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Peru Economy 1996

    • Overview:
      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.

    • National product:
      GDP - purchasing power parity - $73.6 billion (1994 est.)

    • National product real growth rate:
      8.6% (1994 est.)

    • National product per capita:
      $3,110 (1994 est.)

    • Inflation rate (consumer prices):
      15% (1994 est.)

    • Unemployment rate:
      15%; extensive underemployment (1992 est.)

    • Budget:

        $2 billion

        $1.7 billion, including capital expenditures of $300 million (1992 est.)

    • Exports:
      $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

    • Imports:
      $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

    • External debt:
      $22.4 billion (1994 est.)

    • Industrial production:

    • Electricity:

        4,190,000 kW

        11.2 billion kWh

        consumption per capita:
        448 kWh (1993)

    • Industries:
      mining of metals, petroleum, fishing, textiles, clothing, food processing, cement, auto assembly, steel, shipbuilding, metal fabrication

    • Agriculture:
      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)

    • Illicit drugs:
      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

    • Economic aid:

        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

    • Currency:
      1 nuevo sol (S/.) = 100 centimos

    • Exchange rates:
      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)

    • Fiscal year:
      calendar year

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