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Peru: Economy

Economy Peru
Economy - overview:
Thanks to foreign investment and the cooperation between the government and the IMF and World Bank, growth was strong in 1994-97 and inflation was brought under control. In 1998, El Nino's impact on agriculture, the financial crisis in Asia, and instability in Brazilian markets undercut growth. The following year was again lean year for Peru, with the aftermath of El Nino and the Asian financial crisis working its way through the economy. Political instability resulting from the presidential election and FUJIMORI's subsequent departure from office limited growth in 2000. The downturn in the global economy further curtailed growth in 2001. President TOLEDO, who assumed the presidency in July 2001, has been working to reinvigorate the economy and reduce unemployment. Economic growth in 2002 is estimated at 4.8%, led by construction in the retail and gas sectors.
GDP:
purchasing power parity - $138.8 billion (2002 est.)
GDP - real growth rate:
5.3% (2002 est.)
GDP - per capita:
purchasing power parity - $5,000 (2002 est.)
GDP - composition by sector:
agriculture: 10%
industry: 27%
services: 63% (2001 est.)
Population below poverty line:
50% (2000 est.)
Household income or consumption by percentage share:
lowest 10%: 1.6%
highest 10%: 35.4% (1996)
Distribution of family income - Gini index:
46.2 (1996)
Inflation rate (consumer prices):
0.2% (2002 est.)
Labor force:
7.5 million (2000 est.)
Labor force - by occupation:
agriculture, mining and quarrying, manufacturing, construction, transport, services
Unemployment rate:
9.4%; widespread underemployment (2002 est.)
Budget:
revenues: $10.4 billion
expenditures: $10.4 billion, including capital expenditures of $NA (2002 est.)
Industries:
mining of metals, petroleum, fishing, textiles, clothing, food processing, cement, auto assembly, steel, shipbuilding, metal fabrication
Industrial production growth rate:
6.5% (2002 est.)
Electricity - production:
20.59 billion kWh (2001)
Electricity - production by source:
fossil fuel: 14.5%
hydro: 84.7%
other: 0.8% (2001)
nuclear: 0%
Electricity - consumption:
19.15 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
95,100 bbl/day (2001 est.)
Oil - consumption:
161,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
614.7 million bbl (37257)
Natural gas - production:
370 million cu m (2001 est.)
Natural gas - consumption:
370 million cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
245.1 billion cu m (37257)
Agriculture - products:
coffee, cotton, sugarcane, rice, wheat, potatoes, corn, plantains, coca; poultry, beef, dairy products, wool; fish
Exports:
$7.6 billion f.o.b. (2002 est.)
Exports - commodities:
fish and fish products, gold, copper, zinc, crude petroleum and byproducts, lead, coffee, sugar, cotton
Exports - partners:
US 28.1%, China 10.5%, UK 7%, Switzerland 6.1%, Japan 5.6% (2002)
Imports:
$7.3 billion f.o.b. (2002 est.)
Imports - commodities:
machinery, transport equipment, foodstuffs, petroleum, iron and steel, chemicals, pharmaceuticals
Imports - partners:
US 26.1%, Chile 7.9%, Spain 5.1%, Colombia 5%, Brazil 4.7%, Venezuela 4.7%, Argentina 4.3% (2002)
Debt - external:
$29.2 billion (2002 est.)
Economic aid - recipient:
$895.1 million (1995)
Currency:
nuevo sol (PEN)
Currency code:
PEN
Exchange rates:
nuevo sol per US dollar - 3.52 (2002), 3.51 (2001), 3.49 (2000), 3.38 (1999), 2.93 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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