Peru, Why is it one of the regional economic growth leaders?


Peru continues its economic boom with an ongoing GDP growth, from 51.7 billion in 2000 to 222 billion dollars in 2018, according to the latest data published by the World Bank.

Thanks to export growth and macroeconomic stability, during the period 2006-2018 the GDP per capita has been doubled (14,418 dollars in 2018) and the poverty rate has been reduced by more than a half.


Key takeaways

GDP per capita 14,418 dollars (2018)

Population 32.4 million inhabitants

Trade balance surplus 2.7 billion (2019)

Foreign direct investment (FDI) 6.48 billion (2018)

Central government debt 25.9% of GDP (2019)


With regard to foreign trade, Peru was the 54 largest exporting economy in 2019, with a total of 45.1 billion US dollars according International Trade Centre.

Behind Slovenia (53) with 45.6 billion dollars and followed by Colombia (55) with 40.5 billion. The countries within its geographical area of influence like Argentina, Ecuador and Costa Rica were placed in positions 46, 68 and 82 respectively.

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El Perú, ¿Por qué es uno de los líderes del crecimiento económico de la región?


Foreign trade

During the period 2015-2019, exports increased at an average annual rate of 8.9% from 33.2 billion dollars in 2016 to 45.1 billion in 2019.

The trade balance surplus stood at 2.77 billion in 2019.

Foreign direct investment (FDI) received by Peru during the period 2015-2018, reached the average annual figure of 7.1 billion dollars.

Its main trading partners are China, which represents 27% of exchanges, followed by United States of America with 16% of exchanges and Brazil with 4% of exchanges.

Regarding bilateral agreements, Peru has 18 existing regional trade treaties.

 

Economic factors

During the period 2010-2018, GDP increased at an average annual rate of 6.3%.

In 2019 the Public debt (% GDP) was 25.9%. The inflation rate was 2.1%.

GDP per capita was 14,418 dollars in 2018.

 

Social and technological

The Gini index, a statistical measure of income inequality, stood at 42.8% in 2018.

The urban population is 78%. The biggest cities are: Lima, metropolitan area (10.5 million), Arequipa (1.05 million) and Trujillo (0.88 million).

53% out of total population uses internet. The number of mobile phone subscriptions is 1.24 per inhabitant.

 

Political and legal

The current president of the government is President Martin Alberto Vizcarra Cornejo (since 23 March 2018). The next elections are foreseen for April 2021.

The Peruvian legal system is based on civil law. The type of government is presidential republic.


El Perú, ¿Por qué es uno de los líderes del crecimiento económico de la región?


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Need more information about the market, please contact me xavireverter@exportwings.com

Data from 2019, other years are stated.

Sources:

Photo by Junior Moran on Unsplash

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