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Peru:
Economy

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Economy - overview
Definition
Peru's economy reflects its varied geography - an arid coastal region, the Andes further inland, and tropical lands bordering Colombia and Brazil. Abundant mineral resources are found in the mountainous areas, and Peru's coastal waters provide excellent fishing grounds. However, overdependence on minerals and metals subjects the economy to fluctuations in world prices, and a lack of infrastructure deters trade and investment. After several years of inconsistent economic performance, the Peruvian economy grew by more than 4% per year during the period 2002-06, with a stable exchange rate and low inflation. Growth jumped to 7.5% in 2007, driven by higher world prices for minerals and metals. Risk premiums on Peruvian bonds on secondary markets reached historically low levels in late 2004, reflecting investor optimism regarding the government's prudent fiscal policies and openness to trade and investment. Despite the strong macroeconomic performance, underemployment and poverty have stayed persistently high. Growth prospects depend on exports of minerals, textiles, and agricultural products, and by expectations for the Camisea natural gas megaproject and for other promising energy projects. Upon taking office, President GARCIA announced Sierra Exportadora, a program aimed at promoting economic growth in Peru's southern and central highlands.
GDP (purchasing power parity)
Definition - World rank and map
$219 billion (2007 est.)
GDP (official exchange rate)
Definition
$109.1 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
9% (2007 est.)
GDP - per capita
Definition - World rank and map
$7,800 (2007 est.)
GDP - composition by sector
Definition
agriculture: 8.4%
industry: 25.6%
services: 66% (2007 est.)
Labor force
Definition
9.839 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 9%
industry: 18%
services: 73% (2001)
Unemployment rate
Definition - World rank and map
6.9% in metropolitan Lima; widespread underemployment (2007 est.)
Population below poverty line
Definition
44.5% (2006)
Household income or consumption by percentage share
Definition
lowest 10%: 1.3%
highest 10%: 40.9% (2003)
Distribution of family income - Gini index
Definition - World rank and map
52 (2003)
Inflation rate (consumer prices)
Definition - World rank and map
1.8% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
23% of GDP (2007 est.)
Budget
Definition
revenues: $32.48 billion
expenditures: $29.11 billion (2007 est.)
Public debt
Definition - World rank and map
29.2% of GDP (2007 est.)
Agriculture - products
Definition
asparagus, coffee, cotton, sugarcane, rice, potatoes, corn, plantains, grapes, oranges, coca; poultry, beef, dairy products; fish, guinea pigs
Industries
Definition
mining and refining of minerals; steel, metal fabrication; petroleum extraction and refining, natural gas; fishing and fish processing, textiles, clothing, food processing
Industrial production growth rate
Definition - World rank and map
9.3% (2007 est.)
Electricity - production
Definition - World rank and map
24.97 billion kWh (2005 est.)
Electricity - consumption
Definition - World rank and map
22.59 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
774.2 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
110,700 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
166,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
5.7 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
53,040 bbl/day (2004 est.)
Oil - imports
Definition - World rank and map
121,500 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
430.8 million bbl (2007 est.)
Natural gas - production
Definition - World rank and map
1.515 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
1.515 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
52 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
236.9 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$1.75 billion (2007 est.)
Exports
Definition - World rank and map
$27.96 billion f.o.b. (2007 est.)
Exports - commodities
Definition
copper, gold, zinc, crude petroleum and petroleum products, coffee, potatoes, asparagus, textiles, guinea pigs
Exports - partners
Definition
US 18.8%, China 11.8%, Switzerland 8.2%, Japan 7.2%, Canada 7%, Chile 5.7% (2006)
Imports
Definition - World rank and map
$19.6 billion f.o.b. (2007 est.)
Imports - commodities
Definition
petroleum and petroleum products, plastics, machinery, vehicles, iron and steel, wheat, paper
Imports - partners
Definition
US 20.1%, China 10.7%, Brazil 9.8%, Ecuador 6%, Colombia 5.9%, Argentina 5.2%, Chile 4.9%, Mexico 4.2% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$27.78 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$31.07 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$24.72 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$1.476 billion (2007 est.)
Market value of publicly traded shares
Definition
$59.66 billion (2006)
Economic aid - recipient
Definition
$397.8 million (2005)
Currency (code)
Definition
nuevo sol (PEN)
Exchange rates
Definition
nuevo sol per US dollar - 3.1731 (2007), 3.2742 (2006), 3.2958 (2005), 3.4132 (2004), 3.4785 (2003)
Fiscal year
Definition
calendar year


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