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    Peru Economy - 1991

      Overview: The Peruvian economy is basically capitalistic, with a large dose of government welfare programs and government management of credit. 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 was able to generate a small recovery in the last quarter. After a burst of inflation as the program eliminated government price subsidies, monthly price increases eased to the single-digit level for the first time since mid-1988. Lima has restarted current payments to multilateral lenders and, although it faces $14 billion in arrears on its external debt, is working toward an accommodation with its creditors.

      GDP: $19.3 billion, per capita $898; real growth rate - 3.9% (1990 est.)

      Inflation rate (consumer prices): 7,650% (1990)

      Unemployment rate: 20.0%; underemployment estimated at 60% (1989)

      Budget: revenues $1.3 billion; expenditures $2.1 billion, including capital expenditures of $NA (1990 est.)

      Exports: $3.01 billion (f.o.b., 1990 est.); commodities--fishmeal, cotton, sugar, coffee, copper, iron ore, refined silver, lead, zinc, crude petroleum and byproducts; partners--EC 22%, US 20%, Japan 11%, Latin America 8%, USSR 4%

      Imports: $2.78 billion (f.o.b., 1990 est.); commodities--foodstuffs, machinery, transport equipment, iron and steel semimanufactures, chemicals, pharmaceuticals; partners--US 23%, Latin America 16%, EC 12%, Japan 7%, Switzerland 3%

      External debt: $20.0 billion (December 1990)

      Industrial production: growth rate - 21% (1989); accounts for almost 25% of GDP

      Electricity: 4,867,000 kW capacity; 15,540 million kWh produced, 710 kWh per capita (1990)

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

      Agriculture: accounts for 12% of GDP, 37% 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 4.6 million metric tons (1987), world's fifth-largest

      Illicit drugs: world's largest coca leaf producer with about 121,000 hectares under cultivation; source of supply for most of the world's coca paste and cocaine base; about 85% of cultivation is for illicit production; most of cocaine base is shipped to Colombian drug dealers for processing into cocaine for the international drug market

      Economic aid: US commitments, including Ex-Im (FY70-89), $1.7 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $3.95 billion; Communist countries (1970-89), $577 million

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

      Exchange rates: intis (I/) per US$1--530,000 (January 1991), 187,886 (1990), 2,666 (1989), 128.83 (1988), 16.84 (1987), 13.95 (1986), 10.97 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Peru on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Peru Economy 1991 information contained here. All suggestions for corrections of any errors about Peru Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)