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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 Spanish conquistadors in 1533. Peru declared its independence 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 resignation in 2000. A caretaker government oversaw a new election in the spring of 2001, which installed Alejandro TOLEDO Manrique as the new head of government - Peru's first democratically elected president of indigenous ethnicity. The presidential election of 2006 saw the return of Alan GARCIA Perez who, after a disappointing presidential term from 1985 to 1990, oversaw a robust economic rebound. Former army officer Ollanta HUMALA Tasso was elected president in June 2011, and carried on the sound, market-oriented economic policies of the three preceding administrations. Poverty and unemployment levels have fallen dramatically in the last decade, and today Peru boasts one of the best performing economies in Latin America. Pedro Pablo KUCZYNSKI Godard won a very narrow presidential runoff election in June 2016.

Location

Western South America, bordering the South Pacific Ocean, between Chile and Ecuador

Natural Resources

copper, silver, gold, petroleum, timber, fish, iron ore, coal, phosphate, potash, hydropower, natural gas

Population - distribution

approximately one-third of the population resides along the desert coastal belt in the west, with a strong focus on the capital city of Lima; the Andean highlands, or sierra, which is strongly identified with the country's Amerindian population, contains roughly half of the overall population; the eastern slopes of the Andes, and adjoining rainforest, are sparsely populated

29907003
Spanish (official) 84.1%, Quechua (official) 13%, Aymara (official) 1.7%, Ashaninka 0.3%, other native languages (includes a large number of minor Amazonian languages) 0.7%, other (includes foreign languages and sign language) 0.2% (2007 est.)
LIMA (capital) 9.897 million; Arequipa 850,000; Trujillo 798,000 (2015)
Conventional long form
Republic of Peru
Conventional short form
Peru
Local long form
Republica del Peru
Local short form
Peru
presidential republic
Name
Lima
Geographic coordinates
12 03 S, 77 03 W
Time difference
UTC-5 (same time as Washington, DC, during Standard Time)
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Peru's economy reflects its varied topography - an arid lowland coastal region, the central high sierra of the Andes, and the dense forest of the Amazon. A wide range of important mineral resources are found in the mountainous and coastal areas, and Peru's coastal waters provide excellent fishing grounds. Peru is the world's second largest producer of silver and copper.
Inflation
3.596%
External debt stocks
US$ 65,938,010,000
Total tax rate (% of commercial profits)
35.6%
Real Interest Rate
12.373%
Manufacturing, value added (% of GDP)
14.501%
Current Account Balance
US$ -9,209,589,198
Labor Force, Total
17,068,667
Employment in Agriculture
25.56%
Employment in Industry
22.79%
Employment in Services
76.12%
Unemployment Rate
4.95%
Imports of goods and services
US$ 42,948,387,670
Exports of goods and services
US$ 43,118,652,098
Total Merchandise Trade
38.05%
FDI, net inflows
US$ 7,817,116,455
Commercial Service Exports
US$ 5,705,848,630
artichokes, asparagus, avocados, blueberries, coffee, cocoa, cotton, sugarcane, rice, potatoes, corn, plantains, grapes, oranges, pineapples, guavas, bananas, apples, lemons, pears, coca, tomatoes, mangoes, barley, medicinal plants, quinoa, palm oil, marigolds, onions, wheat, dry beans; poultry, beef, pork, dairy products; guinea pigs; fish
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
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
Partners
China 22.1%, US 15.2%, Switzerland 8.1%, Canada 7% (2015)
Commodities
petroleum and petroleum products, chemicals, plastics, machinery, vehicles, TV sets, power shovels, front-end loaders, telephones and telecommunication equipment, iron and steel, wheat, corn, soybean products, paper, cotton, vaccines and medicines
Partners
China 22.7%, US 20.7%, Brazil 5.1%, Mexico 4.5% (2015)
Country Risk Rating
A4
A somewhat shaky political and economic outlook and a relatively volatile business environment can affect corporate payment behavior. Corporate default probability is still acceptable on average.
Business Climate Rating
B
The business environment is mediocre. The availability and the reliability of corporate financial information vary widely. Debt collection can sometimes be difficult. The institutional framework has a few troublesome weaknesses. Intercompany transactions run appreciable risks in the unstable, largely inefficient environments rated B.
  • Strong growth potential
  • Member of the Pacific Alliance
  • Mineral, energy, agricultural and halieutic resources
  • Low public debt and balanced budget
  • Independent central bank and sound banks
  • Attractiveness for tourists
  • Dependence on commodities and Chinese demand
  • Sensitivity to the climate and seismicity
  • Regional disparities (poverty in the Andean and Amazonian regions)
  • Inadequate infrastructure, corporate credit, healthcare and education
  • Scale of coca cultivation and cocaine production
  • Massive informal sector (75% of employment) which is not in favor of learning

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