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Peru Economy 1996
The Peruvian economy has become increasingly market-oriented, with major
privatizations completed in 1994 in the mining and telecommunications
industries. In the 1980s the economy suffered from hyperinflation, declining
per capita output, and mounting external debt. Peru was shut off from IMF
and World Bank support in the mid-1980s because of its huge debt arrears. An
austerity program implemented shortly after the FUJIMORI government took
office in July 1990 contributed to a third consecutive yearly contraction of
economic activity, but the slide came to a halt late that year, and in 1991
output rose 2.4%. After a burst of inflation as the austerity program
eliminated government price subsidies, monthly price increases eased to the
single-digit level and by December 1991 dropped to the lowest increase since
mid-1987. Lima obtained a financial rescue package from multilateral lenders
in September 1991, although it faced $14 billion in arrears on its external
debt. By working with the IMF and World Bank on new financial conditions and
arrangements, the government succeeded in ending its arrears by March 1993.
In 1992, GDP had fallen by 2.8%, in part because a warmer-than-usual El Nino
current resulted in a 30% drop in the fish catch, but the economy rebounded
as strong foreign investment helped push growth to 6% in 1993 and 8.6% in
1994.
GDP - purchasing power parity - $73.6 billion (1994 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
15%; extensive underemployment (1992 est.)
$1.7 billion, including capital expenditures of $300 million (1992 est.)
$4.1 billion (f.o.b., 1994 est.)
copper, zinc, fishmeal, crude petroleum and byproducts, lead, refined
silver, coffee, cotton
US 19%, Japan 9%, Italy, Germany
$5.1 billion (f.o.b., 1994 est.)
machinery, transport equipment, foodstuffs, petroleum, iron and steel,
chemicals, pharmaceuticals
US 21%, Colombia, Argentina, Japan, Germany, Brazil
$22.4 billion (1994 est.)
mining of metals, petroleum, fishing, textiles, clothing, food processing,
cement, auto assembly, steel, shipbuilding, metal fabrication
accounts for 12% of GDP, about 35% of labor force; commercial crops -
coffee, cotton, sugarcane; other crops - rice, wheat, potatoes, plantains,
coca; animal products - poultry, red meats, dairy, wool; not self-sufficient
in grain or vegetable oil; fish catch of 6.9 million metric tons (1990)
world's largest coca leaf producer with about 108,600 hectares under
cultivation in 1994; source of supply for most of the world's coca paste and
cocaine base; at least 85% of coca cultivation is for illicit production;
most of cocaine base is shipped to Colombian drug dealers for processing
into cocaine for the international drug market, but exports of finished
cocaine are increasing
US commitments, including Ex-Im (FY70-89), $1.7 billion; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $4.3 billion;
Communist countries (1970-89), $577 million
1 nuevo sol (S/.) = 100 centimos
nuevo sol (S/.) per US$1 - 2.20 (February 1995), 2.195 (1994),1.988 (1993),
1.245 (1992), 0.772 (1991), 0.187 (1990)
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