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Home » Economy of the World » Peru
 

Peru Economy
Peru economy is on a steady rise with its industries and trade policies contributing greatly to the increase of the GDP. Peru is a coastal country flanked by many countries that shares its borders with it. South American continent has many developed nations whose economy contributes to the economy of the world. Developed countries like Brazil and Argentina are its neighbors. The population of Peru is of mixed race and there are many who have immigrated to make Peru their home. Due to the huge population, there is job crisis. Peru has many developed nations as its neighbor that gives the country a chance to have trade relations and at the same time look for aid and assistance.

The per capita income of the country has gone down due to the lack of job opportunities. Economy of Peru depends to a great extent on the industries like mining of mineral resources, fishing, oil wells, textiles and many processing units of the raw materials.

The estimated GDP of Peru in the year 2006 is $181.8 billion. The growth is an estimated 8%. After industries of Peru, agriculture and the service sector is the maximum contributer to the economy of Peru. Even though there are opportunities in the service sector, there is a lack of skilled labor for the various industries. To revive many industries the government has taken many measures to reduce the ailments of the companies. There are many foreign investors that are flocking to Peru for investments. The minerals mined in Peru are copper, zinc, gold, crude petroleum. They are exported to many destinations across the world. This has enhanced trade relations with many countries and brings in many foreign direct investments. Peru is one of the leading suppliers or manufacturer of drugs like cocaine. Cocaine is used in many medicines and so is exported to many countries that have chemical plants.



Peru economy also imports articles like petroleum products, machinery, paper, vehicles and plastics. There are food grains too that is imported by Peru. The free market and trade policies of the world economy has made the imports and exports of the country to grow at a rapid rate. During inflation, the assistance and aid by the World Bank and IMF has given the economy its new lease of life. Direct investments were made in the country with the World Bank and IMF directories. The investment sector of the company attracts attention of all kinds of investors. Communication means have also increased the trade and business scope. It is now possible to conduct business from any corner of the world due to the advancement of communications of all kinds. Globalization too has enhanced trade and business in the economy of the world.