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Ancient Peru was the seat of several prominent Andean civilizations, most notably that of the Incas whose empire was captured by the Spanish conquistadors in 1533. Peruvian independence was declared in 1821, and remaining Spanish forces were defeated in 1824. After a dozen years of military rule, Peru returned to democratic leadership in 1980, but experienced economic problems and the growth of a violent insurgency. President Alberto FUJIMORI's election in 1990 ushered in a decade that saw a dramatic turnaround in the economy and significant progress in curtailing guerrilla activity. Nevertheless, the president's increasing reliance on authoritarian measures and an economic slump in the late 1990s generated mounting dissatisfaction with his regime, which led to his ouster in 2000. A caretaker government oversaw new elections in the spring of 2001, which ushered in Alejandro TOLEDO Manrique as the new head of government - Peru's first democratically elected president of Native American ethnicity. The presidential election of 2006 saw the return of Alan GARCIA Perez who, after a disappointing presidential term from 1985 to 1990, has overseen a robust macroeconomic performance. In June 2011, former army officer Ollanta HUMALA Tasso was elected president, defeating Keiko FUJIMORI Higuchi, the daughter of Alberto FUJIMORI. Since his election, HUMALA has carried on the sound, market-oriented economic policies of the three preceeding administrations.


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Economy

Economy - overview
Peru's economy reflects its varied geography - an arid coastal region, the Andes further inland, and tropical lands bordering Colombia and Brazil. Important mineral resources are found in the mountainous and coastal areas, and Peru's coastal waters provide excellent fishing grounds. The Peruvian economy has been growing by an average of 6.4% per year since 2002 with a stable/slightly appreciating exchange rate and low inflation. Growth in 2010 was close to 9% and in 2011 almost 7%, due partly to a leap in private investment, especially in the extractive sector, which accounts for more than 60% of Peru's total exports. At 3.4%, inflation in 2011 exceeded somewhat the upper range of the Central Bank's 1%-3% target. Despite Peru's strong macroeconomic performance, dependence on minerals and metals exports and imported foodstuffs subjects the economy to fluctuations in world prices. Poor infrastructure hinders the spread of growth to Peru's non-coastal areas. Peru's rapid expansion coupled with cash transfers and other programs have helped to reduce the national poverty rate by 23 percentage points since 2002. A growing number of Peruvians are sharing in the benefits of growth but inequality persists posing a challenge for the new Ollanta HUMALA administration, which has championed indigenous and local disenfranchised groups. The administration seems committed to Peru's free-trade path. Since 2006, Peru has signed trade deals with the US, Canada, Singapore, China, Korea, Mexico, and Japan, concluded negotiations with the European Free Trade Association and Chile, and begun trade talks with Central American countries and others. The US-Peru Trade Promotion Agreement entered into force 1 February 2009, opening the way to greater trade and investment between the two economies. Trade agreements with South Korea, Japan, and Mexico also were signed in 2011. Although Peru has continued to attract foreign investment, political disputes and protests may impede development of some projects related to natural resource extraction.

Gdp (purchasing power parity) World Ranking: 41
$305.8 billion (2011 est.)
$286.1 billion (2010 est.)
$262.9 billion (2009 est.)
Note Data are in 2011 US dollars

Gdp (official exchange rate)
$173.5 billion (2011 est.)

Gdp - real growth rate World Ranking: 32
6.9% (2011 est.)
8.8% (2010 est.)
0.9% (2009 est.)

Gdp - per capita (ppp) World Ranking: 110
$10,200 (2011 est.)
$9,700 (2010 est.)
$9,000 (2009 est.)
Note Data are in 2011 US dollars

Gdp - composition by sector
Agriculture 8%
Industry 38%
Services 54% (2011 est.)

Labor force World Ranking: 39
15.9 million
Note
Individuals older than 14 years of age (2011 est.)

Labor force - by occupation
Agriculture 0.7%
Industry 23.8%
Services 75.5% (2005)

Unemployment rate World Ranking: 93
7.9% (2011 est.)
6.6% (2010 est.)
Note
Data are for metropolitan Lima; widespread underemployment

Population below poverty line
31.3% (2010 est.)

Household income or consumption by percentage share
Lowest 10% 1.4%
Highest 10% 36.1% (2010 est.)

Distribution of family income - gini index World Ranking: 35
46 (2010)
51 (2005)

Investment (gross fixed) World Ranking: 38
25.6% of GDP (2011 est.)

Budget
Revenues $35.8 billion
Expenditures $32.6 billion (2011 est.)

Taxes and other revenues World Ranking: 158
20.6% of GDP (2011 est.)

Budget surplus (+) or deficit (-) World Ranking: 26
1.8% of GDP (2011 est.)

Public debt World Ranking: 121
19.9% of GDP (2011 est.)
21.9% of GDP (2010 est.)
Note
Data cover general government debt, and includes debt instruments issued by government entities other than the treasury; the data exclude treasury debt held by foreign entities; the data include debt issued by subnational entities

Inflation rate (consumer prices) World Ranking: 75
3.4% (2011 est.)
1.5% (2010 est.)
Note
Data are for metropolitan Lima, annual average

Central bank discount rate World Ranking: 93
5.05% (31 December 2011)
3.8% (31 December 2010)

Commercial bank prime lending rate World Ranking: 169
18.68% (31 December 2011 est.)
3.63% (31 December 2010 est.)
Note Domestic currency lending rate

Stock of narrow money World Ranking: 63
$25.35 billion (31 December 2011 est.)
$21.69 billion (31 December 2010 est.)

Stock of broad money World Ranking: 61
$71.81 billion (31 December 2011 est.)
$56.76 billion (31 December 2010 est.)

Stock of domestic credit World Ranking: 69
$33.76 billion (31 December 2011 est.)
$28.24 billion (31 December 2010 est.)

Market value of publicly traded shares World Ranking: 36
$121.6 billion (31 December 2011)
$160.9 billion (31 December 2010)
$107.3 billion (31 December 2009)

Agriculture - products
Asparagus, coffee, cocoa, cotton, sugarcane, rice, potatoes, corn, plantains, grapes, oranges, pineapples, guavas, bananas, apples, lemons, pears, coca, tomatoes, mangoes, barley, medicinal plants, palm oil, marigold, onion, wheat, dry beans; poultry, beef, pork, dairy products; guinea pigs; fish

Industries
Mining and refining of minerals; steel, metal fabrication; petroleum extraction and refining, natural gas and natural gas liquefaction; fishing and fish processing, cement, glass, textiles, clothing, food processing, beer, soft drinks, rubber, machinery, electrical machinery, chemicals, furniture

Industrial production growth rate World Ranking: 64
5% (2011 est.)

Electricity - production World Ranking: 58
38.7 billion kWh (2011 est.)

Electricity - consumption World Ranking: 57
34.25 billion kWh (2011 est.)

Electricity - exports
0 kWh (2011 est.)

Electricity - imports
6 million kWh (2011 est.)

Oil - production World Ranking: 44
152,700 bbl/day (2011 est.)

Oil - consumption World Ranking: 58
189,000 bbl/day (2010 est.)

Oil - exports World Ranking: 71
73,280 bbl/day (2009 est.)

Oil - imports World Ranking: 67
88,080 bbl/day (2010 est.)

Oil - proved reserves World Ranking: 49
532.7 million bbl (1 January 2011 est.)

Natural gas - production World Ranking: 25
31.12 billion cu m (2011)

Natural gas - consumption World Ranking: 65
3.65 billion cu m (2010)

Natural gas - exports World Ranking: 30
3.59 billion cu m
Note
In 2010 Peru became a net exporter of LNG (2010 est.)

Natural gas - imports World Ranking: 112
0 cu m (2011)

Natural gas - proved reserves World Ranking: 36
345.5 billion cu m (1 January 2011 est.)

Current account balance World Ranking: 148
-$2.267 billion (2011 est.)
-$2.625 billion (2010 est.)

Exports World Ranking: 59
$46.27 billion (2011 est.)
$35.56 billion (2010 est.)

Exports - commodities
Copper, gold, lead, zinc, tin, iron ore, molybdenum, silver; crude petroleum and petroleum products, natural gas; coffee, asparagus and other vegetables, fruit, apparel and textiles, fishmeal, fish, chemicals, fabricated metal products and machinery, alloys

Exports - partners
China 18.4%, US 15.3%, Canada 11.5%, Japan 5.6%, Spain 5.4%, Chile 4.8%, South Korea 4.6%, Germany 4.1% (2010 est.)

Imports World Ranking: 60
$36.97 billion (2011 est.)
$28.82 billion (2010 est.)

Imports - commodities
Petroleum and petroleum products, chemicals, plastics, machinery, vehicles, color TV sets, power shovels, front-end loaders, telephones and telecommunication equipment, iron and steel, wheat, corn, soybean products, paper, cotton, vaccines and medicines

Imports - partners
US 24.7%, China 13.8%, Brazil 6.7%, Chile 6%, Ecuador 4.4%, South Korea 4.1% (2010 est.)

Reserves of foreign exchange and gold World Ranking: 36
$48.93 billion (31 December 2011 est.)
$44.21 billion (31 December 2010 est.)

Debt - external World Ranking: 65
$36.98 billion (31 December 2011 est.)
$36.27 billion (31 December 2010 est.)
Note
Public debt component of total: $20.6 billion (31 December 2009)

Stock of direct foreign investment - at home World Ranking: 55
$51.57 billion (31 December 2011 est.)
$44.02 billion (31 December 2010 est.)

Stock of direct foreign investment - abroad World Ranking: 68
$2.205 billion (31 December 2011 est.)
$2.095 billion (31 December 2010 est.)

Exchange rates
Nuevo sol (PEN) per US dollar -
2.7541 (2011 est.)
2.8251 (2010 est.)
3.0115 (2009)
2.91 (2008)
3.1731 (2007)

Fiscal year
Calendar year


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  Peru (Lima):


  GPS points from Peru (Lima)

Isla Grande Departamento De Puno

Quebrada Pozo Departamento De Lima

Pampas De La Bella Union Departamento De Arequipa

Cerro Condorsana Departamento De Arequipa

Huanca Huasi Huanuco

El Rincon Departamento De Tumbes


Quebrada Cerro Prieto Departamento De Piura




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