The Economy Of Peru. Detailed description of the current state of the economy of Peru briefly

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The Economy Of Peru. Detailed description of the current state of the economy of Peru briefly

Peru's economy reflects its varied topography - an arid lowland coastal region, the central high sierra of the Andes, the dense forest of the Amazon, with tropical lands bordering Colombia and Brazil. 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 third largest producer of copper. The Peruvian economy grew by an average of 5.6% from 2009-13 with a stable exchange rate and low inflation, which in 2013 was just below the upper limit of the Central Bank target range of 1 to 3%. This growth was due partly to high international prices for Peru's metals and minerals exports, which account for almost 60% of the country's total exports. Growth slipped in 2014, 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 28 percentage points since 2002, but inequality persists and continues to pose a challenge for the Ollanta HUMALA administration, which has 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. In order to spur investment in Peru’s lucrative mining sector, it reduced some environmental regulations, in a move that was opposed by environmental groups. Peru's free trade policy has 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, concluded negotiations with Guatemala, and begun trade talks with Honduras and El Salvador, Turkey and the Trans-Pacific Partnership. Peru also has signed a trade pact with Chile, Colombia, and Mexico, called the Pacific Alliance, that rivals Mercosur. Since the US-Peru Trade Promotion Agreement entered into force in February 2009, total trade between Peru and the United States has doubled.

GDP (purchasing power parity):

$376.7 billion (2014 est.)

$363.6 billion (2013 est.)

$343.7 billion (2012 est.)

note: data are in 2014 US dollars

country comparison to the world: 48

GDP (official exchange rate):

$208.2 billion (2014 est.)

GDP - real growth rate:

3.6% (2014 est.)

5.8% (2013 est.)

6% (2012 est.)

country comparison to the world: 80

GDP - per capita (PPP):

$12,000 (2014 est.)

$11,800 (2013 est.)

$11,300 (2012 est.)

note: data are in 2013 US dollars

country comparison to the world: 119

Gross national saving:

22.5% of GDP (2014 est.)

23.8% of GDP (2013 est.)

23.5% of GDP (2012 est.)

country comparison to the world: 58

GDP - composition, by end use:

household consumption: 64%

government consumption: 11.2%

investment in fixed capital: 26.2%

investment in inventories: 0.2%

exports of goods and services: 21.8%

imports of goods and services: -23.5%

(2014 est.)

GDP - composition, by sector of origin:

agriculture: 7.1%

industry: 36.7%

services: 56.2% (2014 est.)

Agriculture - products:

asparagus, coffee, cocoa, cotton, sugarcane, rice, potatoes, corn, plantains, grapes, oranges, pineapples, guavas, bananas, apples, lemons, pears, coca, tomatoes, mangoes, barley, medicinal plants, palm oil, marigold, onion, 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:

4.2% (2014 est.)

country comparison to the world: 68

Labor force:

16.55 million

note: individuals older than 14 years of age (2014 est.)

country comparison to the world: 38

Labor force - by occupation:

agriculture: 25.8%

industry: 17.4%

services: 56.8% (2011)

Unemployment rate:

7.6% (2014 est.)

6.5% (2013 est.)

note: data are for metropolitan Lima; widespread underemployment

country comparison to the world: 84

Population below poverty line:

25.8% (2012 est.)

Household income or consumption by percentage share:

lowest 10%: 1.4%

highest 10%: 36.1% (2010 est.)

Distribution of family income - Gini index:

45.3 (2012)

51 (2005)

country comparison to the world: 39

Budget:

revenues: $64.25 billion

expenditures: $64.49 billion (2014 est.)

Taxes and other revenues:

30.9% of GDP (2014 est.)

country comparison to the world: 85

Budget surplus (+) or deficit (-):

-0.1% of GDP (2014 est.)

country comparison to the world: 43

Public debt:

15.9% of GDP (2014 est.)

16.3% of GDP (2013 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: 145

Fiscal year:

calendar year

Inflation rate (consumer prices):

3.3% (2014 est.)

2.8% (2013 est.)

note: data are for metropolitan Lima, annual average

Central bank discount rate:

5.05% (31 December 2012)

5.05% (31 December 2011)

country comparison to the world: 73

Commercial bank prime lending rate:

15.7% (31 December 2014 est.)

18.16% (31 December 2013 est.)

note: domestic currency lending rate, 90 day maturity

country comparison to the world: 32

Stock of narrow money:

$33.71 billion (31 December 2014 est.)

$32.59 billion (31 December 2013 est.)

country comparison to the world: 59

Stock of broad money:

$91.26 billion (31 December 2014 est.)

$84.1 billion (31 December 2013 est.)

country comparison to the world: 57

Stock of domestic credit:

$47.4 billion (31 December 2014 est.)

$43.06 billion (31 December 2013 est.)

country comparison to the world: 62

Market value of publicly traded shares:

$153.4 billion (31 December 2012)

$121.6 billion (31 December 2011)

$160.9 billion (31 December 2010)

country comparison to the world: 38

Current account balance:

-$10.63 billion (2014 est.)

-$9.126 billion (2013 est.)

country comparison to the world: 180

Exports:

$36.43 billion (2014 est.)

$42.18 billion (2013 est.)

country comparison to the world: 63

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:

US 18.4%, China 17.8%, Canada 7%, Japan 5.2%, Brazil 4.3%, Switzerland 4.3%, Spain 4.2%, South Korea 4% (2013)

Imports:

$40.25 billion (2014 est.)

$42.22 billion (2013 est.)

country comparison to the world: 61

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:

US 24.8%, China 15.3%, Brazil 5.3%, Argentina 4.8%, Chile 4.7%, Ecuador 4.6%, Mexico 4.4% (2013)

Reserves of foreign exchange and gold:

$63.35 billion (31 December 2014 est.)

$65.71 billion (31 December 2013 est.)

country comparison to the world: 36

Debt - external:

$56.47 billion (31 December 2014 est.)

$55.62 billion (31 December 2013 est.)

country comparison to the world: 60

Stock of direct foreign investment - at home:

$81.63 billion (31 December 2014 est.)

$72.61 billion (31 December 2013 est.)

country comparison to the world: 49

Stock of direct foreign investment - abroad:

$3.883 billion (31 December 2014 est.)

$3.849 billion (31 December 2013 est.)

country comparison to the world: 67

Exchange rates:

nuevo sol (PEN) per US dollar -

2.836 (2014 est.)

2.7019 (2013 est.)

2.64 (2012 est.)

2.7541 (2011 est.)

2.8251 (2010 est.)