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Republic of Peru Republica del Peru Capital: Lima By Nitish Rajbhandary. General Information. Government: Constitutional Republic President: Alan Garcia Perez Climate: Arid and mild in coastal area, temperate to frigid in the Andes, and warm and humid in the jungle onwards.

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Republic of Peru Republica del Peru Capital: Lima By Nitish Rajbhandary

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  • Republic of Peru

  • Republica del Peru

  • Capital: Lima

    By Nitish Rajbhandary


General Information

  • Government: Constitutional Republic

  • President: Alan Garcia Perez

  • Climate: Arid and mild in coastal area, temperate to frigid in the Andes, and warm and humid in the jungle onwards.

  • Natural Resources: Iron ore, copper, gold, silver, zinc, lead, fish, petroleum, natural gas, and forestry.

  • Currency: Peruvian Nuevo Sol (PEN)

  • Exports: Gold, copper, fishmeal, petroleum, zinc, textiles, apparel, asparagus and coffee.

  • Major Markets: U.S., China, Chile, Canada, Switzerland, Japan, Spain, Netherlands.

  • Imports: Machinery, vehicles, processed food, petroleum, steel.

  • Major Suppliers: U.S., China, Brazil, Ecuador, Colombia.


Characteristics

  • Country Area: 1,285,220 sq km (3rd largest in Latin America)

  • Population: 28,674,757 (July 2007 est.) (5th most populous in the region)

  • Population Density: 22/sq. km

  • Population Growth: 1.289%

  • Net Migration Rate: -0.99 migrant(s)/1000 population

  • Life expectancy: Total 70.14 / Male 68.33 /Female 72.04

  • Ethnic groups: Amerindian 45%, mestizo 37 %, white 15%, black, Japanese, Chinese, and other 3%

  • Religions: Roman Catholic 81%,Seventh Day Adventist 1.4%, other Christian 0.7%, other 0.6%, unspecified or none 16.3%


Economy

GDP (PPP): $181.8 billion

GDP (official exchange rate): $76.09 billion

GDP (per capita): $6,400 (half of Chile)

GDP Growth Rate: 6.5%/ ( 2002 – 2006 ) 5.7%

GDP (by sector):agriculture: 8.5%; industry: 26.4%; services: 65%

Inflation Rate: 2.1% / (2002 – 06) 1.9%

Unemployment Rate: 7.2%

Government Budget:revenues: $25.5 billion expenditures: $25.18 billion; including capital expenditures of $1.8 billion

Debt: 33.8% of GDP

Current Account Balance: $1.515 billion

FDI inflows (% of GDP): 2.8


Fiscal Policy

  • Current Account balance: ‘02 (-$1,150 m), ‘03 (-$958 m), ‘04 ($19.3m), ‘05 ($1,105 m), ‘06 ($2,456 m)

  • Very low tax base hence low flexibility.

  • Aims towards increasing tax up to 17% of GDP from current 15% by eliminating tax exemptions and altering tax code.

  • Tax code will be pro- contributor and pro-investor.

  • Cutting tariffs to encourage competition.

  • Increase quality of public spending by simplifying programs.


Monetary Policy & Exchange Rate

  • Compared to other Latin countries, subdued inflation at an average of 2%. Main worry with real GDP rising.

  • Diversifying economy and falling debt levels.

  • Interest rates might increase by 25 basis points to 4.75% from 4.5% last year.

  • Rapid growth in spending with concentration on dollar lending a cause for long-term concern hence reserve requirement of 30% for dollars as compared to 6% for sol.

  • Exchange rate system is free-floating since the 90’s.

  • Sol expected to depreciate by 1.5% next year.


Social Policies

  • Suffrage: 18 years; universal and compulsory until the age of 70.

  • Big emphasis on education. Over 30,000 schools throughout the country.

  • Rising crime rates and illegal narcotic industry due to penetration by the Colombians.

  • Plans to increase impact of social programs by emphasizing basics like food, clean water and education.

  • Decrease administration costs.


External Relations

  • Border conflicts with Chile have been settled but still disputes over maritime limits in the Pacific Ocean with Chile and Bolivia.

  • In October 1998, Peru and Ecuador signed a peace accord to resolve border differences.

  • Member of the Andean community of Nations with Bolivia, Colombia, Ecuador and Venezuela (in process of leaving).

  • Free Trade agreements with individual Mercosur nations.

  • Associate member of Mercosur.

  • Member of Asia-Pacific Economics Cooperation (APEC) forum and also a member of UN since 1949.

  • Strong relations with U.S. and major trade partner.

  • U.S. – Peru Trade Promotion Agreement and Peru – India Trade pact in process.


References

  • Background note: Peru. (2007). Retrieved 5/19, 2007, from http://www.state.gov/r/pa/ei/bgn/35762.htm

  • Historical Exchange Rate Regimes. (2000). Retrieved 5/20, 2007, from http://intl.econ.cuhk.edu.hk/exchange_rate_regime/index.php?cid=16/

  • Country Study: Peru. (2005). Retrieved 5/19, 2007, from http://lcweb2.loc.gov/frd/cs/petoc.html

  • CIA world factbook: Peru. (2007). Retrieved 5/19, 2007, from https://www.cia.gov/library/publications/the-world-factbook/geos/pe.html

  • The Economist:Country Briefings: Peru (2007) Retrieved 5/19, 2007, from http://www.economist.com/countries/Peru/profile.cfm?folder=Profile-FactSheet


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