Jose Sanchez
Research expert covering society, economy, & politics for Latin America
Peru - statistics & facts
Peru is located in western South America with coastline along the Pacific Ocean. It has a broad range of natural attractions and spectacular scenery which attract many visitors. It is for example home to the ancient Incan capital of Cuzco, the lost city of Machu Picchu and Lake Titicaca.
Demographics
Around 33.4 million people live in Peru, almost 80 percent of them in urban areas and cities. The Peruvian capital and largest city is Lima, which overlooks the Pacific Ocean and is home to almost a third of Peru's population, Lima also ranks as one of the most populous metropolitan areas in Latin America. The forecast shows that the population could reach the 35 million mark by 2027, nonetheless, the fertility rate, or average number of children born to one woman has been constantly decreasing for the last decade and life expectancy decreased also during 2020 and 2021..A positive economic outlook
The economy is also doing well despite the political crisis, and the country is attractive to foreign investment. Peru is rich in minerals and mining, and manufacturing and industry have been strong throughout the country's history. Industry has also been an important contributor to the Gross Domestic Product (GDP), but the services sector is getting stronger and employs almost half of the country's workforce. Since the vast majority of Peruvians live in urban areas, agriculture only plays a small role when it comes to GDP generation and has not been a factor in employment for the past few years. While GDP growth has slowed down recently, it is expected to recover in the future. GDP per capita, however, fell significantly in 2020, but registered an incredible recovery by 2022, already over pre-pandemic levels and it's expected to keep growing in the following years.A strong mining industry keeps the trade balance positive
Peru's principal trading partners include China and the United States for both imports and exports. Some of the exported products with the highest value have been ores, precious stones, and mineral fuels. Exports have been a mainstay of the Peruvian economy and the country typically enjoys the benefits of a positive trade balance, however from 2013 to 2015, the country imported more than it exported, and as a result trade slipped into the red and GDP growth slowed down. This negative trend reverted in 2016, and it is expected to remain positive as the economic outlook remains bright.
