Peru ranked as the sixth largest economy in Latin America, the country has exhibited substantial expansion since the early 2000s, with an expected
of $282 billion for 2024. The nation's economic progress is forecast to continue positively and steadily in the forthcoming years. However, considering its
positions it as the 21st country within the region, considerably below the regional average. This economic upturn commenced after the nation's crucial transition towards emphasizing the exportation of exceptional primary resources such as copper, natural gas, and gold, thereby creating challenges in competing within the market while ensuring sustained economic growth and prioritizing service provision accounting for almost
.
International trade
This remarkable economic growth was made possible through the country's embrace of international bonds, facilitating formalized trade agreements such as the Free Trade Agreement signed with China in 2009. As a result, China became
Peru's primary export partner, followed by the United States of America. The success of Peru's exports can also be attributed to the favorable perception of the high-quality products produced in the country, culminating in a record-breaking
export season valued at $61 billion. With the capital growth achieved in Peru, the
value of imports surged dramatically in 2022, reaching $60 billion. Consequently, this activity has significantly shifted the trade balance from a positive record to a negative one for the first time in six years, indicating a substantial increase in import expenditure compared to the volume of exports.
Employment and COVID-19 recovery
Being a growing economy, Peru faced challenges in job retention during the pandemic, resulting in the highest
unemployment rate observed in 2020. Consequently, this led to a significant increase in the number of
people living in poverty, reaching almost one-third of the population during that year. Despite all efforts to recover after this worldwide health crisis, national employment has predominantly remained in the
informal sector, which accounts for over two-thirds of jobs. The average monthly income continues to recover post-pandemic, while
some sectors such as the services industry recorded the highest income level in recent history. In terms of gender inequality, Peru still has a long way to go with a significantly higher
average wage for males compared to females over the past decade.
Inflation and debt
As of early 2024, the
food inflation rate has decreased considerably when compared to 2023, reaching deflation levels. Additionally, the country has experienced a decrease in development aid, leading to an expected increase in the
national debt. The debt is estimated to be approximately 86.2 billion U.S. dollars. Peru is facing a fiscal deficit, with most of the revenue derived from taxes, while expenditure is largely allocated towards subsidies and other transfers.
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