0.9%, in 2010 at 8.6%, in 2011 at 6.0%, in 2012 at 6,3% and in 2013 at 5.3%.
Therefore Peruvian GDP grew in the 2007-2013 6 years period an outstanding net growth of 45.7% or a 7.61% yearly average. The IMF forecast for Peru`s economic growth for the next 6 years 2013-2019 is a 7% yearly growth.
In FY 2011 for the first time since 1991 the size of the Peruvian economy surpassed the Chilean economy. Peru now is the fifth major economy in South America and is expected to become the fourth South American economy in 2018 by surpassing Venezuela.
Private investment reached 25% of the GDP in 2007, and has remained stable through 2010; and inflation is under control at an average 2% per year for the next 5 years. International Debt will reach 25% of the GDP by 2010, down from 35% in 2006, and will be only 12% of the GDP by 2015. The International Monetary Reserves of the National Reserve Bank (Dollar, Euro, Yen, Gold, and other currencies) reached US$ 27 billion by the end of 2007, and US$ 31 billion at the end of 2008. Currently reserves are at a US $73 billion level for end of FY 2013, which more than doubles the total foreign debt of Peru which is US$ 30 billion at the end of FY 2013.
Exports are growing at a pace of 25% and reached US$ 28 billion at the end of 2007 and US$ 30 billion at the end of 2010. In FY 2012 Peruvian exports reached a total of US$46 billion.
High technological investment is growing fast in Peru, and will be 10% of the GDP by 2010.
Coca has a long history of cultivation in the Andes, and has always been a traditional part of Peruvian life. However, the narcotic properties of coca were known only locally until 1786, when Lamarck listed the leaf in his botanical encyclopedia. After the arrival of the Spanish, coca cultivation increased and its use became more common and widespread. Since 1543, coca has been internationally recognized for its trading value, and regulations imposed upon it have attached increasing economic importance to the plant. Exchange of the coca leaf between consumers in the highlands and growers in the low lying hills has gone on for at least the last millennium, strengthening local economic ties. Between 1884 and 1900, coca and cocaine grew in popularity for medical purposes and mass consumption in the United States. From 1905 to 1922, anti-cocaine sentiments in the US resulted in criminalization of both coca and cocaine. It was not until the 1920s that US diplomats began to extend drug prohibitions internationally.
The Peruvian coca and cocaine industry is as huge as it is today because of advanced industrial nations’ demand for drugs. This high demand has created a framework of dependence on "coca-dollars" and on US drug policy. Money from cocaine trafficking feeds local economies, supports inflation, and even causes social changes such as cocaine smoking among indigenous Peruvians. Coca farming today is still a significant source of income for peasants, as it accounts for 48% of total net family income in the high coca-growing Apurimac River region. In an effort to reduce drug use in America, for the past 50 years the US government together with the United Nations have been waging a war on drugs. The US Drug Control Program maintains that "eliminating the cultivation of illicit coca and opium is the best approach to combating cocaine and heroin availability in the US."
With US government cooperation, the Peruvian Government installed the National Plan for the Prevention and Control of Drugs in 1995. This government prohibition of narcotics trafficking in Peru has resulted in a 70% reduction of coca leaf cultivation since 1995. However the reduction in cultivation may not have actual effects on cocaine production, as recent advances in coca growing and more efficient processing methods allow for greater cocaine yield. The size of the narcotics industry as a part of the national economy is difficult to measure, but estimates range from $300–$600 million. An estimated 200,000 Peruvian households have economies based on the production, refining, or distribution of coca. Many economists believe that large flows of dollars into the banking system contribute to the traditional depression of the dollar exchange rate vis-a-vis the sol. The Central Bank engages in open market activities to prevent the price of the sol from rising to levels that would cause Peruvian exports to become prohibitively expensive.
Hurt economically by Peruvian Air Force interdiction efforts in the mid-1990s, drug traffickers are now using land and river routes as well as aircraft to transport cocaine paste and, increasingly, refined cocaine to consumers around and out of the country. The Air Bridge Denial program was suspended in April 2001 after the Peruvian Air Force and strength of the U.S. DEA misidentified a civilian aircraft as a drug trafficker and shot it down, killing two American citizens on board. Peru continues to arrest drug traffickers and seize drugs and precursor chemicals, destroy coca labs, disable clandestine airstrips, and prosecute officials involved in narcotics corruption.
Working with limited aid of the U.S. Agency for International Development (USAID), the Peruvian Government carries out alternative development programs in the leading coca-growing areas in an effort to convince coca farmers not to grow that crop. Although the government previously eradicated only coca seed beds, in 1998 and 1999 it began to eradicate mature coca being grown in national parks and elsewhere in the main coca growing valleys. In 1999 the government eradicated more than 150 km² of coca; this figure declined to 65 km² in 2000, due largely to political instability. The government agency "Contradrogas", founded in 1996, facilitates coordination among Peruvian Government agencies working on counter-narcotics issues. Alternative crops, however, are not economically comparable to coca. 2004 prices indicate an annual income per hectare of $600 for coffee and $1000 for cocoa, versus up to $7500 for a hectare of coca.
Effect on Family Economies
The anti-coca policies imposed in 1995 have had adverse effects on Peruvian’s household economies. Many families dependent on coca farming have been forced to send their children to work as eradication of crops has decreased their household income. In states where coca is grown, child labour increased by 18% in 1997 and 40% in 2000. Work hours and domestic work increased as well, with girls taking on 28% more domestic work with boys doing 13% more. Wage work for adults also increased since 1995. As such, it can be inferred that the increase in child labour since eradication policies have come into effect is caused by children filling in for working parents.
The Peruvian organization "Ciudadanos al Dia" has started to measure and compare transparency, costs, and efficiency in different government departments in Peru. It annually awards the best practices which has received widespread media attention. This has created competition among government agencies in order to improve.
A last case of corruption was the 2008 Peru oil scandal.
Household income or consumption by percentage share:
lowest 10%: 0.8%
highest 10%: 37.5% (2000)
Inflation rate (consumer prices): 2.08% (2010)
revenues: $37 billion (2010 est.)
expenditures: $40 billion, including long-term capital expenditures of $3.8 billion (2010 est.)
Industrial production growth rate: 12% (2010 est.)
Electricity - production: 45,500 GWh (2010 est.)
Electricity - production by source:
fossil fuel: 24.53%
other: 0.68% (1998)
Electricity - consumption: 33,000 GWh (2002)
Electricity - exports: 1,200 kWh (2010) mainly to Ecuador
Electricity - imports: 0 kWh (2010)
Exports: 33.5 billion f.o.b. (2010 est.) of goods and products. 3.5 billion f.o.b. (2010 est.) of services.
Exports: fish and fish products, copper, zinc, gold, molybdenum, iron, crude petroleum and byproducts, lead; coffee, asparagus, artichokes, paprika, sugar, cotton, textiles, chemicals, pharmaceuticals, manufactures, machinery, services.
Imports: $28 billion f.o.b. (2010)
According to the Ministry of Foreign Trade and Tourism, Peru decided to negotiate trade agreements in order to consolidate the access of Peruvian exports to its most important markets by giving them permanent benefits unlimited in time and coverage as opposed to temporary commercial preferences given unilaterally by certain countries; a system that did not allow Peruvian exporters embark in long-term export-related investments.
Economic Complementation Agreement
|FTA (Free Trade Agreement) currently in force
|FTA (Free Trade Agreement) concluded
|FTA (Free Trade Agreement) in negotiation|
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