Peru Economy 2018, CIA World Factbook
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Peru Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Peru Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Peru's economy reflects its varied topography - an arid lowland coastal region, the central high sierra of the Andes, and the dense forest of the Amazon. A wide range of important mineral resources are found in the mountainous and coastal areas, and Peru's coastal waters provide excellent fishing grounds. Peru is the world's second largest producer of silver and copper.The Peruvian economy grew by an average of 5.6% per year from 2009-13 with a stable exchange rate and low inflation. This growth was due partly to high international prices for Peru's metals and minerals exports, which account for 55% of the country's total exports. Growth slipped from 2014 to 2017, due to weaker world prices for these resources. Despite Peru's strong macroeconomic performance, dependence on minerals and metals exports and imported foodstuffs makes the economy vulnerable to fluctuations in world prices.Peru's rapid expansion coupled with cash transfers and other programs have helped to reduce the national poverty rate by over 35 percentage points since 2004, but inequality persists and continued to pose a challenge for the Ollanta HUMALA administration, which championed a policy of social inclusion and a more equitable distribution of income. Poor infrastructure hinders the spread of growth to Peru's non-coastal areas. The HUMALA administration passed several economic stimulus packages in 2014 to bolster growth, including reforms to environmental regulations in order to spur investment in Peru’s lucrative mining sector, a move that was opposed by some environmental groups. However, in 2015, mining investment fell as global commodity prices remained low and social conflicts plagued the sector.Peru's free trade policy continued under the HUMALA administration; since 2006, Peru has signed trade deals with the US, Canada, Singapore, China, Korea, Mexico, Japan, the EU, the European Free Trade Association, Chile, Thailand, Costa Rica, Panama, Venezuela, Honduras, concluded negotiations with Guatemala and the Trans-Pacific Partnership, and begun trade talks with El Salvador, India, and Turkey. Peru also has signed a trade pact with Chile, Colombia, and Mexico, called the Pacific Alliance, that seeks integration of services, capital, investment and movement of people. Since the US-Peru Trade Promotion Agreement entered into force in February 2009, total trade between Peru and the US has doubled. President Pedro Pablo KUCZYNSKI succeeded HUMALA in July 2016 and is focusing on economic reforms and free market policies aimed at boosting investment in Peru. Mining output increased significantly in 2016-17, which helped Peru attain one of the highest GDP growth rates in Latin America, and Peru should maintain strong growth in 2018. However, economic performance was depressed by delays in infrastructure mega-projects and the start of a corruption scandal associated with a Brazilian firm. Massive flooding in early 2017 also was a drag on growth, offset somewhat by additional public spending aimed at recovery efforts.

GDP (purchasing power parity):
$424.6 billion (2017 est.) $413.6 billion (2016 est.) $397.7 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 47

GDP (official exchange rate):
$210 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.7% (2017 est.) 4% (2016 est.) 3.3% (2015 est.)
country comparison to the world: 126
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$13,300 (2017 est.) $13,100 (2016 est.) $12,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 118

Gross national saving:
20.5% of GDP (2017 est.) 20.1% of GDP (2016 est.) 19.7% of GDP (2015 est.)
country comparison to the world: 85
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 65.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 11.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 23.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -22% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 7.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 36.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 56.1% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
artichokes, asparagus, avocados, blueberries, coffee, cocoa, cotton, sugarcane, rice, potatoes, corn, plantains, grapes, oranges, pineapples, guavas, bananas, apples, lemons, pears, coca, tomatoes, mangoes, barley, medicinal plants, quinoa, palm oil, marigolds, onions, wheat, dry beans; poultry, beef, pork, dairy products; guinea pigs; fish

Industries:
mining and refining of minerals; 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

Industrial production growth rate:
8% (2017 est.)
country comparison to the world: 18
[see also: Industrial production growth rate country ranks ]

Labor force:
17.03 million
note: individuals older than 14 years of age (2017 est.)
country comparison to the world: 38
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 25.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 17.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 56.8% (2011)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.7% (2017 est.) 6.7% (2016 est.)
note: data are for metropolitan Lima; widespread underemployment
country comparison to the world: 94
[see also: Unemployment rate country ranks ]

Population below poverty line:
22.7% (2014 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 36.1% (2010 est.)

Distribution of family income - Gini index:
45.3 (2012) 51 (2005)
country comparison to the world: 39
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $59.66 billion
[see also: Budget - revenues country ranks ]
expenditures: $65.48 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
28.4% of GDP (2017 est.)
country comparison to the world: 94
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.8% of GDP (2017 est.)
country comparison to the world: 107
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
25.7% of GDP (2017 est.) 23.8% of GDP (2016 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
country comparison to the world: 176
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.2% (2017 est.) 3.6% (2016 est.)
note: data are for metropolitan Lima, annual average
country comparison to the world: 135
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2016 est.) 5.05% (31 December 2012)
country comparison to the world: 93
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
16.5% (31 December 2017 est.) 16.47% (31 December 2016 est.)
note: domestic currency lending rate, 90 day maturity
country comparison to the world: 30
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$33.83 billion (31 December 2017 est.) $31.08 billion (31 December 2016 est.)
country comparison to the world: 60
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$96.27 billion (31 December 2017 est.) $84.84 billion (31 December 2016 est.)
country comparison to the world: 57
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$58.75 billion (31 December 2017 est.) $52.8 billion (31 December 2016 est.)
country comparison to the world: 63
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$56.56 billion (31 December 2015 est.) $78.84 billion (31 December 2014 est.) $80.98 billion (31 December 2013 est.)
country comparison to the world: 47
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$3.22 billion (2017 est.) -$5.305 billion (2016 est.)
country comparison to the world: 168
[see also: Current account balance country ranks ]

Exports:
$42.47 billion (2017 est.) $37.02 billion (2016 est.)
country comparison to the world: 53
[see also: Exports country ranks ]

Exports - commodities:
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

Exports - partners:
China 23.5%, US 17.3%, Switzerland 7.1%, Canada 4.7% (2016)

Imports:
$38.8 billion (2017 est.) $35.13 billion (2016 est.)
country comparison to the world: 57
[see also: Imports country ranks ]

Imports - commodities:
petroleum and petroleum products, chemicals, plastics, machinery, vehicles, TV sets, power shovels, front-end loaders, telephones and telecommunication equipment, iron and steel, wheat, corn, soybean products, paper, cotton, vaccines and medicines

Imports - partners:
China 22.8%, US 20.2%, Brazil 5.8%, Mexico 4.5% (2016)

Reserves of foreign exchange and gold:
$61.34 billion (31 December 2017 est.) $61.81 billion (31 December 2016 est.)
country comparison to the world: 34
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$70.09 billion (31 December 2017 est.) $66.76 billion (31 December 2016 est.)
country comparison to the world: 61
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$97.29 billion (31 December 2017 est.) $91.48 billion (31 December 2016 est.)
country comparison to the world: 47
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$4.362 billion (31 December 2017 est.) $4.255 billion (31 December 2016 est.)
country comparison to the world: 74
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
nuevo sol (PEN) per US dollar - 3.265 (2017 est.) 3.3751 (2016 est.) 3.3751 (2015 est.) 3.185 (2014 est.) 2.8383 (2013 est.)


NOTE: 1) The information regarding Peru on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Peru Economy 2018 information contained here. All suggestions for corrections of any errors about Peru Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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