Economy of Peru

Industry: 32.1 % Services 59.7 % (2009 )

Industry: 23.8 % Services 75.5 % (2005)

Macroeconomic data

For Peru, one of the fastest growing countries in Latin America, a growth of 6 % ​​% is expected for 2014. Growth at 5.1% and the inflation rate from 2.8 to 2.9 % this year was. The balance was in 2013 at 0.4 % of GDP, it is the only country in Latin America with a positive value. Peru has the third largest economic growth ( Paraguay and Bolivia ) .. The GDP of Peru is, according to the FMI in 2010 to U.S. $ 4,950 per capita. The expected inflation rate for 2014 at 2.4 %. Officially there is an unemployment rate of 6% ( 2013) but 68.6 % of the working conditions are not included in the statistics ( see Article Peru - shadow economy). The majority of workers in Peru is in no pension insurance account of the underground economy could GDP almost twice that fail ( U.S. $ 7.821/per capita ).

Economic Historical Development

During the twelve years of military dictatorship from 1968 to 1980 the economy had to endure several attempts at reform over him. Due to the unprofessional conduct and corruption, these experiments led to the gradual ruin of the country. Then changed nationalization and privatization of government -to-government, which was counteracted by the development of a functioning economy. At the beginning of the 1980s, foreign investors were allowed into the country to promote the extraction of mineral resources. Large-scale development projects in the field of agricultural irrigation have been realized with international help. The increase in agricultural production in the highland Indians and the domestic industries, the decentralization of the economy, the control of monopolies and new labor laws could be realized only to a small extent. Governmental, economic and financial crises rocked the country, led to an enormous reduction in industrial production and purchasing power. The result was an inflation rate of 7000 % at the beginning of the year 1990.

Under President Alberto Fujimori, the prices were released and completely free yourself of the market to foreign investors. The external tariffs were reduced from 100 % to 12 %. Through these measures, Peru reached a true economic miracle. As early as 1994, economic growth was over 12% and was thus the highest in South America. With the privatization and sale of unprofitable state-owned enterprises ( mining company Hierroperú and airline AeroPeruan ) to foreign investors was also filled up the ailing state coffers. The Compania Peruana de Teléfonos EntelPerú and passed to the Spanish company Telefónica. This meant that North American companies and European companies partially control the market a monopoly. Peru's economy is based mainly on agriculture, forestry, fisheries, electricity generation, natural resources, petroleum and tourism.

Agriculture

Agriculture is the basis of the economy. The share of the gross domestic product has been significantly reduced, but it still work 33 % of all employees in the agricultural sector. About a quarter of the area of Peru can be termed as agricultural land. As arable land but only 2.5 % are used. The agricultural exports in 2012 amounted to U.S. $ 4,000 million. As for the products concerned, introduced between traditional ( coffee) and not long ago, products ( asparagus, grapes, etc.) are distinguished. 2011 1.300 million $ of coffee were exported even for U.S.. By red rot caused went last year (2013 ) this number back. Main customers are Germany, where exports in 2013 went back to 30.2 %, the United States, where exports grew by 23.2 % and Belgium, where the export also went back to 50.5%. in the case of Colombia the export went back most ( 73.1 %). Overall, exports of traditional agricultural products amounted to U.S. $ 713 million .. For U.S. $ 2,933.1 were non-traditional agricultural goods exported (the numbers are only valid for the first 11 months of 2013). This corresponds to a growth of 8.1. These agricultural exports of asparagus has a share of 18.2 (U.S. $ 532.7 million ), followed by fresh grapes, avocados and mangoes. The biggest buyers of agricultural exports were 27.9 %, the United States (U.S. $ 1.017 million ), followed by Holland with a volume of 401.9 million U.S. $. In Colombia's case, the export went back most ( 73.1 %). Overall, exports of traditional agricultural products amounted to U.S. $ 713 million .. main growing area for rice and sugar cane is the northern Costa, where extensive areas managed by artificial irrigation. In large areas of the Selva subsistence farming is operated mostly. A large part of fruits delivers the Amazon region. Coffee, dill and sugar cane harvested in irrigated farms and mostly exported. On large plantations of coca is grown legally and from the famous Coca Tea Mate de Coca produced. It is estimated that 85 % of the harvest for the illegal production are determined. The area under cultivation of this plant is about 1210 km ², thus Peru is the world's second largest Kokaproduzent.

Forestry

More than half of the land area of Peru is covered with forest. The trees will not be entertained, but only cut down. Although there are laws and parts of the Amazon region are nature reserves, but that hardly anyone cares. Again and again it comes to illegal felling that allows a majority of the Indians survival. The main area of ​​lumber lies on the eastern slope of the Andes and the Amazon region.

Fishing

The fishing and its processing is among the major export sectors of Peru. The Peruvian Pacific coast is one of the richest fishing areas in the world. So Peru had in 1970 contributed a total catch of around 12 million tons to more than 20% of the total landings in the world of sea fishing. Peru was thus fishing nation number one. In the 1990s, extensive fishing licenses were awarded to Japanese companies overfished the whole area, so that production is falling. You can fish almost exclusively anchovies, anchovy one who lives in the surface water.

Mineral resources

For more than two thousand years gold, silver and copper are mined in Peru. During the colonial period put the mother country Spain on the precious metals value to finance the enormous expenditure. Today, the main mining areas are in foreign hands and make Peru one of the most important mining nations in the world. The export of ores accounts for 60% of total export earnings. The mining industry has to export earnings accounted for 60 % and contributes 20 % to the tax revenues at .. The main products are copper (second largest producer in the world ), gold ( the sixth largest producer in the world ), zinc, silver (largest producer in the world ), lead and iron ore. In addition, even antimony, chromium, cadmium, cobalt, magnesium, manganese, molybdenum, mercury, nickel, selenium, tellurium, uranium, vanadium, bismuth and tungsten promoted. At nonmetals rock crystal, borax, lignite, Dumorierita, feldspar, gypsum, mica, graphite, nepheline, phosphates, nitric, sulfuric, barite, coal and salt are obtained. These minerals are often in open cast mines, but also in mines at altitudes above 5000 m. The Peruvian mining center of La Oroya ranks among the places with the greatest environmental impact.

Tourism

As a powerful and growing economic factor, tourism has developed. Due to the civil war-like conditions in the middle of the 1980s stagnated tourism. In the 1990s, this trend was reversed and now contributes much more important and stable range to the economy. In 2011, tourism is the third largest foreign exchange earner of Peru was .. Overall gave the Tourism 2011 revenues of 2,247 million U.S. $. The Domestic tourism accounts for about 65 % ( 2013). In 2013 came to 12.3% more foreign tourists, in 2012 there were 3.2 million, 3.6 million are expected in 2014. 47% of tourists come from Latin America, mainly from Chile ..

Petroleum

In the northern coast and in the Amazon Basin crude oil is produced. 1977, a 900- km pipeline from the Amazon region was built at the port city Bayóvar to transport the crude oil from the inaccessible jungle in the industrial area. To export the oil occupies only a minor role, but is important for the Peruvian industry. The production of natural gas and crude oil in the Amazon has been working for years for conflict between the Peruvian government and the affected indigenous communities.

Energy

Main energy source is hydroelectric power. Methods of alternative energy do not play a major role. The proportion of biomass amounts to 0.4 %, the solar energy comes to 0.6%. A first wind power plant will be operational in 2014. Since the 80s, the Instituto Peruano de Energia Nuclear operates in Huarangai a 10 MW research reactor, which is used for the production of radiopharmaceuticals for cancer treatment. The facility, originally a joint project with Argentina, is the most powerful in Latin America .. In the last 20 years, the energy sector has grown 8% annually, d. h supply and demand has doubled every nine years. In the year 2013 1500 MW more electricity. 2016, provided that 96 % of the country is supplied with electric current ( compared to 87 % currently (2013 ) ).

Industry

The industry is concentrated around the coastal towns of Lima, Chimbote, Chiclayo and Trujillo. The most important sectors are food and beverage production, sugar cane processing, fish meal production, textile industry, chemical industry processing and preparation of Ore. The craft enterprises for the processing of wool, cotton, jute, hides and skins are located in the interior and in the Amazon region. About 800 small and medium-sized enterprises active in this sector. Countless family farms sustain the economy as an important factor. In the food sector, the production of beverages, dairy products, vegetable oils and meat and canned fish is significant. A rising share assume the chemical industry with a fertilizer, synthetic fibers and pharmaceutical products., And manufacturers in exporting a share of only 22 % off ( U.S. $ 5,359 million for 2010).