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    Peru Economy - 1989

      Overview: The economy is verging on hyperinflation and economic activity is contracting rapidly. Deficit spending is at the root of domestic economic problems, but poor relations with international lenders--the result of curtailing debt payments since 1985--are preventing an inflow of funds to generate a recovery. Reduced standards of living have increased labor tensions, and strikes, particularly in the key mining sector, have cut production and exports. Foreign exchange shortages have forced reductions in vital consumer imports such as food and industrial inputs. Peru is the world's leading producer of coca, from which the drug cocaine is produced. It is estimated that the revenue from illegal exports of coca exceeds that from legal exports.

      GDP: $19.6 billion, per capita $920; real growth rate - 8.4% (1988 est.)

      Inflation rate (consumer prices): 1,722% (1988)

      Unemployment rate: 9.5%; underemployment estimated at 60% (1988)

      Budget: revenues $3.2 billion; expenditures $3.7 billion, including capital expenditures of $796 million (1986)

      Exports: $2.69 billion (f.o.b., 1988); @m5commodities--fishmeal, cotton, sugar, coffee, copper, iron ore, refined silver, lead, zinc, crude petroleum and byproducts; @m5partners--US 28%, EC 22%, Japan 11%, Latin America 8%, USSR 4%

      Imports: $2.75 billion (f.o.b., 1988); @m5commodities--foodstuffs, machinery, transport equipment, iron and steel semimanufactures, chemicals, pharmaceuticals; @m5partners--US 20%, Latin America 16%, EC 12%, Japan 7%, Switzerland 3%

      External debt: $17.7 billion (December 1988)

      Industrial production: growth rate - 10.0% (1988 est.)

      Electricity: 4,635,000 kW capacity; 14,800 million kWh produced, 700 kWh per capita (1988)

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

      Agriculture: wheat, potatoes, beans, rice, barley, coffee, cotton, sugarcane; imports--wheat, meat, lard and oils, rice, corn; an illegal producer of coca for the international drug trade

      Aid: NA

      Currency: inti (plural--intis); 1 inti (I/) = 1,000 soles

      Exchange rates: intis (I/) per US$1--1,100.000 (March 1989), 500.000 (December 1988), 250.000 (September 1988), 33.000 (March 1988); 128.832 (1988 ave.), 16.836 (1987), 13.948 (1986), 10.975 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Peru on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Peru Economy 1989 information contained here. All suggestions for corrections of any errors about Peru Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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