View the information below regarding the economy of Peru. The summary and statistics contains
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Peru Country Page.
GDP (est.): $56.9 billion (current dollars).
Annual growth rate: 5.3%.
Per capita GDP: $2,126 (current dollars).
Inflation rate: 0.2% (annual average).
Natural resources: Minerals, metals, fish, petroleum, natural gas, and forests.
Agriculture (10% of GDP): Products--sugar, potatoes, rice, yellow corn, cotton, coffee, poultry, beef, milk.
Manufacturing (26.5% of GDP): Types--fish meal, nonferrous ores and metals, steel, textiles, chemicals, wood, nonmetallic minerals, cement, paper, petroleum products.
Trade: 14.2% of GDP. Other services: 40.9% of GDP Exports--$7.6 billion f.o.b.: gold, copper, fishmeal, textiles, zinc, lead, coffee, and petroleum products. Major markets--US 25.8%, U.K .11.5%, China 7.9%, Switzerland 7.4%, Japan 4.9%, Germany 3.3%, Chile 3.3%, Spain 3.1%. Imports--$7.5 billion c.i.f.: machinery and parts, cereals, chemicals, pharmaceuticals, crude oil and petroleum products, mining equipment, household appliances and automobiles. Major suppliers--U.S. 18.9%, Chile 5.6%, Argentina 8.0%, Brazil 6.5%, China 6.2%, Colombia 6.1%, Ecuador 5.9%,Japan 5.4%. (2001).
Economy of Peru
During the 1990s, Peru was transformed by market-oriented economic reforms and privatizations, and met many conditions for long-term growth. From 1994 through 1997, the economy recorded robust growth driven by foreign direct investment. The economy stagnated from 1998 through 2001, the result of an "El Niño" weather phenomenon, global financial turmoil, and other factors. Growth strengthened to 3.1% in 2000. The collapse of the Fujimori government and ensuing political instability deterred investment, however, and GDP grew only .2% in 2001. Upon taking office, President Alejandro Toledo , maintained largely orthodox economic policies, and took measures to attract investment. The government brought the deficit down to 2.5% of GDP in 2001, and 2.2% of GDP for 2002. Peru’s economy recovered dynamically in 2002, which saw GDP growth of 5.2%. This growth has continued into 2003, with GDP likely to expand 4.0% for the year. GDP currently is $61 billion, in a country of 27.1 million. Banking, retail services, agriculture, mining and manufacturing are key sectors. Inflation is under 2%, with a stable currency and 9.1% unemployment. The fiscal deficit is in control, and likely to meet the IMF target of 1.9% of GDP. Foreign reserves grew over $1 billion in 2002, and are near $9.8 billion. External debt equals 48.5% of GDP.