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Peru – Important Facts

Peru is a country in South America. It has a coastline on the Pacific Ocean and is bordered by Bolivia, Brazil, Chile, Colombia, and Ecuador. The Andes Mountains run parallel to the Pacific Ocean. Many Peruvian rivers originate in the peaks, and eastern lowlands contain tropical forests which are part of the Amazon basin. The government system is a constitutional republic; the chief of state and the head of government is the president. Peru has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. Peru is a member of the Andean Community (ANCOM), the Asia-Pacific Economic Cooperation (APEC), and the Trans-Pacific Partnership (TPP).

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, services and 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. China has become Peru’s largest trading partner following a free trade agreement with the People´s Republic of China signed on April 28, 2009 additional free trade agreements have being signed with the United States of America (2006) free trade agreement with the United States signed on April 12, 2006, the European Union June 26, 2012.The EU and Peru Sign Trade Promotion Agreement, with Japan free trade agreement with the constitutional monarchy of Japan signed on May 31, 2011.

The Peruvian economy grew by an average of 5.6% from 2009-13 with a stable exchange rate and low inflation, which in 2013 was just below the upper limit of the Central Bank target range of 1% to 3%. This growth was due partly to high international prices for Peru’s metals and minerals exports, which account for almost 60% of the country’s total exports. Growth slipped in 2014 and 2015, due to weaker world prices for these resources. Despite Peru’s strong macroeconomic performance, dependence on minerals and metals exports and imported foodstuffs makes the economy vulnerable to fluctuations in world prices.

Important Details

  • Country ISO3 : PER
  • Country Code : 604
  • Income Group : Upper middle income
  • Lending Category : IBRD
  • Region : Latin America & Caribbean
  • Currency Unit: Peruvian new sol
  • WTO Member : Yes
  • Trade organisations : WTO
  • world rank : 49
  • Regional Ranking : 9th in the South and Central America/Caribbean Region