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PERU ECONOMY

Economy—overview: The Peruvian economy has become increasingly market-oriented with major privatizations completed since 1990 in the mining electricity and telecommunications industries. In the 1980s the economy suffered from hyperinflation declining per capita output and mounting external debt. Peru was shut off from IMF and World Bank support in the mid-1980s because of its huge debt arrears. An austerity program implemented shortly after the FUJIMORI government took office in July 1990 contributed to a third consecutive yearly contraction of economic activity but the slide came to a halt late that year and in 1991 output rose 2.4%. After a burst of inflation as the austerity program eliminated government price subsidies monthly price increases eased to the single-digit level and by December 1991 dropped to the lowest increase since mid-1987. Lima obtained a financial rescue package from multilateral lenders in September 1991 although it faced $14 billion in arrears on its external debt. By working with the IMF and World Bank on new financial conditions and arrangements the government succeeded in ending its arrears by March 1993. In 1992 GDP fell by 2.8% in part because a warmer-than-usual El Nino current resulted in a 30% drop in the fish catch but the economy rebounded as strong foreign investment helped push growth to 7% in 1993 about 13% in 1994 and 6.8% in 1995. Growth slowed to about 2.8% in 1996 as the government adopted tight fiscal and monetary policy to reduce the current account deficit and meet its IMF targets. Growth then rebounded to 7.3% in 1997 even as inflation fell to its lowest level in 23 years. Capital inflows surged to record levels in early 1997 and have remained strong despite economic shocks stemming from the Asian financial crisis and the El Nino weather events.
GDP: purchasing power parity—$110.2 billion (1997 est.)
GDP—real growth rate: 7.3% (1997 est.)
GDP—per capita: purchasing power parity—$4 420 (1997 est.)
GDP—composition by sector:
agriculture: 14%
industry: 41%
services: 45% (1996)
Inflation rate—consumer price index: 6.7% (1997 est.)
Labor force:
total: 7.6 million (1996 est.)
by occupation: agriculture mining and quarrying manufacturing construction transport services
Unemployment rate: 8.2%; extensive underemployment (1996)
Budget:
revenues: $8.5 billion
expenditures: $9.3 billion including capital expenditures of $2 billion (1996 est.)
Industries: mining of metals petroleum fishing textiles clothing food processing cement auto assembly steel shipbuilding metal fabrication
Industrial production growth rate: 1.2% (1996)
Electricity—capacity: 4.187 million kW (1995)
Electricity—production: 15.6 billion kWh (1995)
Electricity—consumption per capita: 648 kWh (1995)
Agriculture—products: coffee cotton sugarcane rice wheat potatoes plantains coca; poultry red meats dairy products wool; fish catch of 6.9 million metric tons (1990)
Exports:
total value: $5.9 billion (f.o.b. 1996)
commodities: copper zinc fishmeal crude petroleum and byproducts lead refined silver coffee cotton
partners: US 20% Japan 7% UK 7% China 7% Germany 5% (1996)
Imports:
total value: $9.2 billion (f.o.b. 1996)
commodities: machinery transport equipment foodstuffs petroleum iron and steel chemicals pharmaceuticals
partners: US 31% Colombia 7% Chile 6% Venezuela 6% UK 6% (1996)
Debt—external: $25.7 billion (1996 est.)
Economic aid:
recipient: ODA $363 million (1993)
Currency: 1 nuevo sol (S/.) = 100 centimos
Exchange rates: nuevo sol (S/.) per US$1—2.750 (January 1998) 2.664 (1997) 2.453 (1996) 2.253 (1995) 2.195 (1994) 1.988 (1993)
Fiscal year: calendar year

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