Economy of Peru

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Fitch rating: BBB- Positive forecast.

The Peruvian Gross Domestic Product has grown to its fastes rate reaching 9.5% (Annual Calculated Increase) up to the third quarter of 2010. The expected grow for the whole 2010 is 9.00%, one of the stronger rates in the world, and the fastest growing economy in the Americas. This has paved the road for the Foreign Investment rate to get the highest level ever with more than 50 billion dollars invested in Peru at an accumulated level by the end of 2010.

The economy of Peru is the 42nd largest in the world,[7] Peru is an emerging,[8] market-oriented economy characterized by a high level of foreign trade and a still high level of inequality, its economy is diversified although the commodity exports is important, the trade and industry are centralized in Lima but the agricultural exports had created development in all the regions. In 2010 Peru's per capita income (PPP) is bordering $10,000.[2] Peru has a high Human Development Index score of 0.723;[9] 34.8% of its total population is poor, including 11.2% that is extremely poor.[10] Poverty has steadily decreased since 2004, when nearly half the country's population was under the poverty line.[11]

Historically, the country's economic performance has been tied to exports, which provide hard currency to finance imports and external debt payments.[12] Peru's main exports are copper, gold, zinc, textiles, and fish meal; its major trade partners are the United States, China, Brazil, and Chile.[13] Although exports have provided substantial revenue, self-sustained growth and a more egalitarian distribution of income have proven elusive.[14]

Services account for 53% of Peruvian gross domestic product, followed by manufacturing (22.3%), extractive industries (15%), and taxes (9.7%).[15] Recent economic growth has been fueled by macroeconomic stability, improved terms of trade, and rising investment and consumption.[16] Trade is expected to increase further after the implementation of a free trade agreement with the United States signed on April 12, 2006.[17] and a free trade agreement with China (2009). Inflation in 2006 was the lowest in Latin America at only 1.8%, but increased in 2007 as oil and commodity prices rose; in the first half of 2008, it had reached about 5.5%.[18] The unemployment rate had increased to 8.8% by January 2009; the current average wage in the country is 1,047 nuevos soles.[5]

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