Peru Economy - 2024

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

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% (2021 est.)

male: 9.2%

female: 13.2%

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.)

Remittances

1.61% of GDP (2021 est.)
1.46% of GDP (2020 est.)
1.46% of GDP (2019 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 -

Exchange rates:
3.881 (2021 est.)
3.495 (2020 est.)
3.337 (2019 est.)
3.287 (2018 est.)
3.26 (2017 est.)