View source for Economy of Peru

{{Short description|None}}
{{Use dmy dates|date=May 2022}}
{{Use American English|date=March 2023}}

{{Infobox economy
| country = Peru
| image = Sanisidroskyscrapers.jpg
| image_size = 310px
| caption = [[Lima]], the financial centre of [[Peru]]
| currency = [[Peruvian sol]] (PEN, S/)
| fixed exchange = 
| year = [[calendar year]]
| organs = [[Comprehensive and Progressive Agreement for Trans-Pacific Partnership|CPTPP]], [[Asia-Pacific Economic Cooperation|APEC]], [[Andean Community|CAN]], [[Pacific Alliance]], [[World Trade Organization|WTO]], [[Forum for the Progress and Development of South America|Prosur]], [[Mercosur]] (associate)
| group = {{plainlist|
*[[Developing country|Developing/Emerging]]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2f+Emerging+market+and+developing+economies |title=World Economic Outlook Database, April 2019 |website=IMF.org |publisher=[[International Monetary Fund]] |access-date=29 September 2019}}</ref>
*Upper-middle income economy<ref>{{cite web |url=https://datahelpdeskj.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=World Bank |access-date=29 September 2019}} {{dead link|date=September 2023 |bot=InternetArchiveBot |fix-attempted=yes}}</ref>}}
| gdp = {{plainlist|
* {{increase}} $303.29 billion ([[GDP (nominal)|nominal]]; {{abbr|2025|2025 forecast}})<ref name="IMF DataMapper">{{cite web |url=https://www.imf.org/external/datamapper/profile/PER |title=IMF DataMapper: Peru |website=[[International Monetary Fund]] |date=2025 |access-date=31 May 2025}}</ref>
* {{increase}} $643.05 billion ([[Purchasing power parity|PPP]]; {{abbr|2025|2025}})<ref name="IMF DataMapper"/> 
}}
| gdp rank = {{plainlist|
* [[List of countries by GDP (nominal)|47th (nominal; 2025)]]
* [[List of countries by GDP (PPP)|48th (PPP; 2025)]]
}}
| growth = {{plainlist|   
* {{Decrease}} 0.3%&nbsp;(2023)<ref name="IMF DataMapper" />
* {{Increase}} 3.3%&nbsp;(2024)<ref name="IMF DataMapper" />
* {{Increase}} 2.8%&nbsp;({{abbr|2025|2025 forecast}})<ref name="IMF DataMapper" />
* {{Increase}} 2.6%&nbsp;({{abbr|2026f|2025 forecast}})<ref name="IMF DataMapper" />
}}
| per capita = {{plainlist|
* {{increase}} $8,810 (nominal; {{abbr|2025|2025 forecast}})<ref name="IMF DataMapper"/>
* {{increase}} $18,690 (PPP; {{abbr|2025|2025 forecast}})<ref name="IMF DataMapper"/> 
}}
| per capita rank = {{plainlist|
* [[List of countries by GDP per capita (nominal)|86th (nominal; 2025)]]
* [[List of countries by GDP per capita (PPP)|99th (PPP; 2025)]]
}}
| sectors = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 7.6%
*[[Secondary sector of the economy|industry]]: 32.7%
*[[Tertiary sector of the economy|services]]: 59.9%
*(2017 est.)<ref name="CIA World Factbook Peru">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/peru/|title=CIA World Factbook |publisher=[[Central Intelligence Agency]] |access-date=2 January 2019}}</ref>}}
| components = 
| inflation = 1.9% (2024 est.)<ref>{{Cite web |url=https://www.gob.pe/institucion/pcm/noticias/1085517-inflacion-de-solo-1-9-a-nivel-nacional-al-cierre-del-2024-favorece-poder-adquisitivo-de-las-familias-resalta-premier-adrianzen |last=PCM|first=Noticias|date=11 July 2019|website=gov.pe|language=es |title=Inflación de solo 1.9 % a nivel nacional al cierre del 2024 favorece poder adquisitivo de las familias, resalta premier Adrianzén |access-date=2025-03-05}}</ref>
| poverty = {{plainlist|
*{{decreasePositive}} 12.7% in [[Multidimensional Poverty Index|multidimensional poverty]] (2019)<ref>{{Cite web|url=https://gestion.pe/peru/peru-pais-mayor-reduccion-pobreza-multidimensional-ultima-decada-272889-noticia/|title=Perú fue el país con mayor reducción de la pobreza multidimensional en la última década|last=Gestión|first=Redacción|date=11 July 2019|website=Gestión|language=es|access-date=2 February 2020}}</ref>
*{{decreasePositive}} 36% on less than $8.30/day (2024)<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.UMIC?locatio=null&locations=PE&most_recent_value_desc=true |title=Poverty headcount ratio at $8.30 a day (2021 PPP) (% of population) – Peru |publisher=World Bank |access-date=23 June 2025}}</ref>}}
| gini = {{decreasePositive}} 40.1 {{color|darkorange|medium}} (2024, [[World Bank]])<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.GINI?locations=PE |title=GINI index (World Bank estimate) |publisher=World Bank |access-date=21 March 2020}}</ref>
| hdi = {{plainlist|
*{{increase}} 0.794 {{color|green|high}} (2023) ([[List of countries by Human Development Index|79th]])
*{{increase}} 0.633 {{color|darkorange|medium}} [[List of countries by inequality-adjusted HDI|IHDI (79th)]] (2023)<ref name="arghdi">{{Cite web |date=6 May 2025 |title=Human Development Report 2025 |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2025reporten.pdf|url-status=live |archive-url=https://web.archive.org/web/20250506051232/https://hdr.undp.org/system/files/documents/global-report-document/hdr2025reporten.pdf |archive-date=6 May 2025 |access-date=12 May 2025 |publisher=[[United Nations Development Programme]] |language=en}}</ref>}}
| labor = {{plainlist|
*{{increase}} 18,818,406 (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=PE&most_recent_value_desc=true |title=Labor force, total – Peru |publisher=World Bank |access-date=12 January 2020}}</ref>
*{{decrease}} 65.5% employment rate (2018)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=PE&most_recent_value_desc=true |title=Employment to population ratio, 15+, total (%) (national estimate) – Peru |publisher=World Bank |access-date=24 October 2019}}</ref>}}
| occupations = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 27.4%
*[[Secondary sector of the economy|industry]]: 15.2%
*[[Tertiary sector of the economy|services]]: 57.4%
(2019)<ref>{{Cite web|title=Employment in services (% of total employment) (modeled ILO estimate) – Peru, Korea, Rep. Data|url=https://data.worldbank.org/indicator/SL.SRV.EMPL.ZS?end=2019&locations=PE-KR&start=1991&view=chart|access-date=7 May 2021|publisher=World Bank}}</ref>
}}
| unemployment = {{plainlist|
*{{increaseNegative}} 6.9% (2017 est.) note: data are for metropolitan Lima; widespread underemployment<ref name="CIA World Factbook Peru"/>
*{{decreasePositive}} 3.6% (2012)<ref name = "unemployment">{{cite web |url=http://data.worldbank.org/indicator/SL.UEM.TOTL.ZS|title= Unemployment, total (% of total labor force) |publisher=[[World Bank]] |access-date=13 March 2014}}</ref>}}
| industries = {{hlist|[[mining in Peru|mining]]| [[Mineral processing|Mineral and jewel processing]]| steel| [[metal fabrication]]| petroleum| natural gas| fishing| [[fish processing]]| cement| glass| textiles| clothing| [[food processing]]| beer| soft drinks| rubber| [[machinery]]| [[electrical machinery]]| [[chemicals]]| furniture}}
| exports = {{increase}} $85 &nbsp;billion (2025 est.)<ref name="CIA World Factbook Peru"/>
| export-goods = {{ublist|copper 27.1%.| gold 14.7%| petroleum 6.3%| [[zinc]] 4.5%| [[copper cathode]]s 3.8%}} (2018)<ref name="WB2018">{{cite web |title=Peru Trade Summary 2018 Data |url=https://wits.worldbank.org/CountryProfile/en/Country/PER/Year/LTST/Summary |publisher=[[World Bank]] |access-date=7 December 2020}}</ref>
| export-partners = {{plainlist|
*{{flag|China}} 27.6%
*{{flag|United States}} 16.7%
*{{flag|India}} 5.2%
*{{flag|South Korea}} 5.1%
*{{flag|Japan}} 4.6%
*(2018)<ref name="WB2018"/>}}
| imports = {{increase}} $43.13&nbsp;billion (2018)<ref name="WB2018"/>
| import-goods = {{ublist|petroleum oils 15.2%| [[Transmitter|transmitter equipment]] 3.3%| [[automobiles]] 1.9%|maize 1.6%}}<ref name="WB2018"/>
| import-partners = {{plainlist|
*{{flag|China}} 23.3%
*{{flag|United States}} 21.3%
*{{flag|Brazil}} 5.6%
*{{flag|Mexico}} 4.5%
*{{flag|Ecuador}} 4.5%
*(2018)<ref name="WB2018"/>}}
| current account = {{increase}} −$2.414&nbsp;billion (2017 est.)<ref name="CIA World Factbook Peru"/>
| FDI = {{plainlist|
*{{increase}} $98.24&nbsp;billion (31 December 2017 est.)<ref name="CIA World Factbook Peru"/>
*{{increase}} Abroad: $5.447 billion (31 December 2017 est.)<ref name="CIA World Factbook Peru"/>}}
| gross external debt = {{decreasePositive}} $66.25 billion (31 December 2017 est.) <ref name="CIA World Factbook Peru"/>
| debt = {{increaseNegative}} 25.4% of GDP (2017 est.)<ref name="CIA World Factbook Peru"/>
| revenue = 58.06&nbsp;billion (2017 est.)<ref name="CIA World Factbook Peru"/>
| expenses = 64.81&nbsp;billion (2017 est.)<ref name="CIA World Factbook Peru"/>
| balance = −3.1% (of GDP) (2017 est.)<ref name="CIA World Factbook Peru"/>
| aid = $27.267&nbsp;million (2018 est.)<ref>{{Cite web|url=https://explorer.usaid.gov//cd|title=U.S. Foreign Aid by Country|website=[[USAID]]|language=en|access-date=20 September 2019|archive-date=8 January 2021|archive-url=https://web.archive.org/web/20210108054542/https://explorer.usaid.gov/cd}}</ref>
| credit = {{plainlist|
*[[Standard & Poor's]]:<ref>{{cite web |title= Sovereigns rating list |publisher=Standard & Poor's |url=http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu?sectorName=null&subSectorCode=39&filter=P |access-date=17 April 2014}}</ref>
*A- (Domestic)
*BBB+ (Foreign)
*A (T&C Assessment)
*Outlook: Negative<ref>{{cite web |title=S&P Global Ratings revised outlook on Peru to negative and affirmed at "A-" (Local Currency LT) credit rating |url=https://cbonds.com/news/1475671/ |website=CBonds |access-date=24 November 2021}}</ref>
*[[Moody's]]:<ref>{{cite news |title=Moody's affirms Peru rating but unrest triggers negative outlook |url=https://www.nasdaq.com/articles/moodys-affirms-peru-rating-but-unrest-triggers-negative-outlook |access-date=1 February 2023 |agency=[[Reuters]] |date=31 January 2023}}</ref>
*Baa1
*Outlook: Negative
*[[Fitch Group|Fitch]]:<ref>{{cite web |title=Fitch Downgrades Peru to 'BBB'; Outlook Stable |url=https://www.fitchratings.com/research/sovereigns/fitch-downgrades-peru-to-bbb-outlook-stable-15-10-2021 |website=[[Fitch Ratings]] |access-date=24 November 2021 |date=15 October 2021}}</ref>
*BBB
*Outlook: Stable}}
| reserves = {{increase}} $85.957&nbsp;billion (May 2025 est.) <ref>{{Cite web |title=Reservas Internacionales Netas (millones US$) |url=https://estadisticas.bcrp.gob.pe/estadisticas/series/mensuales/resultados/PN00027MM/html |archive-url=https://web.archive.org/web/20250326211148/https://estadisticas.bcrp.gob.pe/estadisticas/series/mensuales/resultados/PN00027MM/html |archive-date=26 March 2025 |access-date=2025-06-20 |website=estadisticas.bcrp.gob.pe |language=es |url-status=live }}</ref>
| spelling = US
}}
The '''economy of Peru''' is an [[Emerging economy|emerging]], [[mixed economy]] characterized by a high level of foreign trade and an upper middle income economy as classified by the [[World Bank]].<ref>The World Bank, [http://data.worldbank.org/country/peru ''Data by country: Peru'']. Retrieved 1 October 2011.</ref> [[Peru]] has the forty-seventh largest economy in the world by total GDP<ref>{{cite web |url=https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html?countryname=Peru&countrycode=pe&regionCode=soa&rank=40#pe |title=Rank Order – GDP (purchasing power parity) |publisher=[[CIA]] |access-date=13 March 2014 | archive-date=14 March 2014 |archive-url=https://web.archive.org/web/20140314044332/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html?countryname=Peru&countrycode=pe&regionCode=soa&rank=40#pe }}</ref> and currently experiences a high [[human development index]].<ref>{{cite web |title=Human Development Reports – Peru |url=http://hdr.undp.org/en/countries/profiles/PER |access-date=13 March 2014 |publisher=[[United Nations Development Programme]]}}</ref> The country was one of the world's fastest-growing economies in 2012, with a GDP growth rate of 6.3%.<ref>{{cite web |url=http://www.worldbank.org/en/country/peru |title=Peru |publisher=[[World Bank]] |access-date=13 March 2014}}</ref> The economy was expected to increase 9.3% in 2021, in a rebound from the [[COVID-19 pandemic in Peru]].<ref>{{Cite web |date=2 December 2020 |title=Moody's advierte sobre efectos de "deterioro institucional" en Perú |url=https://www.infobae.com/america/agencias/2020/12/02/moodys-advierte-sobre-efectos-de-deterioro-institucional-en-peru/ |access-date=7 December 2020 |website=[[Infobae]] |language=es-ES}}</ref> Peru has signed a number of [[free trade agreement]]s with its main trade partners. China became the nation's largest trading partner following the [[China–Peru Free Trade Agreement]] signed on 28 April 2009.<ref>El Comercio, Peru's main daily newspaper [http://elcomercio.pe/economia/negocios/peru-china-firmaron-tratado-libre-comercio-quince-meses-negociaciones-noticia-279315 ''China and Peru Sign Trade Promotion Agreement''], 28 April 2009. Retrieved 19 April 2014.</ref> Additional free trade agreements have been signed with the [[Peru–United States Trade Promotion Agreement|United States in 2006]],<ref name="unemployment" /><ref>Office of the U.S. Trade Representative, [http://ustr.gov/Document_Library/Press_Releases/2006/April/United_States_Peru_Sign_Trade_Promotion_Agreement.html ''United States and Peru Sign Trade Promotion Agreement''] {{Webarchive|url=https://web.archive.org/web/20090506201318/http://ustr.gov/Document_Library/Press_Releases/2006/April/United_States_Peru_Sign_Trade_Promotion_Agreement.html |date=6 May 2009}}, 4 April 2006. Retrieved 15 May 2007.</ref> Japan in 2011<ref>{{Cite web|date=20 April 2014|title=El Perú firmó hoy TLC con Japón tras seis rondas de negociación|trans-title=Peru signed an FTA with Japan today after six rounds of negotiation|url=https://elcomercio.pe/economia/peru/peru-firmo-hoy-tlc-japon-seis-rondas-negociacion-noticia-766418/|archive-url=https://web.archive.org/web/20140420074809/https://elcomercio.pe/economia/peru/peru-firmo-hoy-tlc-japon-seis-rondas-negociacion-noticia-766418/ |archive-date=20 April 2014|access-date=14 March 2021|website=El Comercio Perú}}</ref> and the [[European Union]] in 2012.<ref>{{Cite web|date=20 April 2014|title=Perú suscribió TLC con la Unión Europea {{!}} LaRepublica.pe|url=http://www.larepublica.pe/26-06-2012/peru-suscribio-tlc-con-la-union-europea|access-date=7 December 2020|archive-url=https://web.archive.org/web/20140420045850/http://www.larepublica.pe/26-06-2012/peru-suscribio-tlc-con-la-union-europea|archive-date=20 April 2014}}</ref> Trade and industry are centralized in [[Lima]] while agricultural exports have led to regional development within the nation.

Peru's economy is dependent on commodity exports, making it vulnerable to price volatility in international markets. The Government of Peru has historically shown limited involvement in the [[public sector]], as the economy has often relied on commodity booms. The extraction of these commodities has led to conflicts within the country due to their environmental and social impacts.<ref name="PS">{{Cite web|date=14 February 2016|title=Peru seeks to maintain growth as demand for commodities falls|url=https://oxfordbusinessgroup.com/overview/balancing-act-ensuring-inclusive-growth-amid-falling-demand-commodities-peru%E2%80%99s-main-challenge|access-date=7 December 2020|website=Oxford Business Group|language=en|archive-date=10 April 2021|archive-url=https://web.archive.org/web/20210410092759/https://oxfordbusinessgroup.com/overview/balancing-act-ensuring-inclusive-growth-amid-falling-demand-commodities-peru%E2%80%99s-main-challenge}}</ref>

Following the [[independence of Peru]] from the [[Spanish Empire]], the economic elite focused their power on the coastal regions through ''[[Centralismo (Peru)|centralismo]]'', while the rural provinces were governed by existing [[serfdom]] practices by ''[[hacienda]]'' landowners.<ref name="CL">{{Cite journal|last=Orihuela|first=José Carlos|date=January–June 2020|title=El consenso de Lima y sus descontentos: del restringido desarrollismo oligarca a revolucionarias reformas estructurales|url=https://scielo.conicyt.cl/scielo.php?script=sci_abstract&pid=S0717-88322020000100077&lng=en&nrm=iso|journal=Revista de historia|location=[[Concepción, Chile]]|volume=27|issue=1|pages=77–100|access-date=23 February 2022|archive-date=22 December 2022|archive-url=https://web.archive.org/web/20221222055434/https://scielo.conicyt.cl/scielo.php?script=sci_abstract&pid=S0717-88322020000100077&lng=en&nrm=iso}}</ref><ref name="FT">{{Cite web|last=Levitsky|first=Steven|date=Fall 2014|title=First Take: Paradoxes of Peruvian Democracy: Political Bust Amid Economic Boom?|url=https://revista.drclas.harvard.edu/book/first-take-paradoxes-peruvian-democracy|archive-url=https://web.archive.org/web/20141122150245/https://revista.drclas.harvard.edu/book/first-take-paradoxes-peruvian-democracy|archive-date=22 November 2014|website=ReVista|access-date=23 February 2022}}</ref><ref name="EL" /> This model essentially continued until 1968 when General [[Juan Velasco Alvarado]] took power, leading a dictatorship that increased social spending and removing the power of landowners, which resulted with a [[power vacuum]] in the 1970s that saw the rise of [[communist]] guerilla group [[Shining Path]].<ref name="CL" /><ref name="FT" /> Beginning in the 1980s, Peru faced economic difficulties as a result of the [[early 1980s recession]] and the [[internal conflict in Peru]] during its [[Lost Decade (Peru)|Lost Decade]]. The government of [[Alan García]] enacted [[price controls]] that resulted in [[hyperinflation]].<ref name="PS" /> In response, the [[armed forces of Peru]] drafted [[Plan Verde]], an operation to create a [[neoliberal]], [[open market]] economy. This was reportedly executed by the government of [[Alberto Fujimori]], beside prescriptions from economist [[Hernando de Soto (economist)|Hernando de Soto]], during a period known as "Fujishock".<ref name="PS" /><ref name="PV">{{Cite journal|date=12 July 1993|title=El "Plan Verde" Historia de una traición|url=https://www.scribd.com/document/310286817/El-Plan-Verde|journal=Oiga|volume=647}}</ref><ref name="LAgolpe2">{{cite journal|last1=Cameron|first1=Maxwell A.|date=June 1998|title=Latin American Autogolpes: Dangerous Undertows in the Third Wave of Democratisation|journal=[[Third World Quarterly]]|publisher=[[Taylor & Francis]]|volume=19|issue=2|pages=228–230|doi=10.1080/01436599814433|quote=The Plan Verde bore a striking resemblance to the government outlined by Fujimori in his speech on 5 April 1992. It called for a market economy within a framework of a 'directed democracy' that would be led by the armed forces after they dissolved the legislature and executive. ... The authors of the Plan Verde also stated that relations with the USA revolved more around the issue of drug trafficking than democracy and human rights, and thus made the fight against drug trafficking the number two strategic goal}}</ref><ref name="UA">{{Cite journal|last=Burt|first=Jo-Marie|date=September–October 1998|title=Unsettled accounts: militarization and memory in postwar Peru|journal=[[NACLA|NACLA Report on the Americas]]|publisher=[[Taylor & Francis]]|volume=32|issue=2|pages=35–41|doi=10.1080/10714839.1998.11725657|quote=the military's growing frustration over the limitations placed upon its counterinsurgency operations by democratic institutions, coupled with the growing inability of civilian politicians to deal with the spiraling economic crisis and the expansion of the Shining Path, prompted a group of military officers to devise a coup plan in the late 1980s. The plan called for the dissolution of Peru's civilian government, military control over the state, and total elimination of armed opposition groups. The plan, developed in a series of documents known as the "Plan Verde," outlined a strategy for carrying out a military coup in which the armed forces would govern for 15 to 20 years and radically restructure state-society relations along neoliberal lines.}}</ref> During this shock, price controls were discontinued, the privatization of state-run organizations occurred and the promotion of foreign investments happened through the removal of regulations.<ref name="PS" /> The economic measures of the Fujimori administration made the country macro-economically stable.

Development in Peru increased following the [[2000s commodities boom]] while government finances, poverty reduction and progress in social sectors improved.<ref name="PS" /><ref>The World Bank, [http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/LACEXT/PERUEXTN/0,,contentMDK:22252133~pagePK:1497618~piPK:217854~theSitePK:343623,00.html ''Countries: Peru''] {{Webarchive|url=https://web.archive.org/web/20191030142040/http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/LACEXT/PERUEXTN/0,,contentMDK:22252133~pagePK:1497618~piPK:217854~theSitePK:343623,00.html |date=30 October 2019}}. Retrieved 1 October 2011</ref><ref name="CL" /><ref name="HP">{{Cite web|last=Tegel|first=Simeon|title=How Peru Laid the Groundwork for an Oil Spill Disaster|url=https://foreignpolicy.com/2022/02/15/peru-oil-spill-environmental-disaster-pacific-repsol-development-model-economy/|access-date=23 February 2022|website=[[Foreign Policy]]|language=en-US}}</ref> The nation has more recently adopted the [[Lima Consensus]], an economic ideology of [[neoliberalism]], [[deregulation]] and [[free market]] policies that has made [[foreign portfolio investment]] in Peru attractive.<ref name="CL" /><ref name="HP" /><ref name="PC">{{Cite book |title=Peru Country Risk Report – Q3 2021|publisher=[[Fitch Solutions]]|year=2021|location=London}}</ref> Inflation in 2012 was the lowest in Latin America at 1.8%,<ref name="IMF">{{cite web|title=Peru and the IMF |url=http://www.imf.org/external/country/PER/index.htm|publisher=[[International Monetary Fund]]}}</ref> with the most recent annual rate standing at 1.9% in 2020.<ref name="IMFPeru">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/weo-report?c=111,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=2022&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=Report for Selected Countries and Subjects: April 2024|publisher=[[International Monetary Fund]]|website=imf.org}}</ref> Though statistical poverty has decreased significantly – from nearly 60% in 2004 to 20.5% in 2018.

Peruvian economic performance has been tied to exports, which provide [[hard currency]] to finance imports and external debt payments, though in recent decades the economy has begun to diversify.<ref name="PS" /><ref>Rosemary Thorp and Geoffrey Bertram, ''Peru 1890–1977'', p. 4.</ref> Peru's main exports are copper, gold, [[zinc]], textiles, [[chemicals]], [[pharmaceuticals]], [[manufactures]], [[machinery]], [[Service (economics)|services]] and [[fish meal]]. The country's major trade partners are the United States, China, Brazil, the [[European Union]] and Chile.<ref>2006 figures. {{in lang|es}} Banco Central de Reserva, [http://www.bcrp.gob.pe/bcr/Memoria-Anual/Memoria-2006.html ''Memoria 2006''] {{webarchive|url=https://web.archive.org/web/20081217150526/http://www.bcrp.gob.pe/bcr/Memoria-Anual/Memoria-2006.html |date=17 December 2008}}, pp. 60–61. Retrieved 3 July 2007.</ref> Although exports have provided substantial revenue, self-sustained growth and a more egalitarian [[distribution of income]] have proven elusive.<ref>Rosemary Thorp and Geoffrey Bertram, ''Peru 1890–1977'', p. 321.</ref> [[tertiary sector of industry|Services]] account for 59.9% of Peruvian gross domestic product, followed by industry (32.7%) and agriculture (7.6%).<ref>{{Cite web|year=2017|title=South America :: Peru — The World Factbook – Central Intelligence Agency|url=https://www.cia.gov/the-world-factbook/countries/peru/|access-date=7 December 2020 |publisher=[[Central Intelligence Agency]]}}</ref> Recent economic growth has been fueled by macroeconomic stability, improved [[terms of trade]], as well as rising investment and consumption.<ref>{{in lang|es}} Banco Central de Reserva, [http://www.bcrp.gob.pe/bcr/Memoria-Anual/Memoria-2006.html ''Memoria 2006''] {{webarchive|url=https://web.archive.org/web/20081217150526/http://www.bcrp.gob.pe/bcr/Memoria-Anual/Memoria-2006.html |date=17 December 2008}}, pp. 15, 203. Retrieved 25 June 2007.</ref>

==History==
{{Main|Economic history of Peru}}
[[File:Historic GDP per capita in Peru.svg|thumb|Historic GDP per capita in Peru]]

===Inca Empire===

The Tahuantinsuyo (the ''Realm of the Four Parts''), popularly known as the [[Inca Empire]], was the largest civilization that emerged from the highlands of Peru in the early 13th century. The Spanish conquered the last Inca stronghold in 1572.

The Inca Empire employed [[central planning]]. Writing about the Inca tax system, Spanish chronicler [[Pedro Cieza de León]] said "the system the Incas employed was so good that the people did not feel it, and prospered ... [A]ll this was accomplished in such orderly fashion that neither did the natives fail to pay what they owed and were assessed, nor did those who collected these tributes venture to take one grain of corn in excess".<ref name="StarnKirk2009">{{cite book|last1=Starn|first1=Orin|url={{google books |plainurl=y |id=YyNo4Nsh_qQC}}|title=The Peru Reader: History, Culture, Politics|last2=Kirk|first2=Carlos Iván|last3=Degregori|first3=Carlos Iván|date=2009|publisher=Duke University Press|isbn=978-0-8223-8750-3}}</ref> Officials would travel to cities and provinces where they would be provided [[quipu]]s storing data, with Inca territories contributing what was possible; whether it be labor (''[[mit'a]]''), textiles, food, weapons or construction materials.<ref name="StarnKirk2009" /> Regarding labor, provinces would provide men to be employed by the empire who required to be married so their wives could maintain home life.<ref name="StarnKirk2009" /> Citizens were not exposed to [[overwork]] as individuals who became ill would be returned and replaced by their home province while many days of a month were dedicated to recreation and feasts.<ref name="StarnKirk2009" />

=== Viceroyalty of Peru ===
[[File:Phillips, Richard - Bozal - From The present state of Peru - 1805.jpg|left|thumb|[[Bozal Spanish|''Bozal'']] African in Lima, 1805]]
The economy of the Viceroyalty of Peru largely depended on the export of silver.<ref>[http://www.britannica.com/EBchecked/topic/453253/Viceroyalty-of-Peru Viceryoalty of Peru], Encyclopedia Britannica. Academic edition. 2011.</ref> The huge amounts of silver exported from the Viceroyalty of Peru and Mexico deeply affected Europe, where some scholars believe it caused the so-called [[price revolution]].<ref name="Garner">Garner, Richard L. Long-Term  Silver Mining Trends in Spanish America: A Comparative Analysis of Peru and Mexico</ref> Silver mining was carried out using contract and free wage labourers,<ref>{{Cite book |last=Cook |first=Noble David |author-link=Noble David Cook |title=Demographic collapse, Indian Perú, 1520–1620 |publisher=Cambridge University Press |year=1981 |isbn=0-521-23995-8 |page=237}} </ref> as well as the ''[[encomienda]]'' system of [[slavery]].<ref name="Britannica">{{cite encyclopedia|date=26 September 2008|title=Encomienda|url=https://academic.eb.com/levels/collegiate/article/encomienda/32596|url-status=live|archive-url=https://web.archive.org/web/20190121232945/https://academic.eb.com/levels/collegiate/article/encomienda/32596|archive-date=21 January 2019|access-date=21 January 2019|encyclopedia=Encyclopædia Britannica}}</ref> The ''encomienda'' has been described as constituting [[genocide]].<ref>Raphael Lemkin's History of Genocide and Colonialism, Holocaust Memorial Museum https://www.ushmm.org/confront-genocide/speakers-and-events/all-speakers-and-events/raphael-lemkin-history-of-genocide-and-colonialism {{dead link|date=December 2019 |bot=InternetArchiveBot |fix-attempted=yes}}</ref><ref>{{cite journal|last1=Yeager|first1=Timothy J.|date=December 1995|title=Encomienda or Slavery? The Spanish Crown's Choice of Labor Organization in Sixteenth-Century Spanish America |journal=The Journal of Economic History|volume=55|issue=4|pages=842–859|doi=10.1017/S0022050700042182|jstor=2123819|s2cid=155030781}}</ref><ref>{{cite book|last=Stannard|first=David E.|url=https://books.google.com/books?id=RzFsODcGjfcC&pg=PA139|title=American Holocaust: The Conquest of the New World|date=1993|publisher=[[Oxford University Press]]|isbn=978-0-19-508557-0|page=139|author-link=David Stannard|access-date=10 November 2020|archive-url=https://web.archive.org/web/20201125185835/https://books.google.com/books?id=RzFsODcGjfcC&pg=PA139|archive-date=25 November 2020|url-status=live}}</ref> Under the Spanish system, Cieza de León wrote that "with the disorder and greed of the Spaniards, the number of the people has fallen off to such a degree that most of them have disappeared, and they will be wiped out completely as a result of the covetousness and greed".<ref name="StarnKirk2009" /> [[Afro-Peruvian]]s also appeared as a result of [[slavery in colonial Spanish America]].<ref>Lockhart, James. ''Spanish Peru, 1532–1560: A Social History'', 2nd ed., Madison, Wis., University of Wisconsin Press, 1994 p. 196</ref> Silver production peaked in 1610.<ref name="Garner" />

Prussian explorer [[Alexander von Humboldt]] first encountered [[guano]] in 1802 and started fertilizer research [[Callao]] in Peru, with his findings being reported throughout Europe.{{sfn|Cushman|2013|p=26}}

=== 19th century ===

====Guano Era====
{{Main|Guano Era}}
[[File:Carguio de guano en las islas Chincha..jpg|thumb|The [[Chincha Islands]], a large source of [[guano]], 1866]]
After winning independence from Spain on 28 July 1821, Peru was financially strapped. Additionally, the economy suffered from the collapse of the silver mines.<ref>{{cite book|author=Baten, Jörg |title=A History of the Global Economy. From 1500 to the Present.|date=2016|publisher=Cambridge University Press|page=132|isbn=978-1-107-50718-0}}</ref> However, the guano trade with Europe, beginning in the 1840s, flooded Peru with European investments and money. In 1840, Peruvian politician and entrepreneur Francisco Quirós y Ampudia commercialized guano exports in a deal with French businessmen and the Peruvian government, abolishing existing claims to Peruvian guano. Guano was essentially [[Nationalization|nationalized]] and became Peru's largest revenue source.{{sfn|Cushman|2013|pp=40–43}}  Despite the near exhaustion of guano, Peru achieved its greatest ever export of guano in 1870, with more than 700,000 tonnes (770,000 short tons).{{sfn|Cushman|2013|pp=59–60}}

====War of the Pacific====
{{main|War of the Pacific}}
{{see also|Peruvian Salpeter Monopoly}}

Chile was devastated by the [[Long Depression]] economic crisis of the 1870s<ref name="salazar">''Historia contemporánea de Chile III. La economía: mercados empresarios y trabajadores.'' 2002. Gabriel Salazar and Julio Pinto. pp. 25–29.</ref> and began looking for a replacement for its silver, copper and wheat exports.<ref name="salazarpinto25-29">Salazar & Pinto 2002, pp. 25–29.</ref> It has been argued that Chile's economic situation and the prospect of new wealth in nitrates were the true reasons for the Chilean elite to go to war against Peru and Bolivia,<ref name="salazarpinto25-29" /><ref>{{Citation|last=Pinto Rodríguez|first=Jorge|title=Crisis económica y expansión territorial: la ocupación de la Araucanía en la segunda mitad del siglo XIX|journal=Estudios Sociales|volume=72|year=1992|author-link=Jorge Pinto Rodríguez}}</ref><ref name="salazar2">''Historia contemporánea de Chile III. La economía: mercados empresarios y trabajadores.'' 2002. [[Gabriel Salazar]] and [[Julio Pinto]]. p. 25-29.</ref> with most historians agreeing that the Chilean government's [[Chilean expansionism|expansionist]] foreign policy and its ambitions to control Atacama's mineral wealth led to the conflict .<ref>J.R. Brown, "The Frustration of Chile's Nitrate Imperialism," ''Pacific Historical Review'' (University of California Press), Vol. 32, No. 4 (November 1963), pp. 383–396.</ref><ref>Riet Delsing, "Issues of Land and Sovereignty: The Uneasy Relationship Between Chile and Rapa Nui," in ''Decolonizing Native Histories'', ed. Florencia Mallon (Durham, North Carolina: Duke University Press, 2012), p. 56.</ref><ref>Robert N. Burr, ''By Reason or Force'' (1974), pp. 138–139.</ref>

Chile won the war and with the [[Treaty of Ancón]] of 1884, the War of the Pacific ended. Chile obtained half of Peru's guano income from the 1880s and its guano islands, with Chile taking control over the most valuable nitrogen resources in the world.{{sfn|Cushman|2013|p=73}} Chile's national treasury would increase 900% from 1879 to 1902 due to the newly acquired lands.<ref name="Crow">{{cite book|last=Crow|first=J. A.|title=The Epic of Latin America|page=180}}</ref> Meanwhile, Peru's reliance on commodity exports – which continued through its history – resulted the bankruptcy of its economy.<ref name="CL" /> Peru would go on to approve the [[Grace Contract]], which granted ownership of Peru's railroads to holders of sovereign debt, with the Peruvian government not issuing new sovereign debt until 1906.<ref name="SVW">{{cite book|last1=Sicotte|first1=Richard|url=https://www.uvm.edu/~econ/documents/SVWRevisionfinal.pdf|title=Military Conquest and Sovereign Debt: Chile, Peru and the London Bond Market, 1876–1890|last2=Vizcarra|first2=Catalina|last3=Wandschneider|first3=Kirsten|date=2009|publisher=University of Vermont|page=42|access-date=25 August 2016|archive-url=https://web.archive.org/web/20160227171904/http://blog.pucp.edu.pe/blog/hpereyra/2014/12/31/la-pol-tica-salitrera-del-presidente-manuel-pardo-el-tratado-chileno-boliviano-de-1874-su-violaci-n-y-el-comienzo-de-la-guerra-del-pac-fico/|archive-date=27 February 2016}}</ref>

=== 20th century ===

==== Amazon rubber boom ====
{{Further|Amazon rubber boom}}
Into the twentieth century, [[Anglo-Peruvian Amazon Rubber Co]] in [[Iquitos]] began to market rubber internationally. The rubber boom brought regions of [[Amazonia]] into the international market.<ref>{{Cite journal|last1=Coomes|first1=Oliver T.|last2=Barham|first2=Bradford L.|date=May 1994|title=The Amazon Rubber Boom: Labor Control, Resistance, and Failed Plantation Development Revisited|journal=[[The Hispanic American Historical Review]]|volume=74|issue=2|pages=231–257|doi=10.1215/00182168-74.2.231|doi-access=free}}</ref> The Government of Peru ceded to the Anglo-Peruvian Amazon Rubber Co the Amazon territories north of [[Loreto, Peru|Loreto]], after the company's founder [[Julio César Arana]] purchased the land. During the rubber boom the [[Putumayo Genocide]] was committed by Anglo-Peruvian Amazon Rubber Co. Between 40,000 and 250,000 indigenous peoples were killed, with many being sent to [[labor camp]]s; ninety percent of the affected Amazonian populations were annihilated.<ref name="BBC1">{{cite news|date=12 October 2012|title=Cien años después, la Amazonía recuerda uno de sus episodios más trágicos|language=es|work=[[BBC News]]|url=https://www.bbc.com/mundo/noticias/2012/10/121012_colombia_genocidio_casa_arana_caucho_amazonia_aw|access-date=30 July 2021}}</ref><ref>{{cite web|last1=White|first1=Matthew|date=15 July 2019|title=Twentieth Century Atlas – Death Tolls|url=http://necrometrics.com/20c100k.htm#Amaz|access-date=30 July 2021|website=Necrometrics}}</ref><ref name="ElTiempo">{{cite news|date=7 October 2012|title=Cien años de la matanza de La Chorrera, Amazonas|language=spanish|work=[[El Tiempo (Colombia)|El Tiempo]]|url=https://www.eltiempo.com/archivo/documento/CMS-12288557|access-date=30 July 2021}}</ref>

====World War I and II eras====
In the early 1910s, Peru enjoyed a growing economy due to mining and crop production, with a working class developing at the time.<ref name="CH">{{Cite web|title=Commanding Heights: Peru|url=https://www.pbs.org/wgbh/commandingheights/lo/countries/pe/pe_full.html|access-date=14 October 2021|website=[[PBS NewsHour]]}}</ref> Following the outbreak of [[World War I]], international markets became turbulent and Peru experienced a recession and a series of coups occurred through the mid and late-1910s.<ref name="CH" /> [[Augusto B. Leguía]], a member of Peru's [[oligarchy]], then took power through a coup and essentially assumed dictatorial powers, writing a new constitution; Leguía would often ignore the constitution through his acts, however.<ref name="CH" /><ref>{{Cite web|title=Augusto Bernardino Leguía y Salcedo {{!}} president of Peru|url=https://www.britannica.com/biography/Augusto-Bernardino-Leguia-y-Salcedo|access-date=14 October 2021|website=[[Encyclopædia Britannica]]|language=en}}</ref> [[Víctor Raúl Haya de la Torre]] founded the [[American Popular Revolutionary Alliance|American Popular Revolutionary Alliance (APRA)]] calling for reforms, though Leguía quickly banned the party.<ref name="CH" /> Leguía increased spending to modernize Peru, though this also raised national debt and with the addition of the [[Great Depression]] in 1929, he was overthrown soon-after in 1930 by [[Luis Miguel Sánchez Cerro]].<ref name="CH" />

Sánchez announced a [[debt moratorium]] on US$180&nbsp;million and Peru was banned from markets in the United States as a result.<ref name="CH" /> The Sánchez government also continued the repression of APRA, resulting in an Aprista party member assassinating Sánchez.<ref name="CH" /> [[Óscar R. Benavides]] was chosen by the constituent assembly to finish Sánchez's term and intensified persecution of left-wing groups, resulting in increased support for the [[Peruvian Communist Party|Peruvian Communist Party (PCP)]] among indigenous and labor groups.<ref name="CH" /> As Peru's economy grew, a banker in Lima, [[Manuel Prado Ugarteche]], was elected into the presidency in the [[1939 Peruvian general election]].<ref name="CH" />

President Prado adopted a softer tone on APRA while Aprista leader [[Víctor Raúl Haya de la Torre|Haya de la Torre]] also espoused more moderate policy and support for foreign markets.<ref name="CH" /> APRA was made a legal party in 1945 and in [[José Luis Bustamante y Rivero]] was [[1945 Peruvian general election|elected the same year]], making an Aprista politician the Minister of the Economy.<ref name="CH" /> Subsequently, the Bustamante greatly increased [[economic interventionism]] to include [[price controls]] and a [[foreign exchange controls]], which appeared beside a slowing economy, resulting in increased inflation.<ref name="CH" />

==== Military ''juntas'' and first Belaúnde government ====
Over the next two decades, [[Military juntas|military ''juntas'']] controlled Peru. On 29 October 1948, General [[Manuel A. Odría]] led a successful military coup against Bustamante and assumes the presidency until 1956. Odría's government experienced a growing economy due to a commodity boom, though many of the government's investments remained in coastal cities while unrest increased among interior and Andean regions that remained impoverished.<ref name="CH" /> Haya de la Torre – whose APRA party had drifted even more to right-wing politics at this time – won the [[1962 Peruvian general election]] against [[Fernando Belaúnde]], founder of the right-wing [[Popular Action (Peru)|Popular Action]], though Haya de la Torre was unable to take office due to [[1962 Peruvian coup d'état|a military coup]] opposed to APRA.

After a brief military government, Belaúnde won the [[1963 Peruvian general election]], with his government making modest improvements by increasing industrialization and constructing highways into the Andes.<ref name="CH" /> Belaúnde held a doctrine called "''The Conquest of Peru by Peruvians''", which promoted the exploitation of resources in the Amazon and other outlying areas of Peru through [[conquest]].<ref name="BA">{{Cite web|last=Dourojeanni|first=Marc J.|date=12 June 2017|title=Belaúnde en la Amazonía|url=https://www.caaap.org.pe/2017/06/12/belaunde-en-la-amazonia-por-marc-j-dourojeanni/|access-date=14 October 2021|website=Centro Amazónico de Antropología y Aplicación Práctica (CAAAP)|language=es|archive-date=28 October 2021|archive-url=https://web.archive.org/web/20211028170325/https://www.caaap.org.pe/2017/06/12/belaunde-en-la-amazonia-por-marc-j-dourojeanni/}}</ref> In one 1964 incident called the [[:es:Genocidio matsé|Matsé genocide]], the Belaúnde administration targeted the [[Matsés]] after two loggers were killed, with the Peruvian armed forces and American fighter planes dropping [[napalm]] on the indigenous groups armed with bows and arrows, killing hundreds.<ref name="BA" /><ref>{{Cite web|date=19 April 2017|title=El día en el que Fernando Belaúnde mandó a matar a cientos de nativos|url=https://www.diariovoces.com.pe/79158/dia-fernando-belaunde-mando-matar-cientos-nativos|access-date=14 October 2021|website=Diario Voces|language=es}}</ref> Belaúnde's economic measures were received with disapproval from rural and peasant Peruvians.<ref name="CH" /> His government's reliance on resource exports, especially with the fishing industry, resulted in increased inflation and a growing deficit.<ref name="CH" /> Amid this conflict, general [[Juan Velasco Alvarado]] overthrows the Belaúnde in the [[1968 Peruvian coup d'état]] .<ref name="CH" />

====Revolutionary Government of the Armed Forces====

Velasco established the Revolutionary Government of the Armed Forces and it adopted a [[state capitalism]] economic policy amid a period of [[economic expansion]].<ref name="EL">{{Cite book|last1=Gutiérrez Sanín|first1=Francisco|title=Economic Liberalization and Political Violence: Utopia Or Dystopia?|last2=Schönwälder|first2=Gerd|publisher=[[International Development Research Centre]]|year=2010|isbn=978-0-7453-3063-1|pages=256–284}}</ref> The government immediately instituted [[land reform]] initiatives, establishing one of the most ambitious [[land tenure]] projects in the history of Latin America.<ref name="EL" /> The land reform projects removed the traditional ''[[hacienda]]'' system that resembled landowners imposing a [[serfdom]] on peasants and replaced it with [[agricultural cooperative]]s called Agricultural Social-Interest Societies (SAIS).<ref name="EL" /> The Velasco government took a structural approach; it invested in infrastructure and began a widespread [[Nationalize|nationalization]] campaign of key economic production sectors, education and the media.<ref name="CH" /><ref name="EL" /> A [[fixed exchange rate system]] was adopted and the national debt began to increase dramatically.<ref name="EL" /> A combination of debt, inflation and the [[1973 oil crisis]] induced an economic crisis in the Velasco government, with General [[Francisco Morales-Bermúdez]] overthrowing Velasco in the [[Tacnazo]].<ref name="CH" /><ref name="EL" />

Bermúdez in name led the Second Revolutionary Government of the Armed Forces, with his government introducing [[austerity measures]] and removing state capitalist systems.<ref name="CH" /><ref name="EL" /> This government began monetary adjustment and started with negotiations on foreign debt.<ref name="EL" /> However, corruption scandals and widespread protests broke out and the military government agreed to transition Peru back into a democratic political system.<ref name="EL" />

==== The Lost Decade ====
{{Main|Lost Decade (Peru)}}
In 1980, after twelve years of military rule, Fernando Belaúnde Terry was [[1980 Peruvian general election|elected president]] for a second time.<ref name="EL" /> On the day of the election, [[Shining Path]] launched its armed struggle in [[Chuschi]] with a [[Chuschi ballot burning incident|ballot burning incident]], essentially beginning the [[internal conflict in Peru]].<ref name="EL" /> Belaúnde's used a [[floating exchange rate]] and used [[populist]] policies, primarily relying on key exports.<ref name="EL" /> His government continued to reverse Velasco's existing policies and some economic liberalization.<ref name="EL" /> However, Belaúnde's government could not develop a monetary policy, failed at managing state-run entities and faced a growing external debt, leaving Peru in a vulnerable state.<ref name="EL" />

[[Alan García]] was elected president in the [[1985 Peruvian general election]] and the first Aprista president in over sixty years. His administration adopted a neo-structuralist economic policy, with the government funding the private sector to enhance economic performance, increasing welfare spending and instituting price controls; this resulted with temporary economic growth, though Peru's national debt grew dramatically.<ref name="EL" /> By 1989, inflation reached almost 3,000 percent and 7,000 percent in 1990, with Peru experiencing a GDP loss of twenty-four percent in the last three years of García's tenure.<ref name="EL" /> With the growing economic crisis and the terrorist Shining Path gaining territory in an armed conflict with the Peruvian government, the idea of a leader with a "heavy hand" became more attractive to Peruvians according to Gutiérrez Sanín and Schönwälder.<ref name="EL" />

The Peruvian armed forces grew frustrated with the inability of the García administration to handle the nation's crises and began to draft a plan to overthrow his government.<ref name="UA" /><ref name="Alfredo">{{cite book|author=Alfredo Schulte-Bockholt|title=The politics of organized crime and the organized crime of politics: a study in criminal power|publisher=Lexington Books|year=2006|isbn=978-0-7391-1358-5|pages=114–118|chapter=Chapter 5: Elites, Cocaine, and Power in Colombia and Peru|quote=important members of the officer corps, particularly within the army, had been contemplating a military coup and the establishment of an authoritarian regime, or a so-called directed democracy. The project was known as 'Plan Verde', the Green Plan. ... Fujimori essentially adopted the 'Plan Verde,' and the military became a partner in the regime. ... The autogolpe, or self-coup, of April 5, 1992, dissolved the Congress and the country's constitution and allowed for the implementation of the most important components of the 'Plan Verde.'}}</ref> According to Peruvian sociologist and political analyst Fernando Rospigliosi, Peru's business elites held relationships with the military planners, with Rospigliosi writing that businesses "probably provided the economic ideas which [the military] agreed with, the necessity of a liberal economic program as well as the installment of an authoritarian government which would impose order".<ref name="DI">{{Cite journal|last=Avilés|first=William|date=Spring 2009|title=Despite Insurgency: Reducing Military Prerogatives in Colombia and Peru|journal=[[Latin American Politics and Society]]|publisher=[[Cambridge University Press]]|volume=51|issue=1|pages=57–85|doi=10.1111/j.1548-2456.2009.00040.x|s2cid=154153310}}</ref> Thus, [[Plan Verde]] was drafted at the end of the García presidency; the objectives evolved into establishing a civilian-military government with a [[neoliberal]] economic policy.

==== Fujimori government ====
{{Further|Plan Verde}}{{Main|Economic policy of the Alberto Fujimori administration}}
During his campaigning for the 1990 election, [[Alberto Fujimori]] expressed concern against the proposed neoliberal policies of his opponent [[Mario Vargas Llosa]].<ref>{{cite web|date=14 April 1990|title=La frugalidad de "Cambio 90" y el derroche de Fredemo|url=http://www.proceso.com.mx/154825/la-frugalidad-de-cambio-90-y-el-derroche-de-fredemo|access-date=27 December 2017|publisher=El Proceso|language=es|archive-date=20 September 2018|archive-url=https://web.archive.org/web/20180920122715/https://www.proceso.com.mx/154825/la-frugalidad-de-cambio-90-y-el-derroche-de-fredemo}}</ref> Peruvian magazine ''[[Oiga (magazine)|Oiga]]'' reported that following the election, the armed forces were unsure of Fujimori's willingness to fulfill their objectives outlined in Plan Verde and it was reported that the meeting held a negotiatory meeting with him to ensure that Fujimori followed their direction.<ref name="PV" /><ref>{{Cite book|last=Rospigliosi|first=Fernando|title=Las Fuerzas Armadas y el 5 de abril: la percepción de la amenaza subversiva como una motivación golpista|publisher=Instituto de Estudios Peruanos|year=1996|location=Lima, Peru|pages=28–40}}</ref> After taking office, Fujimori abandoned the economic platform he promoted during his campaign, adopting more aggressive neoliberal policies than those espoused by Vargas Llosa, his competitor in the election.<ref name="gouge32">Gouge, Thomas. ''Exodus from Capitalism: The End of Inflation and Debt''. 2003, page 363.</ref> Fujimori would go on to adopt many of the policies outlined in Plan Verde.<ref name="Alfredo" /><ref name="DI" /> Fujimori ultimately served as president from 28 July 1990 to 17 November 2000.

Fujimori is often credited with defeating the [[Shining Path]] terrorist group in Peru and restoring its [[Macroeconomics|macroeconomic]] stability.<ref>Fox, Elizabeth, and Fox, de Cardona and Waisbord, Silvio Ricardo. ''Latin Politics, Global Media''. 2002, p. 154</ref><ref>Hough, Peter. ''Understanding Global Security''. 2008, pp. 79–80</ref><ref>{{Cite news|date=8 December 2007|title=Ex-President's Trial a Moment of Truth|work=Fox News|url=http://www.foxnews.com/printer_friendly_wires/2007Dec09/0,4675,PeruFujimoriTrial,00.html}}</ref><ref>[https://news.bbc.co.uk/1/hi/world/americas/705482.stm Fujimori's controversial career], BBC News, 18 September 2000. Retrieved 4 November 2006.</ref> Fujimori's economic policy was largely adopted from the advice of Peruvian economist [[Hernando de Soto (economist)|Hernando de Soto]], who prescribed economic guidelines – including the loosening of [[economic regulation]], the introduction of [[austerity]] measures and the use of neoliberal policies – that were ultimately adopted by the Fujimori administration and established in the [[Constitution of Peru|1993 Constitution of Peru]].<ref>{{Cite web|last=Burt|first=Jo-Marie|date=25 September 2007|title=Peru: Facade of Democracy Crumbles|url=https://nacla.org/article/peru-facade-democracy-crumbles|access-date=11 December 2020|website=[[NACLA]]|language=en|archive-date=9 September 2020|archive-url=https://web.archive.org/web/20200909193844/https://nacla.org/article/peru-facade-democracy-crumbles}}</ref><ref>{{Cite news|last1=Brooke|first1=James|date=27 November 1990|title=A Peruvian Is Laying Out Another Path|language=en-US|work=The New York Times|url=https://www.nytimes.com/1990/11/27/world/a-peruvian-is-laying-out-another-path.html|access-date=26 September 2020|issn=0362-4331}}</ref><ref>{{cite book|last1=Stokes|first1=Susan|title=Are Parties What's Wrong with Democracy in Latin America?|year=1997 |citeseerx=10.1.1.569.1490}}</ref><ref>{{Cite web|last=Borda|first=Luis|date=8 May 2016|title=Hernando de Soto: "Alberto Fujimori fue víctima de la seducción de Montesinos"|url=https://rpp.pe/politica/elecciones/hernando-de-soto-alberto-fujimori-fue-victima-de-la-seduccion-de-montesinos-noticia-960476|access-date=11 December 2020|website=[[RPP (Peru)]]|language=es}}</ref> Although economic statistics show improved economic data in Peru in recent decades, the wealth earned between 1990 and 2020 was not distributed throughout the country; living standards showed disparities between the more-developed capital city of Lima and similar coastal regions while rural provinces remained impoverished.<ref>{{Cite web |date=3 June 2021 |title=Buenos Aires Times {{!}} Inequality fuels rural teacher's unlikely bid to upend Peru |url=https://batimes.com.ar/news/latin-america/inequality-fuels-a-rural-teachers-unlikely-bid-to-upend-peru.phtml |url-status=live |archive-url=https://web.archive.org/web/20210604101055/https://batimes.com.ar/news/latin-america/inequality-fuels-a-rural-teachers-unlikely-bid-to-upend-peru.phtml |archive-date=4 June 2021 |access-date=4 June 2021 |website=[[Buenos Aires Times]] |publisher=[[Bloomberg.com|Bloomberg]]}}</ref><ref>{{Cite web |last=O'Boyle |first=Brendan |date=3 May 2021 |title=Pedro Castillo and the 500-Year-Old Lima vs Rural Divide |url=https://www.americasquarterly.org/article/pedro-castillo-and-the-500-year-old-lima-vs-rural-divide/ |url-status=live |archive-url=https://web.archive.org/web/20210603100944/https://www.americasquarterly.org/article/pedro-castillo-and-the-500-year-old-lima-vs-rural-divide/ |archive-date=3 June 2021 |access-date=3 June 2021 |website=[[Americas Quarterly]] |language=en-US}}</ref>

=== 21st century ===
[[File:Peru bonds.webp|thumb|Peru bonds
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{{legend-line|#929292 solid 3px|15 year}}
{{legend-line|#F8BA00 solid 3px|10 year}}
{{legend-line|#FF2600 solid 3px|5 year}}
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==== Lima Consensus ====
{{Main|Lima Consensus}}
Initially established by the Fujimori administration, the Lima Consensus focused on [[deregulation]] and [[privatization]] with the goal of establishing a [[neoliberal]] economy, all while limiting the involvement of the government in the [[public sector]].<ref name="CL" /><ref name="HP" /> As the [[Washington Consensus]] lost popularity in the 2000s, a more defined Lima Consensus began to emerge in Peru as the economy simultaneously improved during the [[2000s commodities boom]].<ref name="EC">{{Cite web|date=11 May 2013|title=El Consenso de Lima|trans-title=The Lima Consensus|url=https://larepublica.pe/archivo/710401-el-consenso-de-lima/|access-date=23 February 2022|website=[[La República (Peru)|La Republica]]|language=es|location=Lima}}</ref> While Latin American governments invested into [[social programs]] for education, healthcare and poverty programs in the early 21st century, Peru under the Consensus chose to cut social programs.<ref name="FT" /><ref>{{Cite web|last=Holland|first=Lynn|date=30 July 2014|title=The House on the Mountain: How Mining Corrodes Democracy in Peru|url=https://www.coha.org/the-house-on-the-mountain-how-mining-corrodes-democracy-in-peru/|access-date=23 February 2022|website=[[Council on Hemispheric Affairs]]|language=en-US}}</ref> President [[Alejandro Toledo]] continued to promote the [[decentralization]] of Peru,<ref name="CL" /> while the former [[social democrat]] [[Alan García]] took implementation of the consensus even further, adopting policies similar to [[Augusto Pinochet]].<ref name="HP" /><ref name="EC" /> [[Keiko Fujimori]], the daughter of Alberto Fujimori, has been a major proponent for the Lima Consensus, using the support of neoliberal economist [[Hernando de Soto (economist)|Hernando de Soto]] to support her position during her elections.<ref name="PC" /> This lack of state intervention as promoted by the Consensus has resulted with a weak government with poor performance, with many Peruvians experiencing insufficient basic services such as education, justice and security while corruption, crime, [[crony capitalism]] and [[economic inequality]] increased as many political officials frequently moving between business and government positions without oversight.<ref name="FT" /><ref name="HP" />

Following the [[2021 Peruvian general election]] that saw leftist candidate [[Pedro Castillo]] elected into the presidency, [[Fitch Solutions]] warned that his election posed "substantial risks to the 'Lima Consensus', the investor-friendly economic policy framework that has persisted over the last 20 years".<ref>{{Cite book|title=Peru country risk report – Q4 2021|publisher=[[Fitch Solutions]]|year=2021|location=London|page=45}}</ref>

==Sectors==
[[File:Peru econ 1970.jpg|thumb|left|Peru's economic activity in the 1970s]]

===Agriculture===
{{main|Agriculture in Peru}}

Peru is a country with many climates and geographical zones that make it a very important agricultural nation. Peruvian agricultural exports are highly appreciated and include artichokes, grapes, avocados, mangoes, peppers, sugarcane, organic coffee and premium-quality cotton.

Peru is one of the 5 largest producers of [[avocado]], [[blueberry]], [[artichoke]] and [[asparagus]], one of the 10 largest producers in the world of coffee and [[Cocoa bean|cocoa]], one of the 15 largest producers in the world of potato and [[pineapple]], and also has a considerable production of grape, [[sugarcane]], rice, banana, maize and [[cassava]]; its agriculture is considerably diversified.<ref>{{cite web| url = http://www.fao.org/faostat/es/#data/QC/| title = Peru en 2018, by FAO}}</ref>

In 2018, Peru produced 10.3&nbsp;million tons of [[sugarcane]], 5.1&nbsp;million tons of potato, 3.5&nbsp;million tons of rice, 2.2&nbsp;million tons of banana, 1.5&nbsp;million tons of maize, 1.2&nbsp;million tons of [[cassava]], 921 thousand tons of [[palm oil]], 645 thousand tons of grape, 548 thousand tons of [[pineapple]], 504 thousand tons of [[avocado]], 481 thousand tons of [[tangerine]], 502 thousand tons of orange, 369 thousand tons of coffee, 383 thousand tons of [[mango]], 360 thousand tons of [[asparagus]], 270 thousand tons of lemon, 252 thousand tons of tomato, 207 thousand tons of [[barley]], 195 thousand tons of wheat, 188 thousand tons of [[olives]], 187 thousand tons of [[carrots]], 175 thousand tons of [[papaya]], 175 thousand tons of [[Black pepper|pepper]], 154 thousand tons of [[artichoke]], 140 thousand tons of apple, 134 thousand tons of [[Cocoa bean|cocoa]], in addition to smaller productions of other agricultural products.<ref>{{cite web| url = http://www.fao.org/faostat/en/#data/QC/| title = Peru production in 2018, by FAO}}</ref>

=== Industry and services ===

{{Unreferenced section|date=October 2025}}

==== Manufacturing ====
Peru has developed a medium manufacturing sector. The sector now represents 23 percent of GDP and is tied heavily to mining, fishing, agriculture, construction and textiles. Manufacturing is mainly devoted to processing to gain a value-added advantage. The most promising sector is textiles, metal mechanics, food industry, agricultural industry, manufactures, chemicals, pharmaceuticals, machinery and services.

==== Services ====
Tourism has represented a new growth industry in Peru since the early 1990s, with the government and private sector dedicating considerable energies to boosting the country's tourist destinations both to Peruvians and foreigners.

=== Natural resources ===
[[File:Chimbote 02.jpg|thumb|[[Fishing fleet]] in [[Ferrol Bay]] near [[Chimbote]]. In the middle of the 20th century, its port became the one with the largest fishing production on the planet.]]
Peru's natural resources are copper, silver, gold, timber, fish, iron ore, coal, phosphate, potash, and natural gas.

==== Extraction ====
{{see also|Mining in Peru}}
[[File:MINISTRO VALAKIVI VISITÓ EL EJE ENERGÉTICO DE LA CONVENCIÓN EN EL CUSCO (VRAEM) (19935504733).jpg|thumb|Natural gas separation plant of the [[Camisea Gas Project]] in [[La Convención Province]], [[Department of Cuzco|Cuzco]].]]Mining is a major pillar of the Peruvian economy. In 2019, the country was the 2nd largest world producer of copper<ref>{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-copper.pdf| title = USGS Copper Production Statistics}}</ref> and silver,<ref>{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-silver.pdf| title = USGS Silver Production Statistics}}</ref> 8th largest world producer of gold,<ref>{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-gold.pdf| title = USGS Gold Production Statistics}}</ref> 3rd largest world producer of lead,<ref>{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-lead.pdf| title = USGS Lead Production Statistics}}</ref> 2nd largest world producer of [[zinc]],<ref>{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-zinc.pdf| title = USGS Zinc Production Statistics}}</ref> 4th largest world producer of [[tin]],<ref>{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-tin.pdf| title = USGS Tin Production Statistics}}</ref> 5th largest world producer of [[boron]]<ref>{{cite web |url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-boron.pdf| title=USGS Boron Production Statistics}}</ref> and 4th largest world producer of [[molybdenum]].<ref>{{cite web| url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-molybdenum.pdf |title=USGS Molybdenum Production Statistics}}</ref> The country was once the world's largest producer of silver and was also one of the five largest gold producers in the world.

Illegal mining remains [[Illegal mining in Peru|a significant problem in Peru]] with its associated deforestation,<ref name="swen">Swenson, Jennifer J. et al. "Gold Mining in the Peruvian Amazon: Global Prices, Deforestation, and Mercury Imports." Ed. Guy J-P. Schumann. PLoS ONE 6.4 (2011): e18875. PMC. Web. 17 Feb. 2015.</ref> pollution,<ref name="swen" /> prostitution,<ref>{{cite web|url=http://www.huffingtonpost.com/alfonso-daniels/child-prostitution-boomin_b_1086278.html|title=Child Prostitution Booming in Peruvian Amazon |first=Alfonso Daniels Emergency Media Manager for Save the Children|last=International|website=[[HuffPost]] |date=14 November 2011 |access-date=9 January 2017}}</ref><ref>{{cite web |url=http://www.peruviantimes.com/la-republica-expose-on-child-prostitution-in-peruvian-amazon-mining-towns/10555 |title=La Republica: Exposé on child prostitution in Peruvian Amazon mining towns |access-date=2009-11-16 |website= Peruvian Times |date=10 August 2008}}</ref> poor working conditions and criminality.<ref>{{Cite web |last=Godoy |first=Por Juan Manuel |date=2025-01-20 |title=Falta de oxígeno, contaminación y crimen: cómo es La Rinconada, la ciudad más alta del mundo |url=https://www.infobae.com/america/america-latina/2025/01/20/falta-de-oxigeno-contaminacion-y-crimen-como-es-la-rinconada-la-ciudad-mas-alta-del-mundo/ |access-date=2025-01-23 |website=infobae |language=es-ES}}</ref>

==== Fishing and aquaculture ====
{{Main article|Fishing industry in Peru}}
Fishing is a major economic activity in Peru. As of 2022, Peru has the third-largest fishery, accounting for about 6.6% of the global marine species catch in 2022.<ref>{{Cite journal |last1=Orihuela |first1=Carlos |last2=Davila-Garcia |first2=Jose |date=2025-10-01 |title=Wealth of Peruvian fishery |url=https://www.sciencedirect.com/science/article/pii/S0308597X25002313 |journal=Marine Policy |volume=180 |article-number=106816 |doi=10.1016/j.marpol.2025.106816 |bibcode=2025MarPo.18006816O |issn=0308-597X|url-access=subscription }}</ref> The main target species is the [[Peruvian anchoveta]], which accounted for about 86.7% of marine landings in 2022.<ref>{{Cite journal |last1=Coayla |first1=Edelina |last2=Bedón |first2=Ysabel |last3=Rosales |first3=Tomás |last4=Jiménez |first4=Luis |date=2023 |title=Industrial Marine Fishing in the Face of Climate Change in Peru |journal=Journal of Marine Sciences |language=en |volume=2023 |issue=1 |article-number=9984319 |doi=10.1155/2023/9984319 |doi-access=free |issn=2633-4674}}</ref> The Peruvian anchoveta is primarily used for [[Fish meal|fishmeal]] and [[fish oil]] production, of which Peru is the world's largest producer of, typically accounting for between one-fourth and one-third of global trade of fishmeal and fish oil.<ref>{{Cite web |date=2024 |title=GLOBEFISH {{!}} Quarterly Fishmeal and fish oil analysis - December 2024 |url=https://openknowledge.fao.org/items/7ea2d601-d1c5-4fdf-a632-11263e34fa01 |access-date=2025-07-02 |website=[[FAO]]}}</ref> Aquaculture has also progressed significantly since 2000, growing from a production value of about 6,500 tonnes to nearly 141,000 tonnes in 2022.<ref>{{Cite web |title=Aquaculture production (metric tons) - Peru |url=https://data.worldbank.org/ |access-date=2025-07-02 |website=[[World Bank]]}}</ref> According to [[Ministry of Production (Peru)|Peru's Ministry of Production]], the sector exported about US$2.9 billion worth of product in 2023, employing about 90,900 people across inland fisheries, marine fisheries, and aquaculture.<ref>{{Cite web |last= |date=2024-09-12 |title=Anuario Estadístico Pesquero y Acuícola 2023 |url=https://www.producempresarial.pe/en/anuario-estadistico-pesquero-y-acuicola-2023/ |access-date=2025-07-02 |website=Observatorio PRODUCEmpresarial |language=es}}</ref>

==External trade and investment==

===Foreign investment and balance of payments===

====Foreign trade and balance of payments====
In 2001 the current account deficit dropped to about 2.2% of GDP ([[US dollar|US$]]1.17 [[1000000000 (number)|billion]])--from 3.1% in 2000—while the trade balance registered a small deficit. Exports dropped slightly to $7.11&nbsp;billion, while imports fell 2.1% to $7.20&nbsp;billion. After being hit hard by El Niño in 1998, fisheries exports have recovered, and minerals and metals exports recorded large gains in 2001 and 2002, mostly as a result of the opening of the Antamina copper-zinc mine. By mid-2002, most sectors of the economy were showing gains. After several years of substantial growth, foreign direct investment not related to privatization fell dramatically in 2000 and 2001, as well as in the first half of 2002. Net international reserves at the end of May 2002 stood at $9.16&nbsp;billion, up from $8.6&nbsp;billion (2001), $17&nbsp;billion at the end of 2006, over $20&nbsp;billion in 2007, and over $35&nbsp;billion in May 2008. Peru has signed a number of free trade agreements, including the 2007 [[United States-Peru Trade Promotion Agreement]], and agreements with Chile, Canada, Singapore, [[Thailand]] and China. Under President Alan Garcia administration Peru achieved a bilateral trade agreement with U.S. since 2010 to improve exports for its country and reach in August 2011 its pick in exports of more than 4,700 MM.

====Foreign investment====
[[File:Puerto de Callao.jpg|thumb|right|The Port of Callao is Peru's gateway for exports and imports]]
The Peruvian government actively seeks to attract both foreign and domestic investment in all sectors of the economy. International investment was spurred by the significant progress Peru made during the 1990s toward economic, social, and political stability, but it slowed again after the government delayed privatizations and as political uncertainty increased in 2000. President [[Alejandro Toledo]] has made investment promotion a priority of his government. While Peru was previously marked by terrorism, hyperinflation, and government intervention in the economy, the Government of Peru under former President [[Alberto Fujimori]] took the steps necessary to bring those problems under control. Democratic institutions, however, and especially the judiciary, remain weak.

The Government of Peru's economic stabilization and liberalization program lowered trade barriers, eliminated restrictions on capital flows, and opened the economy to foreign investment, with the result that Peru now has one of the most open investment regimes in the world. Between 1992 and 2001, Peru attracted almost $17&nbsp;billion in foreign direct investment, after negligible investment until 1991, mainly from Spain (32.35%),<ref>{{cite book |title=Foreign investment statistics (in Spanish) |url=http://www.proinversion.gob.pe/0/0/modulos/JER/PlantillaStandardsinHijos.aspx?ARE=0&PFL=0&JER=1537 |archive-date=10 December 2019 |access-date=4 November 2007 |archive-url=https://web.archive.org/web/20191210224926/http://www.proinversion.gob.pe/0/0/modulos/JER/PlantillaStandardsinHijos.aspx?ARE=0&PFL=0&JER=1537 }}</ref> the United States (17.51%), [[Switzerland]] (6.99%), Chile (6.63%), and Mexico (5.53%). The basic legal structure for foreign investment in Peru is formed by the 1993 constitution, the [[Private Investment Growth Law]], and the November 1996 [[Investment Promotion Law]]. Although Peru does not have a bilateral investment treaty with the United States, it has signed an agreement (1993) with the Overseas Private Investment Corporation ([[Overseas Private Investment Corporation|OPIC]]) concerning OPIC-financed loans, guarantees, and investments. Peru also has committed itself to arbitration of investment disputes under the auspices of ICSID (the [[World Bank]]'s[[International Center for the Settlement of Investment Disputes]]) or other international or national arbitration tribunals.

==Currency==

The [[Peruvian sol|sol]] is the currency of Peru. The exchange rate as of January 2025 is 3.76 soles to the [[United States dollar|US dollar]].<ref>{{Cite web |url=https://www.sbs.gob.pe/app/pp/sistip_portal/paginas/publicacion/tipocambiopromedio.aspx |website=www.sbs.gob.pe |title=COTIZACIÓN DE OFERTA Y DEMANDA TIPO DE CAMBIO PROMEDIO PONDERADO |access-date=2025-03-05}}</ref> It was instated in 1991, when the Peruvian government abandoned the [[Peruvian inti|inti]] due to [[hyperinflation]] of the currency; the sol has since maintained the lowest inflation rate in Latin America.<ref>San José State University Department of Economics, [http://www.sjsu.edu/faculty/watkins/peru.htm#GARCIA The economic history and the economy of Peru] {{Webarchive|url=https://web.archive.org/web/20001005151205/http://www.sjsu.edu/faculty/watkins/peru.htm#GARCIA |date=5 October 2000}}. Retrieved 11 July 2007.</ref> The sol replaced the inti at a rate of 1 nuevo sol = 1,000,000 intis.<ref>{{in lang|es}}</ref> The inti itself replaced another inflated currency, the [[Peruvian sol (1863–1985)|sol]], which was used between 1863 and 1985. The name ''sol'' comes from the Latin ''[[solidus (coin)|solidus]]'', and is also the Spanish word for "[[sun]]", which the ancient [[Inca]] civilization worshiped as the god [[Inti]].

The sol currently enjoys a low inflation rate of 2.5%.<ref name="IMF" /> Since it was put into use, the sol's exchange rate with the United States dollar has stayed mostly between 2.80 and 3.30 to 1. Out of all the currencies of the Latin American region, the sol is the most stable and reliable, being the least affected by the downturn in the value of the US dollar; during late 2007 and early 2008, the exchange rate fell to 2.69 to 1, which had not been seen since 1997. The exchange rate is set on a daily basis by the ''Banco Central de Reserva del Perú'' (Central Reserve Bank of Peru).

The sol is divided into 100 [[céntimo]]s. The highest-denomination banknote is the 200 soles note; the lowest-denomination coin is the rarely used 5 céntimos coin.

==Income and consumption==

Peru divides its population into five socio-economic classes, A-E, with A representing the rich; B, the upper middle class; C, the middle class; D, the working class and low income families; and E, the marginalized poor. In 2018, the segments were described as "crude" by Miguel Planas of the Ministry of Finance due to the complicated structure of the society in Peru, where some classes make money off of illegal trade which aren't counted in the GDP, and are thus falsely classified as low income or marginalised poor families.

==Employment==
Unemployment in Greater Lima is 5.6%, while for the rest of Peru is 7%. FY 2012–2013<ref>{{cite web|url=http://www.inei.gob.pe/|title=PERÚ Instituto Nacional de Estadística e Informática|access-date=11 June 2015|archive-date=12 April 1997|archive-url=https://web.archive.org/web/19970412040139/http://www.inei.gob.pe/ }}</ref> In the last report, the number of workers by participants belonging to the public sector amounted to 1.45 million.<ref>{{Cite web |title=Número de trabajadores estatales creció 1.31% |url=https://elperuano.pe/noticia/74678-numero-de-trabajadores-estatales-crecio-131 |access-date=2024-04-30 |website=elperuano.pe |language=es}}</ref>

==Economic trends==

===Greater depth===
[[File:Bolsa de Valores, Lima, Perú, 2015-07-28, DD 101.JPG|thumb|The [[Lima Stock Exchange]]]]
From 1994 through 1998, under the government of Alberto Fujimori, the economy recorded robust growth driven by foreign direct investment, almost 46% of which was related to the privatization program. The government invested heavily on the country's infrastructure, which became a solid foundation for the future of the Peruvian economy.{{Citation needed|date=April 2008}} The economy stagnated from 1998 through 2001, the result of the century's strongest [[El Niño]] weather phenomenon, global financial turmoil, political instability, a stalled privatization program, increased government intervention in markets{{Citation needed|date=April 2008}}, and worsening terms of trade. President [[Alejandro Toledo]] implemented a recovery program after taking office, maintained largely orthodox economic policies, and took measures to attract investment, including restarting the privatization program. Nonetheless, political uncertainty led to GDP growth of 0.2% in 2001.{{Citation needed|date=April 2008}} The Lima Stock Exchange general index fell 34.5% in 2000 and 0.2% in 2001.{{Citation needed|date=April 2008}} Inflation remained at record lows, registering 3.7% in 2000.{{Citation needed|date=April 2008}}

The year 2001 saw [[Deflation (economics)|deflation]] of 0.1%. The government's overall budget deficit rose sharply in 1999 and 2000 to 3.2% of GDP, the result of hikes in government salaries, expenditures related to the 2000 election campaign, higher foreign debt service payments, and lower tax revenues.{{Citation needed|date=April 2008}} The government brought the deficit down to 2.5% of GDP in 2001, and set a target of 1.9% of GDP for 2002. Peru's stability brought about a substantial reduction in [[underemployment]], from an average of 74% from the late 1980s through 1994 to 43% in the 1995–96 period, but the rates began climbing again in 1997–2002 to over half the working population. The poverty rate remained at 54% in 2001, with 24% of Peruvians living in extreme poverty. In 2005, 18% of Peruvians were living in extreme poverty and a poverty rate at 39%.<ref>{{cite web|url=http://www.elcomercio.com.pe/ediciononline/HTML/2008-05-27/alan-Garcia-2015-pobreza-reducira-menos-10.html|title=El Comercio Perú: página no encontrada|access-date=11 June 2015|archive-url=https://web.archive.org/web/20080815020434/http://www.elcomercio.com.pe/ediciononline/HTML/2008-05-27/alan-garcia-2015-pobreza-reducira-menos-10.html|archive-date=15 August 2008}}</ref> As of 2010, around 30% of its total population is poor.<ref name="larepublica.pe">{{cite web|url=http://www.larepublica.pe/11-01-2011/pobreza-se-redujo-30-en-el-2010-0|title=Pobreza se redujo a 30% en el 2010|work=larepublica.pe|access-date=11 June 2015|archive-url=https://web.archive.org/web/20150513214151/http://www.larepublica.pe/11-01-2011/pobreza-se-redujo-30-en-el-2010-0|archive-date=13 May 2015}}</ref>

===Outlook===
{{Update|section|date=October 2011}}

The virtues of today's new multi-polar world for Peru are many. At 30 million people, Peru is neither too small to matter nor so big it is going to be a power in its own right. Midsized states, benefits from a world where it is no longer mandatory to pick a big-power patron.

With expanding ports loading up boats to China on one side, and a new superhighway to Brazil on the other, along with a free trade agreement with the United States in its hip pocket, Peru seems well-positioned to prosper in the coming years. But former President Toledo may not be hyperbolic when he worries the future stability of the state may depend on its willingness to distribute wealth more evenly.

Forecasts for the medium- and long-term remain highly positive. Peru's real GDP growth in 2007 was (8.3%) and [[Latin America#Economy|largest in Latin America]] in 2008 was an outstanding 9.8%, the highest in the world.<ref>{{cite news| url=https://www.reuters.com/article/marketsNews/idUSN1651763820090216 | work=Reuters | title=UPDATE 2-Peru's GDP surges 9.84 pct in 2008, slips in December | date=16 February 2009}}</ref> Inflation remained low, at about 3%, while the budget surplus is expected to remain at about 1% of GDP.{{Citation needed|date=April 2008}} Private investment should keep growing at a rate of 15% a year.{{Citation needed|date=April 2008}} Exports and imports are expected to keep rising.{{Citation needed|date=April 2008}} The unemployment and underemployment indexes (5.2% and 34%, respectively, in Lima) should keep coming down as the economy grows{{Citation needed|date=April 2013}}, other cities in Peru like Cajamarca, Ica, Cuzco and Trujillo are starting to show less unemployment nowadays.{{Citation needed|date=April 2013}} The country is likely to attract future domestic and foreign investment in tourism, agriculture, mining, petroleum and natural gas, power industries and financial institutions.
According to the IMF and the World Bank, Peruvian GDP economic growth between 2007 and 2013 was:

In 2007 at 8.9%, in 2008 at 9.7%, in 2009 at 0.9%, in 2010 at 8.6%, in 2011 at 6.0%, in 2012 at 6,3% and in 2013 at 5.3%.

Therefore, Peruvian GDP grew in the 2007–2013 6 years period an outstanding net growth of 45.7% or a 7.61% yearly average. The IMF forecast for Peru's economic growth for the next 6 years 2013–2019 is a 7% yearly growth.

In FY 2011 for the first time since 1991 the size of the Peruvian economy surpassed the Chilean economy. Peru now is the fifth major economy in South America and is expected to become the fourth South American economy in 2018 by surpassing Venezuela.

Private investment reached 25% of the GDP in 2007, and has remained stable through 2010; and inflation is under control at an average 2% per year for the next 5 years. International Debt will reach 25% of the GDP by 2010, down from 35% in 2006, and will be only 12% of the GDP by 2015.{{Citation needed|date=April 2008}} The International Monetary Reserves of the National Reserve Bank (Dollar, Euro, Yen, Gold, and other currencies) reached US$27&nbsp;billion by the end of 2007, and US$31&nbsp;billion at the end of 2008.
Currently reserves are at a US$73&nbsp;billion level for end of FY 2013, which more than doubles the total foreign debt of Peru which is US$30&nbsp;billion at the end of FY 2013.

Exports are growing at a pace of 25% and reached US$28&nbsp;billion at the end of 2007 and US$30&nbsp;billion at the end of 2010. In FY 2012 Peruvian exports reached a total of US$46&nbsp;billion.

High technological investment is growing fast in Peru, and will be 10% of the GDP by 2010.{{Citation needed|date=April 2008}}

===Narcotics===

====Background====
[[Coca]] has a long history of cultivation in the Andes, and has always been a traditional part of Peruvian life. However, the [[narcotic]] properties of coca were known only locally until 1786, when [[Lamarck]] listed the leaf in his botanical encyclopedia.<ref name="McCoy">McCoy, Alfred W (2004). ''Dangerous Harvest.  The Stimulus of Prohibition: A Critical History of the Global Narcotics Trade'', p. 25. Oxford University Press, New York. {{ISBN|0-19-514319-1}}.</ref> After the arrival of the Spanish, coca cultivation increased and its use became more common and widespread.<ref name="MacGregor">MacGregor, Felipe E. (ed.) (1993). ''Coca and Cocaine: An Andean Perspective'', p.109. Greenwood Press, US.  {{ISBN|0-313-28530-6}}.</ref> Since 1543, coca has been internationally recognized for its trading value, and regulations imposed upon it have attached increasing economic importance to the plant.<ref name="MacGregor" /> Exchange of the coca leaf between consumers in the highlands and growers in the low-lying hills has gone on for at least the last millennium, strengthening local economic ties.<ref>Salisbury, D.S. and C. Fagan (2011).  "Coca and conservation: cultivation, eradication, and trafficking in the Amazon borderlands."  ''GeoJournal'' {{doi|10.1007/s10708-011-9430-x}}.  URL: http://upperamazon.org/ Retrieved 28 January 2012</ref>  Between 1884 and 1900, coca and cocaine grew in popularity for medical purposes and mass consumption in the United States.  From 1905 to 1922, anti-cocaine sentiments in the US resulted in criminalization of both coca and cocaine. It was not until the 1920s that US diplomats began to extend drug prohibitions internationally.<ref>Gootenberg, Paul (2004). "Secret Ingredients: The Politics of Coca in US-Peruvian Relations, 1915–65." ''Journal of Latin American Studies'' {{doi|10.1017/S0022216X04007424}} Retrieved 27 January 2012.</ref>

====Current trends====
The Peruvian coca and [[cocaine]] industry is as huge as it is today because of advanced industrial nations' demand for drugs.  This high demand has created a framework of dependence on "coca-dollars" and on US drug policy.<ref>{{cite journal |last1=Morales |first1=Edmundo |year=1990 |title=The Political Economy of Cocaine Production: An Analysis of the Peruvian Case |journal=Latin American Perspectives |volume=67 |issue=4 |page=91 |doi=10.1177/0094582X9001700406 |s2cid=145443713}}</ref> Money from cocaine trafficking feeds local economies, supports inflation, and even causes social changes such as cocaine smoking among indigenous Peruvians.<ref>Morales, Edmundo (1989). ''Cocaine: White Gold Rush in Peru'', p. xv.  The University of Arizona Press, US. {{ISBN|0-8165-1066-0}}.</ref> Coca farming today is still a significant source of income for peasants, as it accounts for 48% of total net family income in the high coca-growing Apurímac River region.<ref name="Dammert">{{cite journal |last1=Dammert |first1=Ana C |year=2008 |title=Child labor and schooling response to changes in coca production in rural Peru |url=http://www.iza.org/conference_files/chldc2007/dammert_a3161.pdf |journal=Journal of Development Economics |volume=86 |pages=164–180 |doi=10.1016/j.jdeveco.2007.06.007 |citeseerx=10.1.1.175.2259 |s2cid=15767732}}</ref> In an effort to reduce drug use in America, for the past 50 years the US government together with the United Nations have been waging a [[war on drugs]].<ref name="McCoy" /> The US Drug Control Program maintains that "eliminating the cultivation of illicit coca and opium is the best approach to combating cocaine and heroin availability in the US."<ref>US Office of National Drug Control Policy (1998) 1, 23, 28.</ref>

With US government cooperation, the Peruvian Government installed the National Plan for the Prevention and Control of Drugs in 1995.<ref name="Dammert" /> This government prohibition of [[narcotics]] trafficking in Peru has resulted in a 70% reduction of coca leaf cultivation since 1995.  However the reduction in cultivation may not have actual effects on cocaine production, as recent advances in coca growing and more efficient processing methods allow for greater cocaine yield.<ref>United Nations. Office on Drugs and Crime. ''Peru Coca Cultivation Survey for 2005''. 2006. www.unodc.org/unodc/en/crop_monitoring.html. Retrieved 31 January 2012.</ref> The size of the narcotics industry as a part of the national economy is difficult to measure, but estimates range from $300–$600&nbsp;million. An estimated 200,000 Peruvian households have economies based on the production, refining, or distribution of coca.<ref name="Dammert" /> Many economists believe that large flows of dollars into the banking system contribute to the traditional depression of the dollar exchange rate vis-a-vis the sol.<ref name="PE" /> The Central Bank engages in open market activities to prevent the price of the sol from rising to levels that would cause Peruvian exports to become prohibitively expensive.

Hurt economically by [[Peruvian Air Force]] [[interdiction]] efforts in the mid-1990s,<ref name="PE">{{Cite web |title=Peru (04/01) |url=https://2009-2017.state.gov/outofdate/bgn/peru/14574.htm |access-date=2025-02-15 |website=U.S. Department of State}}</ref> drug traffickers are now using land and river routes as well as aircraft to transport [[cocaine]] paste and, increasingly, refined cocaine to consumers around and out of the country. The [[Air Bridge Denial Program]] was suspended in April 2001 after the Peruvian Air Force and strength of the U.S. DEA misidentified a civilian aircraft as a drug trafficker and shot it down, killing two American citizens on board. Peru continues to arrest drug traffickers and seize drugs and precursor chemicals, destroy coca labs, disable clandestine airstrips, and prosecute officials involved in narcotics corruption.

Working with limited aid of the [[U.S. Agency for International Development]] (USAID), the Peruvian Government carries out alternative development programs in the leading coca-growing areas in an effort to convince coca farmers not to grow that crop. Although the government previously eradicated only coca seed beds, in 1998 and 1999 it began to eradicate mature coca being grown in national parks and elsewhere in the main coca growing valleys. In 1999 the government eradicated more than 150&nbsp;km<sup>2</sup> of coca; this figure declined to 65&nbsp;km<sup>2</sup> in 2000, due largely to political instability.<ref>{{Cite web |date=June 2006 |title=COCA CULTIVATION IN THE ANDEAN REGION: A survey of Bolivia, Colombia and Peru |url=https://www.unodc.org/pdf/andean/Andean_full_report.pdf |access-date=2025-02-15 |website=United Nations Office on Drugs and Crime}}</ref> The government agency "Contradrogas", founded in 1996, facilitates coordination among Peruvian Government agencies working on counter-narcotics issues. Alternative crops, however, are not economically comparable to coca. 2004 prices indicate an annual income per hectare of $600 for coffee and $1000 for cocoa, versus up to $7500 for a hectare of coca.<ref>{{cite web|url=http://www.devida.gob.pe/|title=DEVIDA – Comisión Nacional para el Desarrollo y Vida sin Drogas|access-date=11 June 2015|archive-date=13 June 2015|archive-url=https://web.archive.org/web/20150613143959/http://www.devida.gob.pe/}}</ref>

For the global push towards a green economy, sustainability depends on access to minerals such as copper, lithium, and rare earth elements. Peru, as one of the most resource-rich nations in the world, plays an important role.  Peru is currently considered the world's second-largest exporter of minerals such as copper, silver, zinc, and lithium; these minerals are essential to the technologies that drive change in industry to a cleaner and more sustainable future. This year, in August 2024, Peru and the United States signed a memorandum of understanding (MOU) for greater foreign direct investment (FDI) and shared technological innovation. The MOU represents Peru as the US supply for the accessibility of essential minerals, guaranteeing responsible extraction processes. Peru has more than 6 t of lithium and managed 31 active copper projects with almost US$40 billion in potential investments. Thus, this partnership marks a new era for the Peruvian economy. (Owen, 2024)<ref>{{cite web | url=https://www.globalminingreview.com/mining/12112024/perus-critical-minerals-a-key-to-sustainable-growth-and-us-partnership/#:~:text=Our%20country%20is%20currently%20the,%2440%20billion%20in%20potential%20investments | title=Peru's critical minerals: A key to sustainable growth and US partnership | date=12 November 2024}}</ref><ref>{{cite web | url=https://www.trade.gov/country-commercial-guides/peru-mining-equipment-and-machinery | title=Peru - Mining Equipment and Machinery | date=30 December 2023}}</ref>

====Effect on family economies====
The anti-coca policies imposed in 1995 have had adverse effects on Peruvian's household economies.  Many families dependent on coca farming have been forced to send their children to work as eradication of crops has decreased their household income.<ref name="Dammert" /> In states where coca is grown, [[child labour]] increased by 18% in 1997 and 40% in 2000. Work hours and domestic work increased as well, with girls taking on 28% more domestic work with boys doing 13% more.  Wage work for adults also increased since 1995. As such, it can be inferred that the increase in child labour since eradication policies have come into effect is caused by children filling in for working parents.<ref name="Dammert" /> However, the issue of child labour in cocoa production is still present in Peru as reported in 2013 in the [[U.S. Department of Labor]]'s report ''Findings on the Worst Forms of Child Labor'' and in December 2014, in the [[Bureau of International Labor Affairs]]'s ''[[List of Goods Produced by Child Labor or Forced Labor]]''.<ref>{{Cite web |title=2013 Findings on the Worst Forms of Child Labor - Peru |url=https://www.refworld.org/reference/annualreport/usdol/2014/en/101989 |access-date=2025-02-15 |website=Refworld |language=en}}</ref><ref>{{Cite web |date=2014-12-01 |title=List of Goods Produced by Child Labor or Forced Labor |url=https://www.dol.gov/sites/dolgov/files/ILAB/reports/TVPRA_Report2014.pdf |access-date=2025-02-15 |website=The Bureau of International Labor Affairs}}</ref>

===Corruption===
Peru is the 101st least corrupt country in the world according to [[Transparency International]]'s [[Corruption Perceptions Index]].

The Peruvian organization ''"Ciudadanos al Dia"'' has started to measure and compare transparency, costs, and efficiency in different government departments in Peru. It annually awards the best practices which has received widespread media attention. This has created competition among government agencies to improve.<ref>{{cite web|url=http://psdblog.worldbank.org/psdblog/2006/08/why_benchmarkin.html#more|title=Private Sector Development|access-date=11 June 2015|archive-url=https://web.archive.org/web/20090920181947/http://psdblog.worldbank.org/psdblog/2006/08/why_benchmarkin.html#more|archive-date=20 September 2009}}</ref>

A recent case of corruption was the [[2008 Peru oil scandal|2008 oil scandal]], which caused protests in large cities around Peru.<ref>{{Cite news |date=2008-10-08 |title=Protesters decry Peru corruption |url=https://news.bbc.co.uk/2/hi/americas/7658360.stm |access-date=2025-02-15 |language=en-GB}}</ref> The cabinet has to resign due to the scandal.<ref>{{Cite web |title=Scandal-hit Peru cabinet resigns |url=https://www.aljazeera.com/news/2008/10/11/scandal-hit-peru-cabinet-resigns |access-date=2025-02-15 |website=Al Jazeera |language=en}}</ref> However, a judge absolved all the officials involved in the case in 2016.<ref>{{Cite web |last=Post |first=Colin |date=2016-02-17 |title=Peru officials acquitted in 'Petroaudios' oil scandal from 2008 |url=https://perureports.com/peru-officials-absolved-in-petroaudios-oil-scandal-from-2008/3292/ |access-date=2025-02-15 |website=Perú Reports |language=en}}</ref> 

==Statistics==
=== Main economic indicators ===
The following table shows the main economic indicators in 1980–2021 (with IMF staff stimtates in 2022–2027). Inflation below 5% is in green.<ref>{{Cite web|url=https://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weorept.aspx?sy=1980&ey=2023&scsm=1&ssd=1&sort=country&ds=.&br=1&c=228&s=NGDP_RPCH%2CPPPGDP%2CPPPPC%2CPCPIPCH%2CLUR%2CGGXWDG_NGDP&grp=0&a=&pr.x=60&pr.y=1|title=Report for Selected Countries and Subjects|website=imf.org|language=en-US|access-date=11 September 2018}}</ref>
{| class="wikitable" style="text-align:center;"
!Year
!GDP
<small>(in Bil. US$PPP)</small>
!GDP per capita
<small>(in US$ PPP)</small>
!GDP
<small>(in Bil. US$nominal)</small>
!GDP per capita
<small>(in US$ nominal)</small>
!GDP growth
<small>(real)</small>
!Inflation rate
<small>(in Percent)</small>
!Unemployment
<small>(in Percent)</small>
!Government debt
<small>(in % of GDP)</small>
|-
|1980
|53.9
|3,111.3
|20.2
|1,164.8
|{{Increase}}7.7%
|{{IncreaseNegative}}59.1%
|7.3%
|n/a
|-
|1981
|{{Increase}}62.3
|{{Increase}}3,503.5
|{{Increase}}24.4
|{{Increase}}1,373.1
|{{Increase}}5.5%
|{{IncreaseNegative}}75.4%
|{{DecreasePositive}}6.8%
|n/a
|-
|1982
|{{Increase}}65.9
|{{Increase}}3,618.9
|{{Decrease}}24.3
|{{Decrease}}1,332.5
|{{Decrease}}-0.3%
|{{IncreaseNegative}}64.5%
|{{DecreasePositive}}6.4%
|n/a
|-
|1983
|{{Decrease}}62.1
|{{Decrease}}3,329.7
|{{Decrease}}18.9
|{{Decrease}}1,011.7
|{{Decrease}}-9.3%
|{{IncreaseNegative}}111.1%
|{{IncreaseNegative}}9.0%
|n/a
|-
|1984
|{{Increase}}66.8
|{{Increase}}3,498.4
|{{Increase}}19.4
|{{Increase}}1,018.8
|{{Increase}}3.8%
|{{IncreaseNegative}}110.2%
|{{DecreasePositive}}8.9%
|n/a
|-
|1985
|{{Increase}}70.3
|{{Increase}}3,601.1
|{{Decrease}}16.8
|{{Decrease}}861.6
|{{Increase}}2.1%
|{{IncreaseNegative}}163.4%
|{{DecreasePositive}}4.6%
|n/a
|-
|1986
|{{Increase}}80.4
|{{Increase}}4,026.1
|{{Increase}}25.2
|{{Increase}}1,263.7
|{{Increase}}12.1%
|{{IncreaseNegative}}77.9%
|{{IncreaseNegative}}5.3%
|n/a
|-
|1987
|{{Increase}}88.8
|{{Increase}}4,346.5
|{{Increase}}41.7
|{{Increase}}2,040.7
|{{Increase}}7.7%
|{{IncreaseNegative}}85.8%
|{{DecreasePositive}}4.8%
|n/a
|-
|1988
|{{Decrease}}83.3
|{{Decrease}}3,987.4
|{{Decrease}}33.0
|{{Decrease}}1,579.5
|{{Decrease}}-9.4%
|{{IncreaseNegative}}667.0%
|{{DecreasePositive}}4.2%
|n/a
|-
|1989
|{{Decrease}}74.9
|{{Decrease}}3,512.3
|{{Increase}}40.7
|{{Increase}}1,908.5
|{{Decrease}}-13.4%
|{{IncreaseNegative}}3398.3%
|{{IncreaseNegative}}7.9%
|n/a
|-
|1990
|{{Decrease}}73.8
|{{Decrease}}3,388.6
|{{Decrease}}28.3
|{{Decrease}}1,301.5
|{{Decrease}}-5.1%
|{{IncreaseNegative}}7481.7%
|{{IncreaseNegative}}8.3%
|n/a
|-
|1991
|{{Increase}}77.9
|{{Increase}}3,510.0
|{{Increase}}34.0
|{{Increase}}1,530.7
|{{Increase}}2.2%
|{{IncreaseNegative}}409.5%
|{{DecreasePositive}}5.9%
|n/a
|-
|1992
|{{Increase}}79.3
|{{Decrease}}3,501.8
|{{Increase}}35.4
|{{Increase}}1,562.6
|{{Decrease}}-0.5%
|{{IncreaseNegative}}73.5%
|{{IncreaseNegative}}9.4%
|n/a
|-
|1993
|{{Increase}}85.4
|{{Increase}}3,702.0
|{{Decrease}}34.3
|{{Decrease}}1,487.9
|{{Increase}}5.2%
|{{IncreaseNegative}}48.6%
|{{IncreaseNegative}}9.9%
|n/a
|-
|1994
|{{Increase}}98.0
|{{Increase}}4,169.0
|{{Increase}}43.2
|{{Increase}}1,839.2
|{{Increase}}12.3%
|{{IncreaseNegative}}23.7%
|{{DecreasePositive}}8.8%
|n/a
|-
|1995
|{{Increase}}107.4
|{{Increase}}4,490.8
|{{Increase}}51.4
|{{Increase}}2,147.4
|{{Increase}}7.4%
|{{IncreaseNegative}}11.1%
|{{DecreasePositive}}7.1%
|n/a
|-
|1996
|{{Increase}}112.5
|{{Increase}}4,619.6
|{{Increase}}53.4
|{{Increase}}2,193.7
|{{Increase}}2.8%
|{{IncreaseNegative}}11.5%
|{{IncreaseNegative}}7.2%
|n/a
|-
|1997
|{{Increase}}121.8
|{{Increase}}4,918.8
|{{Increase}}56.3
|{{Increase}}2,272.4
|{{Increase}}6.5%
|{{IncreaseNegative}}8.5%
|{{IncreaseNegative}}8.6%
|n/a
|-
|1998
|{{Increase}}122.7
|{{Decrease}}4,873.1
|{{Decrease}}53.9
|{{Decrease}}2,141.1
|{{Decrease}}-0.4%
|{{IncreaseNegative}}7.3%
|{{DecreasePositive}}6.9%
|n/a
|-
|1999
|{{Increase}}126.3
|{{Increase}}4,936.0
|{{Decrease}}48.7
|{{Decrease}}1,903.9
|{{Increase}}1.5%
|{{Increase}}3.5%
|{{IncreaseNegative}}9.4%
|n/a
|-
|2000
|{{Increase}}132.6
|{{Increase}}5,105.1
|{{Increase}}50.4
|{{Increase}}1,940.2
|{{Increase}}2.7%
|{{Increase}}3.8%
|{{DecreasePositive}}7.8%
|44.9%
|-
|2001
|{{Increase}}136.5
|{{Increase}}5,176.0
|{{Increase}}51.0
|{{Decrease}}1,935.5
|{{Increase}}0.6%
|{{Increase}}2.0%
|{{IncreaseNegative}}9.2%
|{{DecreasePositive}}43.8%
|-
|2002
|{{Increase}}146.2
|{{Increase}}5,466.1
|{{Increase}}54.0
|{{Increase}}2,017.8
|{{Increase}}5.5%
|{{Increase}}0.2%
|{{IncreaseNegative}}9.4%
|{{IncreaseNegative}}45.5%
|-
|2003
|{{Increase}}155.3
|{{Increase}}5,728.1
|{{Increase}}58.5
|{{Increase}}2,159.7
|{{Increase}}4.2%
|{{Increase}}2.3%
|{{Steady}}9.4%
|{{IncreaseNegative}}49.4%
|-
|2004
|{{Increase}}167.3
|{{Increase}}6,093.4
|{{Increase}}66.1
|{{Increase}}2,408.1
|{{Increase}}5.0%
|{{Increase}}3.7%
|{{Steady}}9.4%
|{{DecreasePositive}}46.7%
|-
|2005
|{{Increase}}183.4
|{{Increase}}6,595.2
|{{Increase}}74.2
|{{Increase}}2,669.2
|{{Increase}}6.3%
|{{Increase}}1.6%
|{{IncreaseNegative}}9.6%
|{{DecreasePositive}}40.4%
|-
|2006
|{{Increase}}203.3
|{{Increase}}7,222.1
|{{Increase}}87.5
|{{Increase}}3,106.7
|{{Increase}}7.5%
|{{Increase}}2.0%
|{{DecreasePositive}}8.5%
|{{DecreasePositive}}34.9%
|-
|2007
|{{Increase}}226.6
|{{Increase}}7,955.7
|{{Increase}}102.2
|{{Increase}}3,587.8
|{{Increase}}8.5%
|{{Increase}}1.8%
|{{DecreasePositive}}8.4%
|{{DecreasePositive}}31.9%
|-
|2008
|{{Increase}}252.0
|{{Increase}}8,748.4
|{{Increase}}121.3
|{{Increase}}4,209.0
|{{Increase}}9.1%
|{{IncreaseNegative}}5.8%
|{{Steady}}8.4%
|{{DecreasePositive}}28.0%
|-
|2009
|{{Increase}}256.4
|{{Increase}}8,801.7
|{{Increase}}121.8
|{{Decrease}}4,179.7
|{{Increase}}1.1%
|{{Increase}}2.9%
|{{Steady}}8.4%
|{{IncreaseNegative}}28.3%
|-
|2010
|{{Increase}}281.1
|{{Increase}}9,541.6
|{{Increase}}148.9
|{{Increase}}5,055.5
|{{Increase}}8.3%
|{{Increase}}1.5%
|{{DecreasePositive}}7.9%
|{{DecreasePositive}}25.3%
|-
|2011
|{{Increase}}305.1
|{{Increase}}10,239.4
|{{Increase}}170.9
|{{Increase}}5,736.1
|{{Increase}}6.3%
|{{Increase}}3.4%
|{{DecreasePositive}}7.7%
|{{DecreasePositive}}23.0%
|-
|2012
|{{Increase}}318.4
|{{Increase}}10,567.0
|{{Increase}}193.1
|{{Increase}}6,407.6
|{{Increase}}6.1%
|{{Increase}}3.7%
|{{DecreasePositive}}6.8%
|{{DecreasePositive}}21.1%
|-
|2013
|{{Increase}}338.7
|{{Increase}}11,115.3
|{{Increase}}202.6
|{{Increase}}6,647.5
|{{Increase}}5.9%
|{{Increase}}2.8%
|{{DecreasePositive}}5.9%
|{{DecreasePositive}}19.9%
|-
|2014
|{{Increase}}349.9
|{{Increase}}11,356.0
|{{Increase}}202.9
|{{Decrease}}6,584.0
|{{Increase}}2.4%
|{{Increase}}3.2%
|{{Steady}}5.9%
|{{IncreaseNegative}}20.6%
|-
|2015
|{{Increase}}356.8
|{{Increase}}11,454.4
|{{Decrease}}192.0
|{{Decrease}}6,164.2
|{{Increase}}3.3%
|{{Increase}}3.5%
|{{IncreaseNegative}}6.5%
|{{IncreaseNegative}}24.0%
|-
|2016
|{{Increase}}378.5
|{{Increase}}12,019.8
|{{Increase}}195.5
|{{Increase}}6,207.4
|{{Increase}}4.0%
|{{Increase}}3.6%
|{{IncreaseNegative}}6.7%
|{{IncreaseNegative}}24.3%
|-
|2017
|{{Increase}}402.0
|{{Increase}}12,631.7
|{{Increase}}215.7
|{{Increase}}6,776.9
|{{Increase}}2.5%
|{{Increase}}2.8%
|{{IncreaseNegative}}6.9%
|{{IncreaseNegative}}25.2%
|-
|2018
|{{Increase}}428.0
|{{Increase}}13,307.2
|{{Increase}}226.8
|{{Increase}}7,051.6
|{{Increase}}4.0%
|{{Increase}}1.3%
|{{DecreasePositive}}6.7%
|{{IncreaseNegative}}26.0%
|-
|2019
|{{Increase}}445.4
|{{Increase}}13,430.2
|{{Increase}}232.3
|{{Decrease}}7,006.3
|{{Increase}}2.2%
|{{Increase}}2.1%
|{{DecreasePositive}}6.6%
|{{IncreaseNegative}}26.9%
|-
|2020
|{{Decrease}}401.1
|{{Decrease}}11,975.3
|{{Decrease}}205.8
|{{Decrease}}6,145.0
|{{Decrease}}-11.0%
|{{Increase}}1.8%
|{{IncreaseNegative}}13.9%
|{{IncreaseNegative}}35.0%
|-
|2021
|{{Increase}}474.4
|{{Increase}}14,022.8
|{{Increase}}225.9
|{{Increase}}6,678.9
|{{Increase}}13.6%
|{{Increase}}4.0%
|{{DecreasePositive}}10.9%
|{{IncreaseNegative}}36.4%
|-
|2022
|{{Increase}}521.8
|{{Increase}}15,273.2
|{{Increase}}239.3
|{{Increase}}7,004.8
|{{Increase}}2.7%
|{{IncreaseNegative}}7.5%
|{{DecreasePositive}}7.6%
|{{DecreasePositive}}34.8%
|-
|2023
|{{Increase}}554.5
|{{Increase}}16,067.4
|{{Increase}}253.8
|{{Increase}}7,353.4
|{{Increase}}2.6%
|{{Increase}}4.4%
|{{DecreasePositive}}7.5%
|{{IncreaseNegative}}35.7%
|-
|2024
|{{Increase}}584.2
|{{Increase}}16,762.7
|{{Increase}}266.8
|{{Increase}}7,655.6
|{{Increase}}3.2%
|{{Increase}}2.5%
|{{DecreasePositive}}7.4%
|{{Steady}}35.7%
|-
|2025
|{{Increase}}613.5
|{{Increase}}17,428.4
|{{Increase}}279.7
|{{Increase}}7,945.5
|{{Increase}}3.1%
|{{Increase}}2.1%
|{{DecreasePositive}}7.3%
|{{DecreasePositive}}35.7%
|-
|2026
|{{Increase}}644.0
|{{Increase}}18,111.8
|{{Increase}}293.2
|{{Increase}}8,246.5
|{{Increase}}3.0%
|{{Increase}}2.0%
|{{DecreasePositive}}7.2%
|{{DecreasePositive}}35.2%
|-
|2027
|{{Increase}}676.1
|{{Increase}}18,828.5
|{{Increase}}307.4
|{{Increase}}8,560.9
|{{Increase}}3.0%
|{{Increase}}2.0%
|{{DecreasePositive}}7.0%
|{{DecreasePositive}}34.3%
|}
[[File:Poverty Rate in Peru 2004 to 2012.png|thumbnail|Peru's poverty rate from 2004 to 2012.]]
'''Household income or consumption by percentage share:'''
<br />''lowest 10%:''
0.8%
<br />''highest 10%:''
37.5% (2000)

'''Inflation rate (consumer prices):'''
2.08% (2010)

'''Budget:'''
<br />''revenues:''
$57 billion (2014 est.)
<br />''expenditures:''
$50 billion, including long-term capital expenditures of $3.8 billion (2010 est.)

'''Industrial production growth rate:'''
12% (2013 est.)

'''Electricity – production:'''
175,500 GWh (2013 est.)

'''Electricity – production by source:'''
<br />''natural gas:''
44.53%
<br />''hydro:''
54.79%
<br />''nuclear:''
0%
<br />''other:''
0.68% (2013)

'''Electricity – consumption:'''
133,000 GWh (2013)

'''Electricity – exports:'''
32,000 kWh (2013) mainly to Ecuador

'''Electricity – imports:'''
0 kWh (2013)

'''Agriculture – products:'''
coffee, cotton, [[sugarcane]], rice, wheat, potatoes, [[Plantain (cooking)|plantain]]s, [[coca]]; poultry, beef, dairy products, [[wool]]; fish

'''Exports:'''
63.5 billion f.o.b. (2013 est.) of goods and products.
10.5 billion f.o.b. (2013 est.) of services.
Total Exports $73.5 billion f.o.b. (2013)
'''Exports:'''
fish and fish products, copper, [[zinc]], gold, [[molybdenum]], iron, crude petroleum and byproducts, lead; coffee, [[asparagus]], [[artichoke]]s, [[paprika]], sugar, cotton, textiles, [[chemicals]], [[pharmaceuticals]], [[manufactures]], [[machinery]], services.

'''Exports – partners:'''
[[Mainland China]] 20%, United States 15%, [[European Union]] 15%, Brazil 10%, Chile 10%, Japan 5%, Mexico 5%, United Kingdom 5%, [[Bolivia]] 5% Rest of Latin America 5%, Rest of world 5%, (2013)

'''Imports:'''
Total Imports $68 billion f.o.b. (2013)

'''Imports – commodities:'''
machinery, transport equipment, foodstuffs, iron and steel, pharmaceuticals, electronics, petroleum and chemicals.

'''Imports – partners:'''
[[Mainland China]] 25%, US 15%, [[European Union]] 15%, Brazil 10%, Japan 10%, Chile 5%, [[Colombia]] 5%, Mexico 5%, [[Ecuador]] 4%, [[Bolivia]] 1%, Rest of World 5% (2013).

== Trade agreements ==

According to the Ministry of Foreign Trade and Tourism, Peru decided to negotiate trade agreements to consolidate the access of Peruvian exports to its most important markets by giving them permanent benefits unlimited in time and coverage as opposed to temporary commercial preferences given unilaterally by certain countries; a system that did not allow Peruvian exporters embark in long-term export-related investments.<ref>Peru – Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, [http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=110&Itemid=133 ''Trade Agreements of Peru (in Spanish)''] {{Webarchive|url=https://web.archive.org/web/20111001202602/http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=110&Itemid=133 |date=1 October 2011}}. Retrieved 29 September 2011.</ref>

{| class="wikitable" align="center "
|-
|
''' Economic Complementation Agreement '''
* Integration Agreement with [[Andean Community of Nations]]: {{Flag|Bolivia}}, {{Flag|Ecuador}} and {{Flag|Colombia}} (signed and effective 1969)
* ACE 50 with {{Flag|Cuba}} (signed October 2000 and effective 2001)
* ACE 58 with {{Flag|Mercosur}} (signed August 2003 and effective November 2005)
|-
|''' FTA (Free Trade Agreement) currently in force '''
* FTA with {{Flag|United States}} (signed April 2006 and effective February 2009).<ref>Peru – Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, [http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=55&Itemid=78 ''Trade Promotion Agreement Peru – USA (in Spanish)''] {{Webarchive|url=https://web.archive.org/web/20111001060330/http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=55&Itemid=78 |date=1 October 2011}}. Retrieved 22 September 2011.</ref><ref>Office of the United States Trade Representative, [http://www.ustr.gov/trade-agreements/free-trade-agreements/peru-tpa ''Peru Trade Promotion Agreement'']. Retrieved 22 September 2011.</ref>
* FTA with {{Flag|Chile}} (signed August 2006 and effective March 2009)<ref>Peru – Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, [http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=70&Itemid=93 ''Free Trade Agreement between Peru and Chile (in Spanish)''] {{Webarchive|url=https://web.archive.org/web/20111001202727/http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=70&Itemid=93 |date=1 October 2011}}. Retrieved 23 September 2011.</ref><ref>Chile – National Customs Service, [http://www.aduana.cl/prontus_aduana/site/artic/20070711/pags/20070711115113.html ''Free Trade Agreement Chile-Perú (in Spanish)''] {{Webarchive|url=https://web.archive.org/web/20120311225553/http://www.aduana.cl/prontus_aduana/site/artic/20070711/pags/20070711115113.html |date=11 March 2012}}. Retrieved 23 September 2011.</ref>
* FTA with {{Flag|Canada}}('''''[[Canada-Peru Free Trade Agreement|CPFTA]]''''') (signed May 2008 and effective August 2009)<ref>Peru – Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, [http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=60&Itemid=83 ''Free Trade Agreement Peru-Canada (in Spanish)''] {{Webarchive|url=https://web.archive.org/web/20111001202716/http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=60&Itemid=83 |date=1 October 2011}}. Retrieved 24 September 2011.</ref><ref>Foreign Affairs and International Trade Canada, [http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/andean-andin/can-peru-perou.aspx?lang=en&view=d ''Canada – Peru Free Trade Agreement''] {{Webarchive|url=https://web.archive.org/web/20111105203706/http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/andean-andin/can-peru-perou.aspx?lang=en&view=d |date=5 November 2011}}. Retrieved 24 September 2011.</ref>
* FTA with {{Flag|Singapore}} (signed May 2008 and effective August 2009)<ref>Peru – Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, [http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=65&Itemid=88 ''Free Trade Agreement Peru-Singapore (in Spanish)''] {{Webarchive|url=https://web.archive.org/web/20111001202722/http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=65&Itemid=88 |date=1 October 2011}}. Retrieved 24 September 2011.</ref><ref>Singapore FTA Network, [http://www.fta.gov.sg/fta_pesfta.asp?hl=39 ''Peru-Singapore Free Trade Agreement''] {{webarchive|url=https://web.archive.org/web/20111117041004/http://www.fta.gov.sg/fta_pesfta.asp?hl=39 |date=17 November 2011}}. Retrieved 24 September 2011.</ref>
* FTA with {{Flag|China}} (signed April 2009 and effective March 2010)<ref>Peru – Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, [http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=42&Itemid=59 ''Free Trade Agreement Peru-China (in Spanish)''] {{Webarchive|url=https://web.archive.org/web/20111001202700/http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=42&Itemid=59 |date=1 October 2011}}. Retrieved 25 September 2011.</ref><ref>China FTA Network, [http://fta.mofcom.gov.cn/topic/enperu.shtml ''China-Peru FTA''] {{webarchive|url=https://web.archive.org/web/20100101161653/http://fta.mofcom.gov.cn/topic/enperu.shtml |date=1 January 2010}}. Retrieved 25 September 2011.</ref>
* FTA with {{Flag|South Korea}} (signed March 2011 and effective August 2011)<ref>Peru – Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, [http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=80&Itemid=103 ''Free Trade Agreement Peru-Korea (in Spanish)''] {{Webarchive|url=https://web.archive.org/web/20111001202737/http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=80&Itemid=103 |date=1 October 2011}}. Retrieved 25 September 2011.</ref><ref>Republic of Korea – Ministry of Foreign Affairs and Trade, [http://www.mofat.go.kr/english/econtrade/fta/effect/Peru/index.jsp ''Korea-Peru FTA''] {{webarchive|url=https://archive.today/20110813002935/http://www.mofat.go.kr/english/econtrade/fta/effect/Peru/index.jsp |date=13 August 2011}}. Retrieved 25 September 2011.</ref>
* Partial FTA with {{Flag|Thailand}} (last protocol signed November 2010 and effective December 2011)<ref>Peru – Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, [http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=45&Itemid=69 ''Protocol between Peru and Thailand to Accelerate the Liberalization of Trade of Good and Trade Facilitation (in Spanish)''] {{Webarchive|url=https://web.archive.org/web/20111001202706/http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=45&Itemid=69 |date=1 October 2011}}. Retrieved 27 September 2011.</ref><ref>Kingdom of Thailand – Ministry of Commerce, [http://www2.moc.go.th/ewtadmin/ewt/moc_web/ewt_news.php?nid=4876&filename=index ''Peruvian Vice Minister of Foreign trade and Tourism and Thai Deputy Minister of Commerce signed the third Additional Protocol''] {{webarchive|url=https://web.archive.org/web/20111106202401/http://www2.moc.go.th/ewtadmin/ewt/moc_web/ewt_news.php?nid=4876&filename=index |date=6 November 2011}}. Retrieved 27 September 2011.</ref>
* FTA with {{Flag|Mexico}} (signed April 2011 and effective February 2012)
* FTA with {{Flag|Japan}} (signed May 2011 and effective March 2012)
* FTA with {{Flag|Panama}} (signed May 2011 and effective May 2012)
*FTA with EFTA {{Flag|Switzerland}}, {{Flag|Liechtenstein}}, {{Flag|Iceland}} and {{Flag|Norway}} (signed July 2010, {{Flag|Switzerland}} and {{Flag|Liechtenstein}} effective July 2011, {{Flag|Iceland}} effective October 2011, {{Flag|Norway}} effective July 2012)
* FTA with {{Flag|European Union}} (signed April 2011 and effective February 2013)<ref>Peru – Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, [http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=50&Itemid=73 ''Trade Agreement Peru-European Union (in Spanish)''] {{Webarchive|url=https://web.archive.org/web/20111001194324/http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=50&Itemid=73 |date=1 October 2011}}. Retrieved 28 September 2011.</ref><ref>European Commission – Trade, [http://trade.ec.europa.eu/doclib/press/index.cfm?id=691 ''Trade Agreement between the European Union and Colombia and Peru''] {{Webarchive|url=https://web.archive.org/web/20111108221156/http://trade.ec.europa.eu/doclib/press/index.cfm?id=691 |date=8 November 2011}}. Retrieved 28 September 2011.</ref>
* FTA with {{Flag|Costa Rica}} (signed May 2011 and effective June 2013)<ref>Peru – Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, [http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=115&Itemid=138 ''Free Trade Agreement Peru-Costa Rica (in Spanish)''] {{Webarchive|url=https://web.archive.org/web/20111001194257/http://www.acuerdoscomerciales.gob.pe/index.php?option=com_content&view=category&layout=blog&id=115&Itemid=138 |date=1 October 2011}}. Retrieved 30 September 2011.</ref><ref>Costa Rica – Ministry of Foreign Trade, [https://web.archive.org/web/20101121033334/http://www.comex.go.cr/acuerdos/peru/Paginas/default.aspx ''Free Trade Agreement with Peru (in Spanish)'']. Retrieved 30 September 2011.</ref>
*Partial FTA with {{Flag|Venezuela}} (signed January 2012 and effective August 2013)
*FTA with [[Pacific Alliance]] (signed February 2014 and effective May 2016)
*FTA with {{Flag|Honduras}} (signed May 2015 and effective January 2017)
|-
|''' FTA (Free Trade Agreement) concluded '''
*{{Flag|Guatemala}} (signed December 2011)
*{{Flag|Brazil}} (signed April 2016)
*{{Flag|Australia}} (signed February 2018)
*[[Comprehensive and Progressive Agreement for Trans-Pacific Partnership|CPTPP]] (signed March 2018)
|-
|''' FTA (Free Trade Agreement) in negotiation '''
*{{Flag|El Salvador}}
*{{Flag|India}}
*{{Flag|Turkey}}
|}

=== Peru – United States Trade Promotion Agreement ===
{{Main|United States – Peru Trade Promotion Agreement}}

The ''[[United States – Peru Trade Promotion Agreement]]'' ({{langx|es|link=no|Tratado de Libre Comercio Perú – Estados Unidos}}) is a bilateral [[free trade agreement]], whose objectives are eliminating obstacles to trade, consolidating access to goods and services and fostering private investment in and between the United States and [[Peru]]. Besides commercial issues, it incorporates economic, institutional, intellectual property, [[Labor relations|labor]] and [[environmental policy|environmental policies]], among others. The agreement was signed on 12 April 2006; ratified by the [[Congress of Peru|Peruvian Congress]] on 28 June 2006; by the [[United States House of Representatives|U.S. House of Representatives]] on 2 November 2007 and by the [[United States Senate|U.S. Senate]] on 4 December 2007. The agreement was implemented on 1 February 2009.<ref>{{cite web|title=Presidential Proclamation 8341—To Implement The United States-Peru Trade Promotion Agreement And for Other Purposes|url=http://edocket.access.gpo.gov/2009/pdf/E9-1573.pdf}}, published at 74 FR 4105, 22 January 2009</ref>

Peru looks to the agreement are to:
*Consolidate and extend the trade preferences under ATPDEA
*Attract foreign investment
*Generate employment
*Enhance the country's competitiveness within the region
*Increase workers' income
*Curb poverty levels
*Create and export sugar cane [[ethanol fuel|ethanol]]<ref>E85.whipnet.net, [http://e85.whipnet.net/news/sugar.cane.html Peruvian Desert to Host Ethanol Production Facility]{{Dead link|date=June 2025 |bot=InternetArchiveBot |fix-attempted=yes }}. February 2007. Retrieved 30 November 2007.</ref>

The United States looks to the agreement to:
*Improve access to goods and services
*Strengthen its investments
*Promote security and democracy
*Fight against drug trafficking

The U.S.-Peru agreement has faced criticism. In Peru, the treaty was championed by Toledo, and supported to different extents by former President [[Alan García]] and candidates [[Lourdes Flores]] and [[Valentín Paniagua]]. [[Ollanta Humala]] has been its most vocal critic. Humala's [[Union for Peru]] won 45 of 120 seats in Congress in 2006, the largest share by a single party, prompting debate on ratification of the agreement before the new legislature was sworn in. Some Congressmen-elect interrupted the debate after forcibly entering Congress in an attempt to stop the agreement ratification.<ref>[https://news.bbc.co.uk/2/hi/americas/5125852.stm "Peru Ratifies US Free Trade Deal"] 28 June 2006. ''BBC News''. Retrieved 29 June 2011.</ref>

One controversial element of the agreement relates to land resources. Laura Carlsen, of the Center for International Policy, who is also a contributor to Foreign Policy in Focus notes that "Indigenous organizations warn that this ruling effectively opens up 45 million hectares to foreign investment and timber, oil, and mining exploitation."<ref>[Trade Agreement Kills Amazon Indians {{cite web|title=Foreign Policy in Focus &#124; Trade Agreement Kills Amazon Indians|url=http://www.fpif.org/fpiftxt/6200|archive-url=https://web.archive.org/web/20090910085627/http://www.fpif.org/fpiftxt/6200|archive-date=10 September 2009|access-date=20 May 2011}}]</ref>

However, most of the criticism of the agreement has focused on its potential impact on Peru's agricultural sector. By planting crops to similar to those subsidized by the U.S., Peru faced a competitive disadvantage in the production of agricultural products because poor farming families with inadequate tools, technology and techniques may not be able to produce crops at low enough prices to export. In response to these concerns, Peruvian lawmakers created a Compensation Fund which directed $34&nbsp;million per year to cotton, maize/corn, and wheat producers for a five-year period to help them adjust to the new competitive pressures.<ref>[http://www.lexis.com/research/retrieve?cc=&pushme=1&tmpFBSel=sel&totaldocs=&taggedDocs=Z3%3ACZ1%3A9Z4%3A1Z2%3A&toggleValue=&numDocsChked=5&prefFBSel=0&delformat=XCITE&fpDocs=&fpNodeId=&fpCiteReq=&expNewLead=id%3D%22expandedNewLead%22&brand=ldc&dedupeOption=0&T13=13&T14=14&T21=21&T24=24&T44=44&_m=b25310ca06c95e5101aed43f0564638e&docnum=13&_fmtstr=FULL&_startdoc=1&wchp=dGLzVtz-zSkAb&_md5=8b3fa70e011f0b65909af1841603d9c7&focBudTerms=&focBudSel=sel "Peruvian Congress Passes U.S. Free-Trade Pact"] {{dead link|date=January 2020|bot=InternetArchiveBot|fix-attempted=yes}}. Retrieved May 2011.</ref>

Toledo is therefore a market-oriented politician who continued to globalize Peru's economy and is rumored to be getting ready for another run for president. Toledo says bluntly that unless the poorest in the country are better educated, better paid, housed, and fed, the Peruvian economic miracle will stall.

==See also==
*[[Andean Countries–United Kingdom Trade Agreement]]
*[[List of Peruvian regions by GDP]]
*[[List of companies of Peru|List of Peruvian companies]]
* [[Peruvian sol]]

==Notes==
{{Reflist}}

== Bibliography ==
{{refbegin}}
*{{cite journal|last1=Cushman|first1=G. T.|year=2005|title='The Most Valuable Birds in the World': International Conservation Science and the Revival of Peru's Guano Industry, 1909–1965|journal=Environmental History|volume=10|issue=3|pages=477–509|doi=10.1093/envhis/10.3.477|hdl-access=free|hdl=1808/11737}}
*{{cite book|last=Cushman|first=G. T.|title=Guano and the opening of the Pacific world: a global ecological history|publisher=Cambridge University Press|year=2013|isbn=978-1-107-00413-9}}
{{refend}}

==References==
* [https://web.archive.org/web/20070613012732/https://www.cia.gov/library/publications/the-world-factbook/print/pe.html CIA factbook]

==External links==
* [http://wits.worldbank.org/CountryProfile/Country/PER/Year/2012/Summary World Bank Summary Trade Statistics Peru]
* Tariffs applied by Peru as provided by ITC's [http://www.macmap.org/QuickSearch/FindTariff/FindTariff.aspx?subsite=open_access&country=604&source=1 ITC Market Access Map] {{dead link|date=August 2019 |bot=InternetArchiveBot |fix-attempted=yes}}, an online database of customs tariffs and market requirements

{{Peru topics}}
{{Asia-Pacific Economic Cooperation}}
{{Union of South American Nations topics}}
{{World Trade Organization}}
{{South America topic|Economy of}}

{{DEFAULTSORT:Economy Of Peru}}
[[Category:Economy of Peru| ]]
[[Category:World Trade Organization member economies|Peru]]