:Peru Economy
Overview:
The Peruvian economy is becoming increasingly market oriented, with a large
dose of government ownership remaining in mining, energy, and banking. In
the 1980s the economy suffered from hyperinflation, declining per capita
output, and mounting external debt. Peru was shut off from IMF and World
Bank support in the mid-1980s because of its huge debt arrears. An austerity
program implemented shortly after the FUJIMORI government took office in
July 1990 contributed to a third consecutive yearly contraction of economic
activity, but the slide halted late in the year, and output rose 2.4% in
1991. After a burst of inflation as the austerity program eliminated
government price subsidies, monthly price increases eased to the
single-digit level and by December 1991 dropped to the lowest increase since
mid-1987. Lima obtained a financial rescue package from multilateral lenders
in September 1991, and, although it faces $14 billion in arrears on its
external debt, is working to pay some $1.8 billion of these to the IMF and
World Bank by 1993.
GDP:
exchange rate conversion - $20.6 billion, per capita $920; real growth rate
2.4% (1991 est.)
Inflation rate (consumer prices):
139% (1991)
Unemployment rate:
15.0%; underemployment 65% (1991 est.)
Budget:
revenues $1.7 billion; expenditures $1.8 billion, including capital
expenditures of $250 million (1991 est.)
Exports:
$3.3 billion (f.o.b., 1991 est.)
commodities:
copper, fishmeal, zinc, crude petroleum and byproducts, lead, refined
silver, coffee, cotton
partners:
EC 28%, US 22%, Japan 13%, Latin America 12%, former USSR 2%
Imports:
$3.5 billion (f.o.b., 1991 est.)
commodities:
foodstuffs, machinery, transport equipment, iron and steel semimanufactures,
chemicals, pharmaceuticals
partners:
US 32%, Latin America 22%, EC 17%, Switzerland 6%, Japan 3%
External debt:
$19.4 billion (December 1991 est.)
Industrial production:
growth rate 1.0% (1991 est.); accounts for almost 24% of GDP
Electricity:
4,896,000 kW capacity; 15,851 million kWh produced, 709 kWh per capita
(1991)
Industries:
mining of metals, petroleum, fishing, textiles, clothing, food processing,
cement, auto assembly, steel, shipbuilding, metal fabrication
Agriculture:
accounts for 10% of GDP, about 35% of labor force; commercial crops -
coffee, cotton, sugarcane; other crops - rice, wheat, potatoes, plantains,
coca; animal products - poultry, red meats, dairy, wool; not self-sufficient
in grain or vegetable oil; fish catch of 6.9 million metric tons (1990)
:Peru Economy
Illicit drugs:
world's largest coca leaf producer with about 121,000 hectares under
cultivation; source of supply for most of the world's coca paste and cocaine
base; at least 85% of coca cultivation is for illicit production; most of
cocaine base is shipped to Colombian drug dealers for processing into
cocaine for the international drug market
Economic aid:
US commitments, including Ex-Im (FY70-89), $1.7 billion; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $4.3 billion;
Communist countries (1970-89), $577 million
Currency:
(S/.) nuevo sol (plural - nuevos soles); 1 nuevo sol (S/.) = 100 centavos
Exchange rates:
nuevo sol (S/. per US$1 - 0.960 (March 1992), 0.772 (1991), 0.187 (1990),
2.666 (1989), 0.129 (1988), 0.017 (1987)
Fiscal year:
calendar year
:Peru Communications
Railroads:
1,801 km total; 1,501 km 1.435-meter gauge, 300 km 0.914-meter gauge
Highways:
69,942 km total; 7,459 km paved, 13,538 km improved, 48,945 km unimproved
earth
Inland waterways:
8,600 km of navigable tributaries of Amazon system and 208 km Lago Titicaca
Pipelines:
crude oil 800 km, natural gas and natural gas liquids 64 km
Ports:
Callao, Ilo, Iquitos, Matarani, Talara
Merchant marine:
26 ships (1,000 GRT or over) totaling 286,313 GRT/461,233 DWT; includes 14
cargo, 1 refrigerated cargo, 1 roll-on/roll-off cargo, 3 petroleum tanker, 7
bulk; note - in addition, 8 naval tankers and 1 naval cargo are sometimes
used commercially
Civil air:
44 major transport aircraft
Airports:
221 total, 201 usable; 36 with permanent-surface runways; 2 with runways
over 3,659 m; 23 with runways 2,440-3,659 m; 43 with runways 1,220-2,439 m
Telecommunications:
fairly adequate for most requirements; nationwide microwave system; 544,000
telephones; broadcast stations - 273 AM, no FM, 140 TV, 144 shortwave;
satellite earth stations - 2 Atlantic Ocean INTELSAT, 12 domestic
:Peru Defense Forces
Branches:
Army (Ejercito Peruano), Navy (Marina de Guerra del Peru), Air Force (Fuerza
Aerea del Peru), National Police
Manpower availability:
males 15-49, 5,863,227; 3,964,930 fit for military service; 236,484 reach
military age (20) annually
Defense expenditures:
exchange rate conversion - $430 million, 2.4% of GDP (1991)
:Philippines Geography
Total area:
300,000 km2
Land area:
298,170 km2
Comparative area:
slightly larger than Arizona
Land boundaries:
none
Coastline:
36,289 km
Maritime claims:
(measured from claimed archipelagic baselines)
Continental shelf:
to depth of exploitation
Exclusive economic zone:
200 nm
Territorial sea:
irregular polygon extending up to 100 nm from coastline as defined by 1898
treaty; since late 1970s has also claimed polygonal-shaped area in South
China Sea up to 285 nm in breadth
Disputes:
involved in a complex dispute over the Spratly Islands with China, Malaysia,
Taiwan, Vietnam, and possibly Brunei; claims Malaysian state of Sabah
Climate:
tropical marine; northeast monsoon (November to April); southwest monsoon
(May to October)
Terrain:
mostly mountains with narrow to extensive coastal lowlands
Natural resources:
timber, crude oil, nickel, cobalt, silver, gold, salt, copper
Land use:
arable land 26%; permanent crops 11%; meadows and pastures 4%; forest and
woodland 40%; other 19%; includes irrigated 5%
Environment:
astride typhoon belt, usually affected by 15 and struck by five to six
cyclonic storms per year; subject to landslides, active volcanoes,
destructive earthquakes, tsunami; deforestation; soil erosion; water
pollution