Peru - Economic Indicators

Global Outlook: Passing the Peak

Sep 05, 2018

View the Moody's Analytics Global Forecast. The global economic environment remains upbeat, but has likely passed its peak for this cycle. Escalating trade tensions have stressed the economic relationship between the U.S. and China; there are rising adverse implications for the global economy and heightened downside risks to the outlook. Risks stemming from Brexit, emerging markets contagion fears, and oil price swings also remain in the spotlight. Despite...

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GDP Reference Last Previous Units Frequency
Investment Aug 2018 1,320 1,365 Mil. PEN, NSA Monthly
Private Consumption 2018 Q2 119,005 110,595 Mil. PEN, NSA Quarterly
Nominal Gross Domestic Product 2018 Q2 185,866 171,925 Mil. PEN, NSA Quarterly
Government Consumption 2018 Q2 23,382 22,163 Mil. PEN, NSA Quarterly
Real Gross Domestic Product Jun 2018 165.26 173.77 Index 2007=100, NSA Monthly
Real Private Consumption 2018 Q1 81,902 81,644 Mil. Ch. 2007 PEN, NSA Quarterly
Real Investment 2018 Q1 118,411 122,729 Mil. Ch. 2007 PEN, SAAR Quarterly
Real Government Consumption 2018 Q1 12,809 19,017 Mil. Ch. 2007 PEN, NSA Quarterly
Real Fixed Investment (gross fixed capital formation) 2017 112,492,000,000 111,231,000,000 NCU Annual
Nominal Fixed Investment (gross fixed capital formation) 2017 141,992,000,000 138,879,000,000 NCU Annual
Price Reference Last Previous Units Frequency
Wholesale Price Index Aug 2018 107.4 107.26 Index Dec2013=100, NSA Monthly
Producer Price Index (PPI) Aug 2018 107.4 107.26 Index Dec2013=100, NSA Monthly
Consumer Price Index (CPI) Nov 2017 127.23 127.48 Index 2009=100, NSA Monthly
Labor Reference Last Previous Units Frequency
Unemployment Rate Aug 2018 6.1 6.2 3months moving avg., NSA Monthly
Total Employment Jul 2018 4,990 4,886 Ths., NSA Monthly
Labor Force Employment Jul 2018 4,990 4,886 Ths., NSA Monthly
Unemployment Jul 2018 327 300 Ths., NSA Monthly
Labor Force Jul 2018 5,317 5,186 Ths., NSA Monthly
Agriculture Employment 2017 5,088,095 4,974,987 # Annual
Primary Industries Employment 2016 4,292 4,283 Ths. # Annual
Wage & Salaries 2016 204,006 189,859 Mil. PEN, NSA Annual
Trade Reference Last Previous Units Frequency
Current Account Balance 2018 Q2 -749.7 -1,365 Millions US $, NSA Quarterly
Exports of Goods 2018 Q2 12,520 11,788 Mil. USD, NSA Quarterly
Imports of Goods 2018 Q2 -10,485 -10,042 Mil. USD, NSA Quarterly
Balance of Goods 2018 Q2 2,035 1,746 Mil. USD, NSA Quarterly
Real Imports of Goods and Services 2017 142,383,000,000 134,031,000,000 NCU Annual
Exports of Goods and Services 2017 167,243,000,000 145,131,000,000 NCU Annual
Real Exports of Goods and Services 2017 140,496,000,000 131,057,000,000 NCU Annual
Imports of Goods and Services 2017 155,801,000,000 147,578,000,000 NCU Annual
Government Reference Last Previous Units Frequency
Government Expenditures 2018 Q2 35,651 33,096 Mil. PEN, NSA Quarterly
Government Budget Balance 2018 Q2 3,852 2,542 Mil. PEN, NSA Quarterly
Government Revenues 2018 Q2 39,503 35,638 Mil. PEN, NSA Quarterly
Gross External Debt 2018 Q1 0 0 USD, NSA Quarterly
Markets Reference Last Previous Units Frequency
Treasury Bills (over 31 days) 13 Sep 2018 3.31 3.31 % Per annum, NSA Business Daily
Average Long-term Government Bond 28 Aug 2018 10.43 10.51 % Per annum, NSA Business Daily
Money Market Rate Jul 2018 2.74 2.78 % Per annum, NSA Monthly
Stock Market Index 01 Dec 2017 19,766 19,694 Index Dec 30 1991=100, NSA Business Daily
Lending Rate Jun 2017 4 4 % - End of period Monthly
Business Reference Last Previous Units Frequency
Change in Inventories 2018 Q2 -2,955 1,066 Mil. PEN, SAAR Quarterly
Industrial Production Jun 2018 123.46 138.88 Index 2007=100, NSA Monthly
Real Change in Inventories 2018 Q1 337.37 7,714 Mil. Ch. 2007 PEN, SAAR Quarterly
Demographics Reference Last Previous Units Frequency
Population 2017 32,165,485 31,773,839 # Annual
Birth Rate 2016 19.28 19.61 # per Ths. pop. Annual
Death Rate 2016 5.65 5.64 # per Ths. pop. Annual
Net Migration 2012 -240,000 # Annual

Factbook

Background

Background:
Ancient Peru was the seat of several prominent Andean civilizations, most notably that of the Incas whose empire was captured by Spanish conquistadors in 1533. Peru declared its independence in 1821, and remaining Spanish forces were defeated in 1824. After a dozen years of military rule, Peru returned to democratic leadership in 1980, but experienced economic problems and the growth of a violent insurgency. President Alberto FUJIMORI's election in 1990 ushered in a decade that saw a dramatic turnaround in the economy and significant progress in curtailing guerrilla activity. Nevertheless, the president's increasing reliance on authoritarian measures and an economic slump in the late 1990s generated mounting dissatisfaction with his regime, which led to his resignation in 2000. A caretaker government oversaw a new election in the spring of 2001, which installed Alejandro TOLEDO Manrique as the new head of government - Peru's first democratically elected president of indigenous ethnicity. The presidential election of 2006 saw the return of Alan GARCIA Perez who, after a disappointing presidential term from 1985 to 1990, oversaw a robust economic rebound. Former army officer Ollanta HUMALA Tasso was elected president in June 2011, and carried on the sound, market-oriented economic policies of the three preceding administrations. Poverty and unemployment levels have fallen dramatically in the last decade, and today Peru boasts one of the best performing economies in Latin America. Pedro Pablo KUCZYNSKI Godard won a very narrow presidential runoff election in June 2016. Facing impeachment after evidence surfaced of his involvement in a vote-buying scandal, President KUCZYNSKI offered his resignation on 21 March 2018. Two days later, First Vice President Martin Alberto VIZCARRA Cornejo was sworn in as president.

Geography

Location:
Western South America, bordering the South Pacific Ocean, between Chile and Ecuador
Geographic coordinates:
10 00 S, 76 00 W
Map references:
South America
Area:
total: 1,285,216 sq km
land: 1,279,996 sq km
water: 5,220 sq km
country comparison to the world: 21
Area - comparative:
almost twice the size of Texas; slightly smaller than Alaska
Area comparison map:
Land boundaries:
total: 7,062 km
border countries (5): Bolivia 1,212 km, Brazil 2,659 km, Chile 168 km, Colombia 1,494 km, Ecuador 1,529 km
Coastline:
2,414 km
Maritime claims:
territorial sea: 200 nm
continental shelf: 200 nm
Climate:
varies from tropical in east to dry desert in west; temperate to frigid in Andes
Terrain:
western coastal plain (costa), high and rugged Andes in center (sierra), eastern lowland jungle of Amazon Basin (selva)
Elevation:
mean elevation: 1,555 m
elevation extremes: lowest point: Pacific Ocean 0 m
highest point: Nevado Huascaran 6,746 m
Natural resources:
copper, silver, gold, petroleum, timber, fish, iron ore, coal, phosphate, potash, hydropower, natural gas
Land use:
agricultural land: 18.8%
arable land 3.1%; permanent crops 1.1%; permanent pasture 14.6%
forest: 53%
other: 28.2% (2011 est.)
Irrigated land:
25,800 sq km (2012)
Population - distribution:
approximately one-third of the population resides along the desert coastal belt in the west, with a strong focus on the capital city of Lima; the Andean highlands, or sierra, which is strongly identified with the country's Amerindian population, contains roughly half of the overall population; the eastern slopes of the Andes, and adjoining rainforest, are sparsely populated
Natural hazards:
earthquakes, tsunamis, flooding, landslides, mild volcanic activity
volcanism: volcanic activity in the Andes Mountains; Ubinas (5,672 m), which last erupted in 2009, is the country's most active volcano; other historically active volcanoes include El Misti, Huaynaputina, Sabancaya, and Yucamane
Environment - current issues:
deforestation (some the result of illegal logging); overgrazing of the slopes of the costa and sierra leading to soil erosion; desertification; air pollution in Lima; pollution of rivers and coastal waters from municipal and mining wastes
Environment - international agreements:
party to: Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Marine Dumping, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
shares control of Lago Titicaca, world's highest navigable lake, with Bolivia; a remote slope of Nevado Mismi, a 5,316 m peak, is the ultimate source of the Amazon River

People & Society

Population:
31,036,656 (July 2017 est.)
country comparison to the world: 43
Nationality:
noun: Peruvian(s)
adjective: Peruvian
Ethnic groups:
Amerindian 45%, mestizo (mixed Amerindian and white) 37%, white 15%, black, Japanese, Chinese, and other 3%
Languages:
Spanish (official) 84.1%, Quechua (official) 13%, Aymara (official) 1.7%, Ashaninka 0.3%, other native languages (includes a large number of minor Amazonian languages) 0.7%, other (includes foreign languages and sign language) 0.2% (2007 est.)
Religions:
Roman Catholic 81.3%, Evangelical 12.5%, other 3.3%, none 2.9% (2007 est.)
Demographic profile:
Peru's urban and coastal communities have benefited much more from recent economic growth than rural, Afro-Peruvian, indigenous, and poor populations of the Amazon and mountain regions. The poverty rate has dropped substantially during the last decade but remains stubbornly high at about 30% (more than 55% in rural areas). After remaining almost static for about a decade, Peru's malnutrition rate began falling in 2005, when the government introduced a coordinated strategy focusing on hygiene, sanitation, and clean water. School enrollment has improved, but achievement scores reflect ongoing problems with educational quality. Many poor children temporarily or permanently drop out of school to help support their families. About a quarter to a third of Peruvian children aged 6 to 14 work, often putting in long hours at hazardous mining or construction sites.
Peru was a country of immigration in the 19th and early 20th centuries, but has become a country of emigration in the last few decades. Beginning in the 19th century, Peru brought in Asian contract laborers mainly to work on coastal plantations. Populations of Chinese and Japanese descent - among the largest in Latin America - are economically and culturally influential in Peru today. Peruvian emigration began rising in the 1980s due to an economic crisis and a violent internal conflict, but outflows have stabilized in the last few years as economic conditions have improved. Nonetheless, more than 2 million Peruvians have emigrated in the last decade, principally to the US, Spain, and Argentina.
Age structure:
0-14 years: 26.31% (male 4,155,672/female 4,009,888)
15-24 years: 18.31% (male 2,847,460/female 2,835,727)
25-54 years: 40.19% (male 5,985,354/female 6,487,232)
55-64 years: 7.78% (male 1,168,533/female 1,247,299)
65 years and over: 7.41% (male 1,086,790/female 1,212,701) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 53.2
youth dependency ratio: 42.7
elderly dependency ratio: 10.5
potential support ratio: 9.6 (2015 est.)
Median age:
total: 28 years
male: 27.2 years
female: 28.8 years (2017 est.)
country comparison to the world: 138
Population growth rate:
0.95% (2017 est.)
country comparison to the world: 118
Birth rate:
17.8 births/1,000 population (2017 est.)
country comparison to the world: 103
Death rate:
6.1 deaths/1,000 population (2017 est.)
country comparison to the world: 157
Net migration rate:
-2.2 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 166
Population distribution:
approximately one-third of the population resides along the desert coastal belt in the west, with a strong focus on the capital city of Lima; the Andean highlands, or sierra, which is strongly identified with the country's Amerindian population, contains roughly half of the overall population; the eastern slopes of the Andes, and adjoining rainforest, are sparsely populated
Urbanization:
urban population: 79.2% of total population (2017)
rate of urbanization: 1.57% annual rate of change (2015-20 est.)
Major urban areas - population:
LIMA (capital) 9.897 million; Arequipa 850,000; Trujillo 798,000 (2015)
Sex ratio:
at birth: 1.04 male(s)/female
0-14 years: 1.04 male(s)/female
15-24 years: 1 male(s)/female
25-54 years: 0.92 male(s)/female
55-64 years: 0.94 male(s)/female
65 years and over: 0.9 male(s)/female
total population: 0.97 male(s)/female (2017 est.)
Mother's mean age at first birth:
22.2 years
note: median age at first birth among women 25-29 (2013 est.)
Maternal mortality ratio:
68 deaths/100,000 live births (2015 est.)
country comparison to the world: 83
Infant mortality rate:
total: 18.4 deaths/1,000 live births
male: 20.5 deaths/1,000 live births
female: 16.2 deaths/1,000 live births (2017 est.)
country comparison to the world: 88
Life expectancy at birth:
total population: 74 years
male: 71.9 years
female: 76.1 years (2017 est.)
country comparison to the world: 126
Total fertility rate:
2.12 children born/woman (2017 est.)
country comparison to the world: 102
Contraceptive prevalence rate:
74.6% (2014)
Health expenditures:
5.5% of GDP (2014)
country comparison to the world: 128
Physicians density:
1.12 physicians/1,000 population (2012)
Hospital bed density:
1.6 beds/1,000 population (2014)
Drinking water source:
improved:
urban: 91.4% of population
rural: 69.2% of population
total: 86.7% of population
unimproved:
urban: 8.6% of population
rural: 30.8% of population
total: 13.3% of population (2015 est.)
Sanitation facility access:
improved:
urban: 82.5% of population
rural: 53.2% of population
total: 76.2% of population
unimproved:
urban: 17.5% of population
rural: 46.8% of population
total: 23.8% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.3% (2016 est.)
country comparison to the world: 84
HIV/AIDS - people living with HIV/AIDS:
70,000 (2016 est.)
country comparison to the world: 48
HIV/AIDS - deaths:
2,200 (2016 est.)
country comparison to the world: 51
Major infectious diseases:
degree of risk: very high
food or waterborne diseases: bacterial diarrhea, hepatitis A, and typhoid fever
vectorborne disease: dengue fever, malaria, and Bartonellosis (Oroya fever)
note: active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016); it poses an important risk (a large number of cases possible) among US citizens if bitten by an infective mosquito; other less common ways to get Zika are through sex, via blood transfusion, or during pregnancy, in which the pregnant woman passes Zika virus to her fetus (2016)
Obesity - adult prevalence rate:
19.7% (2016)
country comparison to the world: 109
Children under the age of 5 years underweight:
3.1% (2014)
country comparison to the world: 103
Education expenditures:
3.8% of GDP (2016)
country comparison to the world: 145
Literacy:
definition: age 15 and over can read and write
total population: 94.2%
male: 97.2%
female: 94.3% (2016 est.)
School life expectancy (primary to tertiary education):
total: 13 years
male: 13 years
female: 14 years (2010)
Unemployment, youth ages 15-24:
total: 14.7%
male: 8.6%
female: 8.2% (2015 est.)
country comparison to the world: 90

Government

Country name:
conventional long form: Republic of Peru
conventional short form: Peru
local long form: Republica del Peru
local short form: Peru
etymology: exact meaning is obscure, but the name may derive from a native word "biru" meaning "river"
Government type:
presidential republic
Capital:
name: Lima
geographic coordinates: 12 03 S, 77 03 W
time difference: UTC-5 (same time as Washington, DC, during Standard Time)
Administrative divisions:
25 regions (regiones, singular - region) and 1 province* (provincia); Amazonas, Ancash, Apurimac, Arequipa, Ayacucho, Cajamarca, Callao, Cusco, Huancavelica, Huanuco, Ica, Junin, La Libertad, Lambayeque, Lima, Lima*, Loreto, Madre de Dios, Moquegua, Pasco, Piura, Puno, San Martin, Tacna, Tumbes, Ucayali
note: Callao, the largest port in Peru, is also referred to as a constitutional province, the only province of the Callao region
Independence:
28 July 1821 (from Spain)
National holiday:
Independence Day, 28-29 July (1821)
Constitution:
several previous; latest promulgated 29 December 1993, enacted 31 December 1993; amended several times, last in 2015 (2016)
Legal system:
civil law system
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: yes
citizenship by descent: yes
dual citizenship recognized: yes
residency requirement for naturalization: 2 years
Suffrage:
18 years of age; universal and compulsory until the age of 70
Executive branch:
chief of state: President Martin Alberto VIZCARRA Cornejo (since 23 March 2018); First Vice President Mercedes Rosalba ARAOZ Fernandez (since 23 March 2018); Second Vice President (vacant); note - the 21 March 2018 resignation of President Pedro Pablo KUCZYNSKI Godard (since 28 July 2016) was accepted by parliament on 23 March 2018; the president is both chief of state and head of government
head of government: President Martin Alberto VIZCARRA Cornejo (since 23 March 2018); First Vice President Mercedes Rosalba ARAOZ Fernandez (since 23 March 2018); Second Vice President (vacant)
cabinet: Council of Ministers appointed by the president
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 5-year term (eligible for nonconsecutive terms); election last held on 10 April 2016 with a runoff on 5 June 2016 (next to be held in April 2021)
election results: Pedro Pablo KUCZYNSKI Godard elected president in second round; percent of vote in first round - Keiko FUJIMORI Higuchi (Fuerza Popular) 39.9%, Pedro Pablo KUCZYNSKI Godard (Peruanos Por el Kambio) 21.1%, Veronika MENDOZA (Broad Front) 18.7%, Alfredo BARNECHEA (Popular Action) 7%, Alan GARCIA (APRA) 5.8%, other 7.5%; percent of vote in second round - Pedro Pablo KUCZYNSKI Godard 50.1%, Keiko FUJIMORI Higuchi 49.9%
note: Prime Minister Cesar VILLANUEVA (since 2 April 2018) does not exercise executive power; this power rests with the president
Legislative branch:
description: unicameral Congress of the Republic of Peru or Congreso de la Republica del Peru (130 seats; members directly elected in multi-seat constituencies by closed party-list proportional representation vote to serve 5-year terms)
elections: last held on 10 April 2016 with run-off election on 6 June 2016 (next to be held in April 2021)
election results: percent of vote by party/coalition - Fuerza Popular 36.3%, PPK 16.5%, Frente Amplio 13.9%, APP 9.2%; APRA 8.3%; AP 7.2%, other 8.6%; seats by party/coalition - Fuerza Popular 73, Frente Amplio 20, PPK 18, APP 9; APRA 5; AP 5
Judicial branch:
highest court(s): Supreme Court (consists of 16 judges and divided into civil, criminal, and constitutional-social sectors)
judge selection and term of office: justices proposed by the National Council of the Judiciary or National Judicial Council (a 7-member independent body), nominated by the president, and confirmed by the Congress (all appointments reviewed by the Council every 7 years); justices appointed for life or until age 70
subordinate courts: Court of Constitutional Guarantees; Superior Courts or Cortes Superiores; specialized civil, criminal, and mixed courts; 2 types of peace courts in which professional judges and selected members of the local communities preside
Political parties and leaders:
Alliance for Progress (Alianza para el Progreso) or APP [Cesar ACUNA Peralta]
American Popular Revolutionary Alliance or APRA
Broad Front (Frente Amplio; also known as El Frente Amplio por Justicia, Vida y Libertad) (coalition includes Nuevo Peru [Veronika Mendoza], Tierra y Libertad [Marco ARANA Zegarra], and Fuerza Social [Susana VILLARAN de la Puente]
Fuerza Popular (formerly Fuerza 2011) [Keiko FUJIMORI Higuchi]
National Solidarity (Solidaridad Nacional) or SN [Luis CASTANEDA Lossio]
Peru Posible or PP (coalition includes Accion Popular and Somos Peru) [Alejandro TOLEDO Manrique]
Peruvian Aprista Party (Partido Aprista Peruano) or PAP [Javier VELASQUEZ Quesquen] (also referred to by its original name Alianza Popular Revolucionaria Americana or APRA)
Peruvian Nationalist Party [Ollanta HUMALA]
Peruvians for Change (Peruanos Por el Kambio) or PPK [Pedro Pablo KUCZYNSKI]
Popular Action (Accion Popular) or AP [Mesias GUEVARA Amasifuen]
Popular Christian Party (Partido Popular Cristiano) or PPC [Lourdes FLORES Nano]
Political pressure groups and leaders:
General Workers Confederation of Peru (Confederacion General de Trabajadores del Peru) or CGTP [Geronimo LOPEZ]
Shining Path (Sendero Luminoso) or SL [Abimael GUZMAN Reynoso - imprisoned), Jorge and Victor QUISPE Palomino - indicted in US] (communist guerrilla group)
International organization participation:
APEC, BIS, CAN, CD, CELAC, EITI (compliant country), FAO, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC (NGOs), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, Mercosur (associate), MIGA, MINUSTAH, MONUSCO, NAM, OAS, OPANAL, OPCW, Pacific Alliance, PCA, SICA (observer), UN, UNAMID, UNASUR, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNISFA, UNMISS, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Carlos Jose PAREJA Rios (since 16 September 2016)
chancery: 1700 Massachusetts Avenue NW, Washington, DC 20036
telephone: [1] (202) 833-9860 through 9869
FAX: [1] (202) 659-8124
consulate(s) general: Atlanta, Boston, Chicago, Dallas, Denver, Hartford (CT), Houston, Los Angeles, Miami, New York, Paterson (NJ), San Francisco, Washington DC
Diplomatic representation from the US:
chief of mission: Ambassador Krishna R. URS (since 18 October 2017)
embassy: Avenida La Encalada, Cuadra 17 s/n, Surco, Lima 33
mailing address: P. O. Box 1995, Lima 1; American Embassy (Lima), APO AA 34031-5000
telephone: [51] (1) 618-2000
FAX: [51] (1) 618-2397
Flag description:
three equal, vertical bands of red (hoist side), white, and red with the coat of arms centered in the white band; the coat of arms features a shield bearing a vicuna (representing fauna), a cinchona tree (the source of quinine, signifying flora), and a yellow cornucopia spilling out coins (denoting mineral wealth); red recalls blood shed for independence, white symbolizes peace
National symbol(s):
vicuna (a camelid related to the llama); national colors: red, white
National anthem:
name: "Himno Nacional del Peru" (National Anthem of Peru)
lyrics/music: Jose DE LA TORRE Ugarte/Jose Bernardo ALZEDO
note: adopted 1822; the song won a national anthem contest

Economy

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 (2017 est.)
GDP - real growth rate:
2.7% (2017 est.)
4% (2016 est.)
3.3% (2015 est.)
country comparison to the world: 124
GDP - per capita (PPP):
$13,300 (2017 est.)
$13,100 (2016 est.)
$12,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 116
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
GDP - composition, by end use:
household consumption: 65.3%
government consumption: 11.7%
investment in fixed capital: 21.6%
investment in inventories: 0.2%
exports of goods and services: 23.1%
imports of goods and services: -22% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 7.5%
industry: 36.3%
services: 56.1% (2017 est.)
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: 20
Labor force:
17.03 million
note: individuals older than 14 years of age (2017 est.)
country comparison to the world: 38
Labor force - by occupation:
agriculture: 25.8%
industry: 17.4%
services: 56.8% (2011 est.)
Unemployment rate:
6.7% (2017 est.)
6.7% (2016 est.)
note: data are for metropolitan Lima; widespread underemployment
country comparison to the world: 95
Population below poverty line:
22.7% (2014 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 est.)
51 (2005 est.)
country comparison to the world: 40
Budget:
revenues: $59.66 billion
expenditures: $65.48 billion (2017 est.)
Taxes and other revenues:
28.4% of GDP (2017 est.)
country comparison to the world: 94
Budget surplus (+) or deficit (-):
-2.8% of GDP (2017 est.)
country comparison to the world: 107
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: 177
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
Central bank discount rate:
4.25% (31 December 2016 est.)
5.05% (31 December 2012 est.)
country comparison to the world: 94
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
Stock of narrow money:
$33.83 billion (31 December 2017 est.)
$31.08 billion (31 December 2016 est.)
country comparison to the world: 60
Stock of broad money:
$96.27 billion (31 December 2017 est.)
$84.84 billion (31 December 2016 est.)
country comparison to the world: 57
Stock of domestic credit:
$58.75 billion (31 December 2017 est.)
$52.8 billion (31 December 2016 est.)
country comparison to the world: 63
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
Current account balance:
$-3.22 billion (2017 est.)
$-5.305 billion (2016 est.)
country comparison to the world: 168
Exports:
$42.47 billion (2017 est.)
$37.02 billion (2016 est.)
country comparison to the world: 53
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
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
Debt - external:
$70.09 billion (31 December 2017 est.)
$66.76 billion (31 December 2016 est.)
country comparison to the world: 61
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
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
Exchange rates:
nuevo sol (PEN) per US dollar -
3.27 (2017 est.)
3.38 (2016 est.)
3.38 (2015 est.)
3.19 (2014 est.)
2.84 (2013 est.)

Energy

Electricity access:
population without electricity: 2,900,000
electrification - total population: 91%
electrification - urban areas: 98%
electrification - rural areas: 73% (2013)
Electricity - production:
46.31 billion kWh (2015 est.)
country comparison to the world: 56
Electricity - consumption:
40.93 billion kWh (2015 est.)
country comparison to the world: 56
Electricity - exports:
55 million kWh (2015 est.)
country comparison to the world: 85
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 187
Electricity - installed generating capacity:
12.26 million kW (2015 est.)
country comparison to the world: 56
Electricity - from fossil fuels:
62.6% of total installed capacity (2015 est.)
country comparison to the world: 120
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 163
Electricity - from hydroelectric plants:
33.9% of total installed capacity (2015 est.)
country comparison to the world: 61
Electricity - from other renewable sources:
4.3% of total installed capacity (2015 est.)
country comparison to the world: 103
Crude oil - production:
40,270 bbl/day (2016 est.)
country comparison to the world: 59
Crude oil - exports:
15,560 bbl/day (2014 est.)
country comparison to the world: 55
Crude oil - imports:
83,660 bbl/day (2014 est.)
country comparison to the world: 45
Crude oil - proved reserves:
473 million bbl (1 January 2017 est.)
country comparison to the world: 50
Refined petroleum products - production:
187,200 bbl/day (2014 est.)
country comparison to the world: 54
Refined petroleum products - consumption:
240,000 bbl/day (2015 est.)
country comparison to the world: 51
Refined petroleum products - exports:
66,650 bbl/day (2014 est.)
country comparison to the world: 49
Refined petroleum products - imports:
52,880 bbl/day (2014 est.)
country comparison to the world: 81
Natural gas - production:
12.62 billion cu m (2015 est.)
country comparison to the world: 37
Natural gas - consumption:
10.88 billion cu m (2015 est.)
country comparison to the world: 53
Natural gas - exports:
4.83 billion cu m (2015 est.)
country comparison to the world: 33
Natural gas - imports:
0 cu m (2013 est.)
country comparison to the world: 174
Natural gas - proved reserves:
399 billion cu m (1 January 2017 est.)
country comparison to the world: 35
Carbon dioxide emissions from consumption of energy:
41 million Mt (2013 est.)
country comparison to the world: 68

Communications

Telephones - fixed lines:
total subscriptions: 3,074,464
subscriptions per 100 inhabitants: 10 (July 2016 est.)
country comparison to the world: 51
Telephones - mobile cellular:
total: 36,933,161
subscriptions per 100 inhabitants: 119 (July 2016 est.)
country comparison to the world: 39
Telephone system:
general assessment: adequate for most requirements; nationwide microwave radio relay system and a domestic satellite system with 12 earth stations
domestic: fixed-line teledensity is only about 10 per 100 persons; mobile-cellular teledensity, spurred by competition among multiple providers, now 120 telephones per 100 persons
international: country code - 51; the South America-1 (SAM-1) and Pan American (PAN-AM) submarine cable systems provide links to parts of Central and South America, the Caribbean, and US; satellite earth stations - 2 Intelsat (Atlantic Ocean) (2016)
Broadcast media:
10 major TV networks of which only one, Television Nacional de Peru, is state owned; multi-channel cable TV services are available; in excess of 2,000 radio stations including a substantial number of indigenous language stations (2010)
Internet country code:
.pe
Internet users:
total: 13,975,422
percent of population: 45.5% (July 2016 est.)
country comparison to the world: 42

Transportation

National air transport system:
number of registered air carriers: 7
inventory of registered aircraft operated by air carriers: 35
annual passenger traffic on registered air carriers: 13,907,948
annual freight traffic on registered air carriers: 223,643,434 mt-km (2015)
Civil aircraft registration country code prefix:
OB (2016)
Airports:
191 (2013)
country comparison to the world: 30
Airports - with paved runways:
total: 59
over 3,047 m: 5
2,438 to 3,047 m: 21
1,524 to 2,437 m: 16
914 to 1,523 m: 12
under 914 m: 5 (2017)
Airports - with unpaved runways:
total: 132
2,438 to 3,047 m: 1
1,524 to 2,437 m: 19
914 to 1,523 m: 30
under 914 m: 82 (2013)
Heliports:
5 (2013)
Pipelines:
extra heavy crude 786 km; gas 1,526 km; liquid petroleum gas 679 km; oil 1,033 km; refined products 15 km (2013)
Railways:
total: 1,854.4 km
standard gauge: 1,730.4 km 1.435-m gauge (34 km electrified)
narrow gauge: 124 km 0.914-m gauge (2014)
country comparison to the world: 76
Roadways:
total: 140,672 km (18,699 km paved)
note: includes 24,593 km of national roads (14,748 km paved), 24,235 km of departmental roads (2,340 km paved), and 91,844 km of local roads (1,611 km paved) (2012)
country comparison to the world: 36
Waterways:
8,808 km (8,600 km of navigable tributaries on the Amazon River system and 208 km on Lago Titicaca) (2011)
country comparison to the world: 14
Merchant marine:
total: 88
by type: container ship 2, oil tanker 12, other 74 (2017)
country comparison to the world: 90
Ports and terminals:
major seaport(s): Callao, Matarani, Paita
river port(s): Iquitos, Pucallpa, Yurimaguas (Amazon)
oil terminal(s): Conchan oil terminal, La Pampilla oil terminal
container port(s) (TEUs): Callao (1,616,365)

Military & Security

Military expenditures:
0.9% of GDP (2017)
1.29% of GDP (2016)
1.69% of GDP (2015)
1.46% of GDP (2014)
1.47% of GDP (2013)
country comparison to the world: 123
Military branches:
Peruvian Army (Ejercito Peruano), Peruvian Navy (Marina de Guerra del Peru, MGP, includes naval air, naval infantry, and Coast Guard), Air Force of Peru (Fuerza Aerea del Peru, FAP) (2013)
Military service age and obligation:
18-50 years of age for male and 18-45 years of age for female voluntary military service; no conscription (2012)
Maritime threats:
the International Maritime Bureau reports the territorial waters of Peru are a risk for armed robbery against ships; in 2016, 11 attacks against commercial vessels were reported up from none in 2015; most of these occured in the main port of Callao

Transnational Issues

Disputes - international:
Chile and Ecuador rejected Peru's November 2005 unilateral legislation to shift the axis of their joint treaty-defined maritime boundaries along the parallels of latitude to equidistance lines which favor Peru; organized illegal narcotics operations in Colombia have penetrated Peru's shared border; Peru rejects Bolivia's claim to restore maritime access through a sovereign corridor through Chile along the Peruvian border
Refugees and internally displaced persons:
refugees (country of origin): 109,180 (Venezuela) (economic and political crisis; includes Venezuelans who have claimed asylum or have received alternative legal stay) (2018)
IDPs: 59,000 (civil war from 1980-2000; most IDPs are indigenous peasants in Andean and Amazonian regions; as of 2011, no new information on the situation of these IDPs) (2017)
Illicit drugs:
until 1996 the world's largest coca leaf producer, Peru is now the world's second largest producer of coca leaf, though it lags far behind Colombia; cultivation of coca in Peru was estimated at 44,000 hectares in 2016, a decrease of 16 per cent over 2015; second largest producer of cocaine, estimated at 410 metric tons of potential pure cocaine in 2016; finished cocaine is shipped out from Pacific ports to the international drug market; increasing amounts of base and finished cocaine, however, are being moved to Brazil, Chile, Argentina, and Bolivia for use in the Southern Cone or transshipment to Europe and Africa; increasing domestic drug consumption

Economic Indicators for Peru including actual values, historical data, and latest data updates for the Peru economy.