The Republic of Peru is a country located in Western South America with a population of about 32 million people (Statista, 2018). According to the World Bank, the Gross Domestic Product (GDP) of Peru was an estimated $211,389,000,000 in 2017 with a GDP growth rate of 2.53%. Between 2002 and 2013, the country had an average GDP growth rate of 6.1% making it one of the fastest-growing countries in South America (Trading Economics, 2018). Peru, in 2016 was regarded as the 52nd largest exporting Economy, with its exports valued at $36,900,000. (OEC, 2016).
Peru’s Main Traditional Exports
Peru’s main exports are Copper Ore and Gold, Petroleum products. Other top export products are Asparagus, Lead, Zinc, Crude Petroleum Products, agricultural products like Coffee, Natural gas. Peru’s top export partners with China and the United States major partners and, Switzerland, Canada, and South Korea. (OEC, 2016).
• Unemployment rate and yearly fluctuations (with graph)
By International Labor Organization (ILO), 2017 statistics, the Peru’s labor force by definition include 15 years or older who work up to 15 hours, self-employed workers and members of the forces and clergy.
The unemployment rate in Peru decreased from an estimated 7.2%% in July 2017 to 6.2% in October 2018 (Trading Economics, 2018). From 2001 to 2018, the country has had an average unemployment rate of 7.9% with the highest being 13% in January 2005 and the lowest, 5.6% in December 2012 (Trading Economics, 2018).
• Inflation rate and yearly fluctuations (with graphs)
The annual inflation rate (CPI) of Peru as of December 2017 was 1.37%, dropping to 1.28% in September 2018 (Trading Economics, 2018). With an all-time high of 7,481.7% in 1990 and a low of 0.2 % in 2002, the average inflation rate between 1980 and 2016 is approximately 359.4% (World data, 2016).
• GDP Yearly Growth Rate.
Peru’s GDP rate between 2003 and 2013, grew by up to 6.1% steadily naming it one of the fastest growing economy in Latin America at that time, and this growth was attributed to the high export of the traditional Copper, unfortunately, between 2014 and 2017, due to the decline in the export of copper, the economy recorded a slow GDP growth rate of 3.1 percent (World Bank, 2018)
The GDP rate of Peru grew drastically in the first quarter of the year 2018 to a 2.4% and dropped to a 1.4% rate which is doing better than it had been before the rise in 2018. The economy has grown at an average rate of 1.5% because of the rise in export and a fall in the poverty rate but with an unequal growth rate as result of unequal. (Trading Economics, 2018).
Main/traditional export (with graph) *is the country primarily dependent on any country?
Statista. (2018). Peru: Total population from 2012 to 2022 (in million inhabitants). Retrieved 11 October 2018, from https://www.statista.com/statistics/459344/total-population-of-peru/
Trading economics. (2018). Peru Inflation Rate. Retrieved11 October, 2018, from https://tradingeconomics.com/peru/inflation-cpi
Trading Economics. (2018). Peru Unemployment Rate. Retrieved 25 October, 2018, from https://tradingeconomics.com/peru/unemployment-rate
The Observatory of Economic Complexity (OEC, 2016). Peru Profile. Retrieved 20 October, 2018, from http://atlas.media.mit.edu/en/visualize/network/hs92/export/per/all/show/2016/
Central Intelligence Agency (CIA, 2018) The world Factbook. Peru. Retrieved 25 October, 2018, from https://www.cia.gov/library/publications/the-world-factbook/geos/pe.html
Trading Economics. (2018). Peru GDP Rate. Retrieved 18 October 2018, from https://tradingeconomics.com/peru/gdp-growth
International Labor Organisation, ILO (2018) Employment to Population Model- ILO Modelled Estimates May, 2018. Retrieved 25 October 2018 from https://www.ilo.org/ilostat/faces/oracle/webcenter/portalapp/pagehierarchy/Page3.jspx?MBI_ID=7;_afrLoop=917957052488861;_afrWindowMode=0;_afrWindowId=null#!%40%40%3F_afrWindowId%3Dnull%26_afrLoop%3D917957052488861%26MBI_ID%3D7%26_afrWindowMode%3D0%26_adf.ctrl-state%3Dfxv8ueat4_136
The World Bank. (2018). GDP (current US$): Peru. Retrieved11 October 2018, from https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=PE
The World Bank. (2018). The World bank in Peru. Retrieved 27 October 2018, from
The World Bank. (2018). GDP growth (annual %): Peru. Retrieved 11 October 2018, from https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=PE
The World Bank. (2018). The World Bank in Peru: Overview. Retrieved 11 October, 2018, from https://www.worldbank.org/en/country/peru/overview
World data. (2016). Development of inflation rates in Peru. Retrieved 11 October, 2018, from https://www.worlddata.info/america/peru/inflation-rates.php