Key economic indicators of Peru - statistics & facts

Peru ranked as the sixth largest economy in Latin America, the country has exhibited substantial expansion since the early 2000s, achieving a Gross Domestic Product (GDP) of $268 billion as of 2023. The nation's economic progress is forecast to continue positively and steadily in the forthcoming years. However, considering its population of 34 million residents, Peru's GDP per capita positions it as the twentieth country within the region. 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 half of the nation's GDP.

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 $58 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 2023, the food inflation rate has risen by nearly ten percentage points, significantly impacting consumers, particularly in essential expenses such as food and non-alcoholic beverages. 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 one-fifth of the country's GDP. Consequently, Peru is facing a fiscal deficit, with most of the revenue derived from taxes, while expenditure is largely allocated towards subsidies and other transfers. Despite these challenges, there are some positive aspects. Peru offers favorable conditions for establishing startups, fostering internal growth, and maintaining stability in real estate property prices.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Feb 23, 2024

Key insights

Inflation rate
7.87%
GDP per capita
7,158.77 USD
Youth unemployment rate
7.45%
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