Economy of Peru
Peru is classified as upper middle income by the World Bank and is the 39th largest in the world by total GDP. Peru is one of the world's fastest-growing economies with a 2012 GDP growth rate of 6.3%. It currently has a high human development index of 0.741 and per capita GDP above $12,000 by PPP.
All of these factors have enabled Peru to make great strides in development, with improvement in government finances, poverty reduction and progress in social sectors. Poverty has decreased dramatically in the past decade, from nearly 60% in 2004 to 25.8% in 2012.
Peruvian economic performance has been tied to exports, which provide hard currency to finance imports and external debt payments. Peru's main exports are copper, gold, zinc, textiles, chemicals, pharmaceuticals, manufactures, machinery, servicesand fish meal; its major trade partners are the United States, China, Brazil, European Union and Chile. Although exports have provided substantial revenue, self-sustained growth and a more egalitarian distribution of income have proven elusive.
Services account for 43% of Peruvian gross domestic product, followed by manufacturing (32.3%), extractive industries (15%), and taxes (9.7%). Recent economic growth has been fueled by macroeconomic stability, improved terms of trade, and rising investment and consumption.
Inflation in 2012 was the lowest in Latin America at only 1.8%, but increased in 2013 as oil and commodity prices rose; as of 2014 it stands at 2.5%. The unemployment rate has fallen steadily in recent years, and as of 2012 stands at 3.6%.SectorsAgriculture
Peru is a country with many climates and geographical zones that make it a very important agricultural nation. Peru agricultural exports are highly appreciated and include artichokes, grapes, avocados, mangoes, peppers, sugarcane, organic coffee and premium-quality cotton.Industry and servicesExtraction
Fishing: Peru is an international leader in fishing, producing nearly 10 percent of the world's fish catch.
Mining in Peru: Peru ranks fifth worldwide in gold production (first in Latin America), second in copper, and is among the top 5 producers of lead and zinc. 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.
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