Peru Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

upper middle-income South American economy; hit hard by political instability and COVID-19 but rebounding quickly; second-largest cocaine producer; current account balance improving; persistent income inequality; diversified exporter

Real GDP (purchasing power parity)

$421.937 billion (2021 est.)

$372.245 billion (2020 est.)

$418.03 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

13.35% (2021 est.)

-10.95% (2020 est.)

2.24% (2019 est.)

Real GDP per capita

$12,500 (2021 est.)

$11,200 (2020 est.)

$12,700 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$230.707 billion (2019 est.)

Inflation rate (consumer prices)

4.27% (2021 est.)

2% (2020 est.)

2.25% (2019 est.)

note: data are for metropolitan Lima, annual average

Credit ratings

Fitch rating: BBB+ (2013)

Moody's rating: A3 (2014)

Standard & Poors rating: BBB+ (2013)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 7.6% (2017 est.)

industry: 32.7% (2017 est.)

services: 59.9% (2017 est.)

GDP - composition, by end use

household consumption: 64.9% (2017 est.)

government consumption: 11.7% (2017 est.)

investment in fixed capital: 21.7% (2017 est.)

investment in inventories: -0.2% (2017 est.)

exports of goods and services: 24% (2017 est.)

imports of goods and services: -22% (2017 est.)

Agricultural products

sugar cane, potatoes, rice, plantains, milk, poultry, maize, cassava, oil palm fruit, grapes

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

16.44% (2021 est.)

Labor force

18.352 million (2021 est.)

note: individuals older than 14 years of age

Labor force - by occupation

agriculture: 25.8%

industry: 17.4%

services: 56.8% (2011)

Unemployment rate

4.83% (2021 est.)

7.18% (2020 est.)

3.38% (2019 est.)

note: data are for metropolitan Lima; widespread underemployment

Youth unemployment rate (ages 15-24)

total: 11.2%

male: 9.2%

female: 13.2% (2021 est.)

Population below poverty line

20.2% (2019 est.)

Gini Index coefficient - distribution of family income

43.8 (2020 est.)

Average household expenditures

on food: 26.3% of household expenditures (2018 est.)

on alcohol and tobacco: 2.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.4%

highest 10%: 36.1% (2010 est.)

Budget

revenues: $45.983 billion (2019 est.)

expenditures: $49.134 billion (2019 est.)

Budget surplus (+) or deficit (-)

-3.1% (of GDP) (2017 est.)

Public debt

34.67% of GDP (2020 est.)

26.54% of GDP (2019 est.)

25.7% of GDP (2018 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

Taxes and other revenues

13.2% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$5.273 billion (2021 est.)

$2.398 billion (2020 est.)

-$1.68 billion (2019 est.)

Exports

$66.098 billion (2021 est.) note: data are in current year dollars

$45.624 billion (2020 est.) note: data are in current year dollars

$54.676 billion (2019 est.)

Exports - partners

China 29%, United States 12%, Canada 5%, South Korea 5%, Switzerland 5% (2019)

Exports - commodities

copper, gold, refined petroleum, zinc, fishmeal, tropical fruits, lead, iron, molybdenum (2019)

Imports

$58.611 billion (2021 est.) note: data are in current year dollars

$42.093 billion (2020 est.) note: data are in current year dollars

$51.778 billion (2019 est.)

Imports - partners

China 24%, United States 22%, Brazil 6% (2019)

Imports - commodities

refined petroleum, crude petroleum, cars, broadcasting equipment, delivery trucks (2019)

Reserves of foreign exchange and gold

$74.779 billion (31 December 2020 est.)

$67.711 billion (31 December 2019 est.)

$60.333 billion (31 December 2018 est.)

Debt - external

$81.333 billion (2019 est.)

$75.467 billion (2018 est.)

Exchange rates

nuevo sol (PEN) per US dollar -

3.881 (2021 est.)

3.495 (2020 est.)

3.337 (2019 est.)

3.287 (2018 est.)

3.26 (2017 est.)

NOTE: The information regarding Peru on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Peru 2023 information contained here. All suggestions for corrections of any errors about Peru 2023 should be addressed to the CIA or the source cited on each page.