Economy of Peru
Prosur, Mercosur (associate) | |
Country group |
|
---|---|
Statistics | |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
1.9% (2020 est.)[3] | |
Population below poverty line |
|
40.2 medium (2021, World Bank)[9] | |
Labor force | |
Labor force by occupation |
(2019)[14] |
Unemployment | |
Main industries |
|
Main export partners |
|
Imports | $43.13 billion (2018) automobiles 1.9% [16] |
Main import partners | |
FDI stock | |
−$2.414 billion (2017 est.)[5] | |
Gross external debt | $66.25 billion (31 December 2017 est.)[5] |
Public finances | |
25.4% of GDP (2017 est.)[5] | |
−3.1% (of GDP) (2017 est.)[5] | |
Revenues | 58.06 billion (2017 est.)[5] |
Expenses | 64.81 billion (2017 est.)[5] |
Economic aid | $27.267 million (2018 est.)[17] |
$63.83 billion (31 December 2017 est.)[5] | |
The economy of Peru is an
Peru's economy is dependent on commodity exports, making the economy at risk due to price volatility in the international markets. The Government of Peru displayed little interaction in the public sector throughout the nation's history since the economy frequently experienced commodities booms. The extraction of such commodities has brought conflict within the country due to its environmental and social impacts.[31]
Following the
Development in Peru increased following the 2000s commodities boom while government finances, poverty reduction and progress in social sectors improved.[31][38][32][39] The nation has more recently adopted the Lima Consensus, an economic ideology of neoliberalism, deregulation and free market policies that has made foreign portfolio investment in Peru attractive.[32][39][40] Inflation in 2012 was the lowest in Latin America at 1.8%,[41] with the most recent annual rate standing at 1.9% in 2020.[3] Though statistical poverty has decreased significantly – from nearly 60% in 2004 to 20.5% in 2018.
Peruvian economic performance has been tied to exports, which provide
History
Inca Empire
The Tahuantinsuyo (the Realm of the Four Parts), popularly known as the Inca Empire was the largest civilization which arose from the highlands of Peru sometime in the early 13th century. The last Inca stronghold was conquered by the Spanish in 1572.
The Inca Empire employed
Viceroyalty of Peru
The economy of the viceroyalty of Peru largely depended on the export of silver.
Prussian explorer Alexander von Humboldt first encountered guano in 1802 and started fertilizer research Callao in Peru, with his findings being reported throughout Europe.[56]
19th century
Guano Era
After winning independence from Spain on 28 July 1821, Peru was financially strapped. In addition, the economy suffered from the collapse of the silver mines.
War of the Pacific
Chile was devastated by the Long Depression economic crisis of the 1870s[60] and began looking for a replacement for its silver, copper and wheat exports.[61] It has been argued that Chile's economic situation and the prospect of new wealth in nitrates were the true reasons for the Chilean elite to go to war against Peru and Bolivia,[61][62][63] with most historians agreeing that the Chilean government's expansionist foreign policy and its ambitions to control Atacama's mineral wealth led to the conflict .[64][65][66]
Chile won the war and with the Treaty of Ancón of 1884, the War of the Pacific ended. Chile obtained half of Peru's guano income from the 1880s and its guano islands, with Chile taking control over the most valuable nitrogen resources in the world.[67] Chile's national treasury would increase 900% from 1879 to 1902 due to the newly acquired lands.[68] Meanwhile, Peru's reliance on commodity exports – which continued through its history – resulted the bankruptcy of its economy.[32] Peru would go on to approve the Grace Contract, which granted ownership of Peru's railroads to holders of sovereign debt, with the Peruvian government not issuing new sovereign debt until 1906.[69]
20th century
Amazon rubber boom
Into the twentieth century,
World War I and II eras
In the early 1910s, Peru enjoyed a growing economy due to mining and crop production, with a working class developing at the time.[74] Following the outbreak of World War I, international markets became turbulent and Peru experienced a recession and a series of coups occurred through the mid and late-1910s.[74] Augusto B. Leguía, a member of Peru's oligarchy, then took power through a coup and essentially assumed dictatorial powers, writing a new constitution; Leguía would often ignore the constitution through his acts, however.[74][75] Víctor Raúl Haya de la Torre founded the American Popular Revolutionary Alliance (APRA) calling for reforms, though Leguía quickly banned the party.[74] Leguía increased spending to modernize Peru, though this also raised national debt and with the addition of the Great Depression in 1929, he was overthrown soon-after in 1930 by Luis Miguel Sánchez Cerro.[74]
Sánchez announced a debt moratorium on US$180 million and Peru was banned from markets in the United States as a result.[74] The Sánchez government also continued the repression of APRA, resulting in an Aprista party member assassinating Sánchez.[74] Óscar R. Benavides was chosen by the constituent assembly to finish Sánchez's term and intensified persecution of left-wing groups, resulting in increased support for the Peruvian Communist Party (PCP) among indigenous and labor groups.[74] As Peru's economy grew, a banker in Lima, Manuel Prado Ugarteche, was elected into the presidency in the 1939 Peruvian general election.[74]
President Prado adopted a softer tone on APRA while Aprista leader Haya de la Torre also espoused more moderate policy and support for foreign markets.[74] APRA was made a legal party in 1945 and in José Luis Bustamante y Rivero was elected the same year, making an Aprista politician the Minister of the Economy.[74] Subsequently, the Bustamante greatly increasedeconomic interventionism to include price controls and a foreign exchange controls, which appeared beside a slowing economy, resulting in increased inflation.[74]
Military juntas and first Belaúnde government
Over the next two decades,
After a brief military government, Belaúnde won the 1963 Peruvian general election, with his government making modest improvements by increasing industrialization and constructing highways into the Andes.[74] Belaúnde held a doctrine called "The Conquest of Peru by Peruvians", which promoted the exploitation of resources in the Amazon and other outlying areas of Peru through conquest.[76] In one 1964 incident called the Matsé genocide, the Belaúnde administration targeted the Matsés after two loggers were killed, with the Peruvian armed forces and American fighter planes dropping napalm on the indigenous groups armed with bows and arrows, killing hundreds.[76][77] Belaúnde's economic measures were received with disapproval from rural and peasant Peruvians.[74] His government's reliance on resource exports, especially with the fishing industry, resulted in increased inflation and a growing deficit.[74] Amid this conflict, general Juan Velasco Alvarado overthrows the Belaúnde in the 1968 Peruvian coup d'état .[74]
Revolutionary Government of the Armed Forces
Velasco established the Revolutionary Government of the Armed Forces and it adopted a
Bermúdez in name led the Second Revolutionary Government of the Armed Forces, with his government introducing
The Lost Decade
In 1980, after twelve years of military rule, Fernando Belaúnde Terry was
Alan García was elected president in the 1985 Peruvian general election and the first Aprista president in over sixty years. His administration adopted a neo-structuralist economic policy, with the government funding the private sector to enhance economic performance, increasing welfare spending and instituting price controls; this resulted with temporary economic growth, though Peru's national debt grew dramatically.[34] By 1989, inflation reached almost 3,000 percent and 7,000 percent in 1990, with Peru experiencing a GDP loss of twenty-four percent in the last three years of García's tenure.[34] With the growing economic crisis and the terrorist Shining Path gaining territory in an armed conflict with the Peruvian government, the idea of a leader with a "heavy hand" became more attractive to Peruvians according to Gutiérrez Sanín and Schönwälder.[34]
The Peruvian armed forces grew frustrated with the inability of the García administration to handle the nation's crises and began to draft a plan to overthrow his government.
Fujimori government
During his campaigning for the 1990 election, Alberto Fujimori expressed concern against the proposed neoliberal policies of his opponent Mario Vargas Llosa.[80] Peruvian magazine Oiga reported that following the election, the armed forces were unsure of Fujimori's willingness to fulfill their objectives outlined in Plan Verde and it was reported that the meeting held a negotiatory meeting with him to ensure that Fujimori followed their direction.[35][81] After taking office, Fujimori abandoned the economic platform he promoted during his campaign, adopting more aggressive neoliberal policies than those espoused by Vargas Llosa, his competitor in the election.[82] Fujimori would go on to adopt many of the policies outlined in Plan Verde.[78][79] Fujimori ultimately served as president from 28 July 1990 to 17 November 2000.
Fujimori is often credited with defeating the
21st century
Lima Consensus
Initially established by the Fujimori administration, the Lima Consensus focused on
Following the
Sectors
Agriculture
Peru is a country with many climates and geographical zones that make it a very important agricultural nation. Peruvian agricultural exports are highly appreciated and include artichokes, grapes, avocados, mangoes, peppers, sugarcane, organic coffee and premium-quality cotton.
Peru is one of the 5 largest producers of avocado, blueberry, artichoke and asparagus, one of the 10 largest producers in the world of coffee and cocoa, one of the 15 largest producers in the world of potato and pineapple, and also has a considerable production of grape, sugarcane, rice, banana, maize and cassava; its agriculture is considerably diversified.[96]
In 2018, Peru produced 10.3 million tons of
Industry and services
Extraction
Fishing: Peru is an international leader in fishing, producing nearly 10 percent of the world's fish catch.
Mining is a major pillar of the Peruvian economy. In 2019, the country was the 2nd largest world producer of copper[98] and silver,[99] 8th largest world producer of gold,[100] 3rd largest world producer of lead,[101] 2nd largest world producer of zinc,[102] 4th largest world producer of tin,[103] 5th largest world producer of boron[104] and 4th largest world producer of molybdenum.[105] The country was once the world's largest producer of silver and was also one of the five largest gold producers in the world.
Manufacturing
Peru has developed a medium manufacturing sector. The sector now represents 23 percent of GDP and is tied heavily to mining, fishing, agriculture, construction and textiles. Manufacturing is mainly devoted to processing to gain a value-added advantage. The most promising sector is textiles, metal mechanics, food industry, agricultural industry, manufactures, chemicals, pharmaceuticals, machinery and services.
Services
Tourism has represented a new growth industry in Peru since the early 1990s, with the government and private sector dedicating considerable energies to boosting the country's tourist destinations both to Peruvians and foreigners.
Natural resources
Peru's natural resources are copper, silver, gold, timber, fish, iron ore, coal, phosphate, potash, and natural gas.
External trade and investment
Foreign investment and balance of payments
Foreign trade and balance of payments
In 2001 the current account deficit dropped to about 2.2% of GDP (
Foreign investment
The Peruvian government actively seeks to attract both foreign and domestic investment in all sectors of the economy. International investment was spurred by the significant progress Peru made during the 1990s toward economic, social, and political stability, but it slowed again after the government delayed privatizations and as political uncertainty increased in 2000. President Alejandro Toledo has made investment promotion a priority of his government. While Peru was previously marked by terrorism, hyperinflation, and government intervention in the economy, the Government of Peru under former President Alberto Fujimori took the steps necessary to bring those problems under control. Democratic institutions, however, and especially the judiciary, remain weak.
The Government of Peru's economic stabilization and liberalization program lowered trade barriers, eliminated restrictions on capital flows, and opened the economy to foreign investment, with the result that Peru now has one of the most open investment regimes in the world. Between 1992 and 2001, Peru attracted almost $17 billion in foreign direct investment, after negligible investment until 1991, mainly from Spain (32.35%),
Currency
The
The sol currently enjoys a low inflation rate of 2.5%.[41] Since it was put into use, the sol's exchange rate with the United States dollar has stayed mostly between 2.80 and 3.30 to 1. Out of all the currencies of the Latin American region, the sol is the most stable and reliable, being the least affected by the downturn in the value of the US dollar; during late 2007 and early 2008, the exchange rate fell to 2.69 to 1, which had not been seen since 1997. The exchange rate is set on a daily basis by the Banco Central de Reserva del Perú (Central Reserve Bank of Peru).
The sol is divided into 100 céntimos. The highest-denomination banknote is the 200 soles note; the lowest-denomination coin is the rarely used 5 céntimos coin.
Income and consumption
Peru divides its population into five socio-economic classes, A-E, with A representing the rich; B, the upper middle class; C, the middle class; D, the working class and low income families; and E, the marginalized poor. In 2018, the segments were described as "crude" by Miguel Planas of the Ministry of Finance due to the complicated structure of the society in Peru, where some classes make money off of illegal trade which aren't counted in the GDP, and are thus falsely classified as low income or marginalised poor families.
Employment
Unemployment in Greater Lima is 5.6%, while for the rest of Peru is 7%. FY 2012–2013[109]
Economic trends
Greater depth
From 1994 through 1998, under the government of Alberto Fujimori, the economy recorded robust growth driven by foreign direct investment, almost 46% of which was related to the privatization program. The government invested heavily on the country's infrastructure, which became a solid foundation for the future of the Peruvian economy.[
The year 2001 saw
Outlook
This section needs to be updated.(October 2011) |
The virtues of today's new multi-polar world for Peru are many. At 30 million people, Peru is neither too small to matter nor so big it is going to be a power in its own right. Midsized states, benefits from a world where it is no longer mandatory to pick a big-power patron.
With expanding ports loading up boats to China on one side, and a new superhighway to Brazil on the other, along with a free trade agreement with the United States in its hip pocket, Peru seems well-positioned to prosper in the coming years. But former President Toledo may not be hyperbolic when he worries the future stability of the state may depend on its willingness to distribute wealth more evenly.
Forecasts for the medium- and long-term remain highly positive. Peru's real GDP growth in 2007 was (8.3%) and largest in Latin America in 2008 was an outstanding 9.8%, the highest in the world.[112] Inflation remained low, at about 3%, while the budget surplus is expected to remain at about 1% of GDP.[citation needed] Private investment should keep growing at a rate of 15% a year.[citation needed] Exports and imports are expected to keep rising.[citation needed] The unemployment and underemployment indexes (5.2% and 34%, respectively, in Lima) should keep coming down as the economy grows[citation needed], other cities in Peru like Cajamarca, Ica, Cuzco and Trujillo are starting to show less unemployment nowadays.[citation needed] The country is likely to attract future domestic and foreign investment in tourism, agriculture, mining, petroleum and natural gas, power industries and financial institutions. According to the IMF and the World Bank, Peruvian GDP economic growth between 2007 and 2013 was:
In 2007 at 8.9%, in 2008 at 9.7%, in 2009 at 0.9%, in 2010 at 8.6%, in 2011 at 6.0%, in 2012 at 6,3% and in 2013 at 5.3%.
Therefore, Peruvian GDP grew in the 2007–2013 6 years period an outstanding net growth of 45.7% or a 7.61% yearly average. The IMF forecast for Peru's economic growth for the next 6 years 2013–2019 is a 7% yearly growth.
In FY 2011 for the first time since 1991 the size of the Peruvian economy surpassed the Chilean economy. Peru now is the fifth major economy in South America and is expected to become the fourth South American economy in 2018 by surpassing Venezuela.
Private investment reached 25% of the GDP in 2007, and has remained stable through 2010; and inflation is under control at an average 2% per year for the next 5 years. International Debt will reach 25% of the GDP by 2010, down from 35% in 2006, and will be only 12% of the GDP by 2015.[citation needed] The International Monetary Reserves of the National Reserve Bank (Dollar, Euro, Yen, Gold, and other currencies) reached US$27 billion by the end of 2007, and US$31 billion at the end of 2008. Currently reserves are at a US$73 billion level for end of FY 2013, which more than doubles the total foreign debt of Peru which is US$30 billion at the end of FY 2013.
Exports are growing at a pace of 25% and reached US$28 billion at the end of 2007 and US$30 billion at the end of 2010. In FY 2012 Peruvian exports reached a total of US$46 billion.
High technological investment is growing fast in Peru, and will be 10% of the GDP by 2010.[citation needed]
Narcotics
Background
Current trends
The Peruvian coca and cocaine industry is as huge as it is today because of advanced industrial nations’ demand for drugs. This high demand has created a framework of dependence on "coca-dollars" and on US drug policy.[117] Money from cocaine trafficking feeds local economies, supports inflation, and even causes social changes such as cocaine smoking among indigenous Peruvians.[118] Coca farming today is still a significant source of income for peasants, as it accounts for 48% of total net family income in the high coca-growing Apurímac River region.[119] In an effort to reduce drug use in America, for the past 50 years the US government together with the United Nations have been waging a war on drugs.[113] The US Drug Control Program maintains that "eliminating the cultivation of illicit coca and opium is the best approach to combating cocaine and heroin availability in the US."[120]
With US government cooperation, the Peruvian Government installed the National Plan for the Prevention and Control of Drugs in 1995.
Hurt economically by Peruvian Air Force interdiction efforts in the mid-1990s,[citation needed] drug traffickers are now using land and river routes as well as aircraft to transport cocaine paste and, increasingly, refined cocaine to consumers around and out of the country. The Air Bridge Denial Program was suspended in April 2001 after the Peruvian Air Force and strength of the U.S. DEA misidentified a civilian aircraft as a drug trafficker and shot it down, killing two American citizens on board. Peru continues to arrest drug traffickers and seize drugs and precursor chemicals, destroy coca labs, disable clandestine airstrips, and prosecute officials involved in narcotics corruption.
Working with limited aid of the
Effect on family economies
The anti-coca policies imposed in 1995 have had adverse effects on Peruvian's household economies. Many families dependent on coca farming have been forced to send their children to work as eradication of crops has decreased their household income.
Corruption
Peru is the 101st least corrupt country in the world according to Transparency International's Corruption Perceptions Index.
The Peruvian organization "Ciudadanos al Dia" has started to measure and compare transparency, costs, and efficiency in different government departments in Peru. It annually awards the best practices which has received widespread media attention. This has created competition among government agencies to improve.[123]
A recent case of corruption was the 2008 oil scandal.[citation needed]
Statistics
Main economic indicators
The following table shows the main economic indicators in 1980–2021 (with IMF staff stimtates in 2022–2027). Inflation below 5% is in green.[124]
Year | GDP
(in Bil. US$PPP) |
GDP per capita
(in US$ PPP) |
GDP
(in Bil. US$nominal) |
GDP per capita
(in US$ nominal) |
GDP growth
(real) |
Inflation rate
(in Percent) |
Unemployment
(in Percent) |
Government debt
(in % of GDP) |
---|---|---|---|---|---|---|---|---|
1980 | 53.9 | 3,111.3 | 20.2 | 1,164.8 | 7.7% | 59.1% | 7.3% | n/a |
1981 | 62.3 | 3,503.5 | 24.4 | 1,373.1 | 5.5% | 75.4% | 6.8% | n/a |
1982 | 65.9 | 3,618.9 | 24.3 | 1,332.5 | -0.3% | 64.5% | 6.4% | n/a |
1983 | 62.1 | 3,329.7 | 18.9 | 1,011.7 | -9.3% | 111.1% | 9.0% | n/a |
1984 | 66.8 | 3,498.4 | 19.4 | 1,018.8 | 3.8% | 110.2% | 8.9% | n/a |
1985 | 70.3 | 3,601.1 | 16.8 | 861.6 | 2.1% | 163.4% | 4.6% | n/a |
1986 | 80.4 | 4,026.1 | 25.2 | 1,263.7 | 12.1% | 77.9% | 5.3% | n/a |
1987 | 88.8 | 4,346.5 | 41.7 | 2,040.7 | 7.7% | 85.8% | 4.8% | n/a |
1988 | 83.3 | 3,987.4 | 33.0 | 1,579.5 | -9.4% | 667.0% | 4.2% | n/a |
1989 | 74.9 | 3,512.3 | 40.7 | 1,908.5 | -13.4% | 3398.3% | 7.9% | n/a |
1990 | 73.8 | 3,388.6 | 28.3 | 1,301.5 | -5.1% | 7481.7% | 8.3% | n/a |
1991 | 77.9 | 3,510.0 | 34.0 | 1,530.7 | 2.2% | 409.5% | 5.9% | n/a |
1992 | 79.3 | 3,501.8 | 35.4 | 1,562.6 | -0.5% | 73.5% | 9.4% | n/a |
1993 | 85.4 | 3,702.0 | 34.3 | 1,487.9 | 5.2% | 48.6% | 9.9% | n/a |
1994 | 98.0 | 4,169.0 | 43.2 | 1,839.2 | 12.3% | 23.7% | 8.8% | n/a |
1995 | 107.4 | 4,490.8 | 51.4 | 2,147.4 | 7.4% | 11.1% | 7.1% | n/a |
1996 | 112.5 | 4,619.6 | 53.4 | 2,193.7 | 2.8% | 11.5% | 7.2% | n/a |
1997 | 121.8 | 4,918.8 | 56.3 | 2,272.4 | 6.5% | 8.5% | 8.6% | n/a |
1998 | 122.7 | 4,873.1 | 53.9 | 2,141.1 | -0.4% | 7.3% | 6.9% | n/a |
1999 | 126.3 | 4,936.0 | 48.7 | 1,903.9 | 1.5% | 3.5% | 9.4% | n/a |
2000 | 132.6 | 5,105.1 | 50.4 | 1,940.2 | 2.7% | 3.8% | 7.8% | 44.9% |
2001 | 136.5 | 5,176.0 | 51.0 | 1,935.5 | 0.6% | 2.0% | 9.2% | 43.8% |
2002 | 146.2 | 5,466.1 | 54.0 | 2,017.8 | 5.5% | 0.2% | 9.4% | 45.5% |
2003 | 155.3 | 5,728.1 | 58.5 | 2,159.7 | 4.2% | 2.3% | 9.4% | 49.4% |
2004 | 167.3 | 6,093.4 | 66.1 | 2,408.1 | 5.0% | 3.7% | 9.4% | 46.7% |
2005 | 183.4 | 6,595.2 | 74.2 | 2,669.2 | 6.3% | 1.6% | 9.6% | 40.4% |
2006 | 203.3 | 7,222.1 | 87.5 | 3,106.7 | 7.5% | 2.0% | 8.5% | 34.9% |
2007 | 226.6 | 7,955.7 | 102.2 | 3,587.8 | 8.5% | 1.8% | 8.4% | 31.9% |
2008 | 252.0 | 8,748.4 | 121.3 | 4,209.0 | 9.1% | 5.8% | 8.4% | 28.0% |
2009 | 256.4 | 8,801.7 | 121.8 | 4,179.7 | 1.1% | 2.9% | 8.4% | 28.3% |
2010 | 281.1 | 9,541.6 | 148.9 | 5,055.5 | 8.3% | 1.5% | 7.9% | 25.3% |
2011 | 305.1 | 10,239.4 | 170.9 | 5,736.1 | 6.3% | 3.4% | 7.7% | 23.0% |
2012 | 318.4 | 10,567.0 | 193.1 | 6,407.6 | 6.1% | 3.7% | 6.8% | 21.1% |
2013 | 338.7 | 11,115.3 | 202.6 | 6,647.5 | 5.9% | 2.8% | 5.9% | 19.9% |
2014 | 349.9 | 11,356.0 | 202.9 | 6,584.0 | 2.4% | 3.2% | 5.9% | 20.6% |
2015 | 356.8 | 11,454.4 | 192.0 | 6,164.2 | 3.3% | 3.5% | 6.5% | 24.0% |
2016 | 378.5 | 12,019.8 | 195.5 | 6,207.4 | 4.0% | 3.6% | 6.7% | 24.3% |
2017 | 402.0 | 12,631.7 | 215.7 | 6,776.9 | 2.5% | 2.8% | 6.9% | 25.2% |
2018 | 428.0 | 13,307.2 | 226.8 | 7,051.6 | 4.0% | 1.3% | 6.7% | 26.0% |
2019 | 445.4 | 13,430.2 | 232.3 | 7,006.3 | 2.2% | 2.1% | 6.6% | 26.9% |
2020 | 401.1 | 11,975.3 | 205.8 | 6,145.0 | -11.0% | 1.8% | 13.9% | 35.0% |
2021 | 474.4 | 14,022.8 | 225.9 | 6,678.9 | 13.6% | 4.0% | 10.9% | 36.4% |
2022 | 521.8 | 15,273.2 | 239.3 | 7,004.8 | 2.7% | 7.5% | 7.6% | 34.8% |
2023 | 554.5 | 16,067.4 | 253.8 | 7,353.4 | 2.6% | 4.4% | 7.5% | 35.7% |
2024 | 584.2 | 16,762.7 | 266.8 | 7,655.6 | 3.2% | 2.5% | 7.4% | 35.7% |
2025 | 613.5 | 17,428.4 | 279.7 | 7,945.5 | 3.1% | 2.1% | 7.3% | 35.7% |
2026 | 644.0 | 18,111.8 | 293.2 | 8,246.5 | 3.0% | 2.0% | 7.2% | 35.2% |
2027 | 676.1 | 18,828.5 | 307.4 | 8,560.9 | 3.0% | 2.0% | 7.0% | 34.3% |
Household income or consumption by percentage share:
lowest 10%:
0.8%
highest 10%:
37.5% (2000)
Inflation rate (consumer prices): 2.08% (2010)
Budget:
revenues:
$57 billion (2014 est.)
expenditures:
$50 billion, including long-term capital expenditures of $3.8 billion (2010 est.)
Industrial production growth rate: 12% (2013 est.)
Electricity – production: 175,500 GWh (2013 est.)
Electricity – production by source:
natural gas:
44.53%
hydro:
54.79%
nuclear:
0%
other:
0.68% (2013)
Electricity – consumption: 133,000 GWh (2013)
Electricity – exports: 32,000 kWh (2013) mainly to Ecuador
Electricity – imports: 0 kWh (2013)
Agriculture – products: coffee, cotton,
; fishExports: 63.5 billion f.o.b. (2013 est.) of goods and products. 10.5 billion f.o.b. (2013 est.) of services. Total Exports $73.5 billion f.o.b. (2013) Exports: fish and fish products, copper,
Exports – partners: Mainland China 20%, United States 15%, European Union 15%, Brazil 10%, Chile 10%, Japan 5%, Mexico 5%, United Kingdom 5%, Bolivia 5% Rest of Latin America 5%, Rest of world 5%, (2013)
Imports: Total Imports $68 billion f.o.b. (2013)
Imports – commodities: machinery, transport equipment, foodstuffs, iron and steel, pharmaceuticals, electronics, petroleum and chemicals.
Imports – partners: Mainland China 25%, US 15%, European Union 15%, Brazil 10%, Japan 10%, Chile 5%, Colombia 5%, Mexico 5%, Ecuador 4%, Bolivia 1%, Rest of World 5% (2013).
Trade agreements
According to the Ministry of Foreign Trade and Tourism, Peru decided to negotiate trade agreements to consolidate the access of Peruvian exports to its most important markets by giving them permanent benefits unlimited in time and coverage as opposed to temporary commercial preferences given unilaterally by certain countries; a system that did not allow Peruvian exporters embark in long-term export-related investments.[125]
Economic Complementation Agreement |
FTA (Free Trade Agreement) currently in force
|
FTA (Free Trade Agreement) concluded |
FTA (Free Trade Agreement) in negotiation |
Peru – United States Trade Promotion Agreement
The
Peru looks to the agreement are to:
- Consolidate and extend the trade preferences under ATPDEA
- Attract foreign investment
- Generate employment
- Enhance the country's competitiveness within the region
- Increase workers' income
- Curb poverty levels
- Create and export sugar cane ethanol[145]
The United States looks to the agreement to:
- Improve access to goods and services
- Strengthen its investments
- Promote security and democracy
- Fight against drug trafficking
The U.S.-Peru agreement has faced criticism. In Peru, the treaty was championed by Toledo, and supported to different extents by former President Alan García and candidates Lourdes Flores and Valentín Paniagua. Ollanta Humala has been its most vocal critic. Humala's Union for Peru won 45 of 120 seats in Congress in 2006, the largest share by a single party, prompting debate on ratification of the agreement before the new legislature was sworn in. Some Congressmen-elect interrupted the debate after forcibly entering Congress in an attempt to stop the agreement ratification.[146]
One controversial element of the agreement relates to land resources. Laura Carlsen, of the Center for International Policy, who is also a contributor to Foreign Policy in Focus notes that "Indigenous organizations warn that this ruling effectively opens up 45 million hectares to foreign investment and timber, oil, and mining exploitation."[147]
However, most of the criticism of the agreement has focused on its potential impact on Peru's agricultural sector. By planting crops to similar to those subsidized by the U.S., Peru faced a competitive disadvantage in the production of agricultural products because poor farming families with inadequate tools, technology and techniques may not be able to produce crops at low enough prices to export. In response to these concerns, Peruvian lawmakers created a Compensation Fund which directed $34 million per year to cotton, maize/corn, and wheat producers for a five-year period to help them adjust to the new competitive pressures.[148]
Toledo is therefore a market-oriented politician who continued to globalize Peru's economy and is rumored to be getting ready for another run for president. Toledo says bluntly that unless the poorest in the country are better educated, better paid, housed, and fed, the Peruvian economic miracle will stall.
See also
- List of Peruvian regions by GDP
- List of Peruvian companies
- Peruvian sol
Notes
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Bibliography
- Cushman, G. T. (2005). "'The Most Valuable Birds in the World': International Conservation Science and the Revival of Peru's Guano Industry, 1909–1965". Environmental History. 10 (3): 477–509. hdl:1808/11737.
- Cushman, G. T. (2013). Guano and the opening of the Pacific world: a global ecological history. Cambridge University Press. ISBN 978-1-107-00413-9.
References
- Mark Weisbrot, Background on Peruvian Economy, Center for Economic and Policy Research, April 2006
- CIA factbook
External links
- World Bank Summary Trade Statistics Peru
- Tariffs applied by Peru as provided by ITC's ITC Market Access Map[permanent dead link], an online database of customs tariffs and market requirements