Peru Economy and Business

• GDP: US$131.4 billion (2008 estimate).
• Main exports: Copper, gold, zinc, petroleum and petroleum and vegetables.
• Main imports: Petroleum and petroleum products, plastics, machinery and vehicles.
• Main trade partners: USA, China, Chile, Canada and Brazil.

The Peruvian economy is divided into two distinct parts: a relatively modern industrial and service economy concentrated on the coastal plain, and a subsistence agricultural economy in the interior. Inevitably, one consequence has been huge migration from the interior to the coastal cities. Most foreign investment is directed towards Peru's major industry, mining, which accounts for about half of export earnings. Meanwhile, tourism has snowballed and now brings in more than US$1 billion annually.

During the early to mid 1990s, Peru implemented important market-oriented reforms, including privatisation of key industries, trade deregulation and measures to attract foreign investment. The strategy was reasonably successful, and the country's economy is relatively stable. Foreign investment is growing rapidly in the mining, agriculture and tourism sectors. The unemployment rate was 8.4% in Lima in 2008, but it is estimated that up to 40% of the general workforce are underemployed. Peru's annual growth was estimated to be 9.2% in 2008. The inflation rate was 6.7%. The passing of the Free Trade Agreement with the United States in January of 2009 is expected to spur considerable growth in the next decade.

Although the majority speak Spanish, many businesspeople speak some English.

Office hours: Mon-Fri 0900-1800.

Cámara de Comercio de Lima
Avenida Gregorio Escobedo 396, Jesus Maria, Lima 11, Peru
Tel: (01) 463 3434.
Website: www.camaralima.org.pe