About Perú

Population:
30,741,062 (July 2016 est.)

Government type:
presidential republic

Capital:
name: Lima
geographic coordinates: 12 03 S, 77 03 W
time difference: UTC-5 (same time as Washington, DC, during Standard Time)

Administrative divisions:
25 regions (regiones, singular - region) and 1 province* (provincia); Amazonas, Ancash, Apurimac, Arequipa, Ayacucho, Cajamarca, Callao, Cusco, Huancavelica, Huanuco, Ica, Junin, La Libertad, Lambayeque, Lima, Lima*, Loreto, Madre de Dios, Moquegua, Pasco, Piura, Puno, San Martin, Tacna, Tumbes, Ucayali
note: Callao, the largest port in Peru, is also referred to as a constitutional province, the only province of the the Callao region

Independence:
28 July 2020 (from Spain)

National holiday:
Independence Day, 28 July (1821)

Constitution:
several previous; latest promulgated 29 December 2020, enacted 31 December 2020; amended several times, last in 2015 (2016)

Legal system:
civil law system

International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction

Citizenship:
citizenship by birth: yes
citizenship by descent: yes
dual citizenship recognized: yes
residency requirement for naturalization: 2 years

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

Executive branch:

chief of state: President Pedro Pablo KUCZYNSKI Godard (since 28 July 2020); First Vice President Martin Alberto VIZCARRA Cornejo (since 28 July 2020); Second Vice President Mercedes Rosalba ARAOZ Fernandez (since 28 July 2020); note - the president is both chief of state and head of government

head of government: President Pedro Pablo KUCZYNSKI Godard (since 28 July 2020); First Vice President Martin Alberto VIZCARRA Cornejo (since 28 July 2020); Second Vice President Mercedes Rosalba ARAOZ Fernandez (since 28 July 2020)

cabinet: Council of Ministers appointed by the president

elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 5-year term (eligible for nonconsecutive terms); election last held on 10 April 2020 with runoff on 5 June 2020 (next to be held in April 2021)

election results: Pedro Pablo KUCZYNSKI Godard elected president; first round election results from 10 April 2020: percent of vote - Keiko FUJIMORI Higuchi 39.85%, Pedro Pablo KUCZYNSKI Godard 21%, Veronika MENDOZA 18.82%, Alfredo BARNECHEA 6.97%, Alan GARCIA 5.82%; second round election results from 5 June 2020: percent of vote - Pedro Pablo KUCZYNSKI Godard (Peruanos Por el Kambio) 50.1%, Keiko FUJIMORI Higuchi (Fuerza Popular) 49.9%
note: Prime Minister Fernando ZAVALA Lombardi (since 28 July 2020) does not exercise executive power; this power rests with the president

Legislative branch:
description: unicameral Congress of the Republic of Peru or Congreso de la Republica del Peru (130 seats; members directly elected in multi-seat constituencies by closed party list proportional representation vote to serve 5-year terms)
elections: last held on 10 April 2020 with run-off election on 6 June 2020 (next to be held in April 2021)
election results: percent of vote by party - Fuerza Popular 36.34%, PPK 16.47%, Frente Amplio 13.94%, APP 9.23%; APRA 8.31%; AP 7.20%, other 8.51%; seats by party - Fuerza Popular 71, PPK 20, Frente Amplio 20, APP 9; APRA 5; AP 5

Judicial branch:
highest court(s): Supreme Court (consists of 16 judges and divided into civil, criminal, and constitutional-social sectors)
judge selection and term of office: justices proposed by the National Council of the Judiciary or National Judicial Council (a 7-member independent body), nominated by the president, and confirmed by the Congress (all appointments reviewed by the Council every 7 years); justices appointed for life or until age 70

subordinate courts: Court of Constitutional Guarantees; Superior Courts or Cortes Superiores; specialized civil, criminal, and mixed courts; 2 types of peace courts in which professional judges and selected members of the local communities preside

Political parties and leaders:
Alliance for Progress (Alianza para el Progreso) or APP [Cesar ACUNA Peralta]
Broad Front (Frente Amplio; also known as El Frente Amplio por Justicia, Vida y Libertad), a coalition of left-of-center parties including Tierra y Libertad [Marco ARANA Zegarra], Ciudadanos por el Gran Cambio [Salomon LERNER Ghitis], and Fuerza Social [Susana VILLARAN de la Puente]
Fuerza Popular (formerly Fuerza 2011) [Keiko FUJIMORI Higuchi]
National Solidarity (Solidaridad Nacional) or SN [Luis CASTANEDA Lossio]
Peru Posible or PP (a coalition of Accion Popular and Somos Peru) [Alejandro TOLEDO Manrique]
Peruvian Aprista Party (Partido Aprista Peruano) or PAP [Alan GARCIA Perez] (also referred to by its original name Alianza Popular Revolucionaria Americana or APRA)
Peruvian Nationalist Party [Ollanta HUMALA]
Peruvians for Change (Peruanos Por el Kambio) or PPK [Pedro Pablo KUCZYNSKI]
Popular Action (Accion Popular) or AP [Mesias GUEVARA Amasifuen]
Popular Christian Party (Partido Popular Cristiano) or PPC [Lourdes FLORES Nano]

Political pressure groups and leaders:
General Workers Confederation of Peru (Confederacion General de Trabajadores del Peru) or CGTP [Mario HUAMAN]
Shining Path (Sendero Luminoso) or SL [Abimael GUZMAN Reynoso (imprisoned), Victor QUISPE Palomino (top leader at-large)] (leftist guerrilla group)

International organization participation:
APEC, BIS, CAN, CD, CELAC, EITI (compliant country), FAO, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC (NGOs), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, Mercosur (associate), MIGA, MINUSTAH, MONUSCO, NAM, OAS, OPANAL, OPCW, Pacific Alliance, PCA, SICA (observer), UN, UNAMID, UNASUR, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNISFA, UNMISS, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

History
Ancient Peru was the seat of several prominent Andean civilizations, most notably that of the Incas whose empire was captured by Spanish conquistadors in 1533. Peru declared its independence in 1821, and remaining Spanish forces were defeated in 1824. After a dozen years of military rule, Peru returned to democratic leadership in 1980, but experienced economic problems and the growth of a violent insurgency. President Alberto FUJIMORI's election in 1990 ushered in a decade that saw a dramatic turnaround in the economy and significant progress in curtailing guerrilla activity. Nevertheless, the president's increasing reliance on authoritarian measures and an economic slump in the late 1990s generated mounting dissatisfaction with his regime, which led to his resignation in 2000. A caretaker government oversaw a new election in the spring of 2001, which installed Alejandro TOLEDO Manrique as the new head of government - Peru's first democratically elected president of indigenous ethnicity. The presidential election of 2006 saw the return of Alan GARCIA Perez who, after a disappointing presidential term from 1985 to 1990, oversaw a robust economic rebound. Former army officer Ollanta HUMALA Tasso was elected president in June 2011, and carried on the sound, market-oriented economic policies of the three preceding administrations. Poverty and unemployment levels have fallen dramatically in the last decade, and today Peru boasts one of the best performing economies in Latin America. Pedro Pablo KUCZYNSKI Godard won a very narrow presidential runoff election in June 2016.

Economy
Peru's economy reflects its varied topography - an arid lowland coastal region, the central high sierra of the Andes, the dense forest of the Amazon, with tropical lands bordering Colombia and Brazil. A wide range of important mineral resources are found in the mountainous and coastal areas, and Peru's coastal waters provide excellent fishing grounds. Peru is the world's second largest producer of silver and third largest producer of copper.

The Peruvian economy grew by an average of 5.6% from 2009-13 with a stable exchange rate and low inflation, which in 2013 was just below the upper limit of the Central Bank target range of 1% to 3%. This growth was due partly to high international prices for Peru's metals and minerals exports, which account for almost 60% of the country's total exports. Growth slipped in 2014 and 2015, due to weaker world prices for these resources. Despite Peru's strong macroeconomic performance, dependence on minerals and metals exports and imported foodstuffs makes the economy vulnerable to fluctuations in world prices.

Peru's rapid expansion coupled with cash transfers and other programs have helped to reduce the national poverty rate by 28 percentage points since 2002, but inequality persists and continues to pose a challenge for the Ollanta HUMALA administration, which has championed a policy of social inclusion and a more equitable distribution of income. Poor infrastructure hinders the spread of growth to Peru's non-coastal areas. The HUMALA administration passed several economic stimulus packages in 2014 to bolster growth, including reforms to environmental regulations in order to spur investment in Peru’s lucrative mining sector, a move that was opposed by some environmental groups. However, in 2015, mining investment fell as global commodity prices remained low and social conflicts plagued the sector.
Peru's free trade policy has continued under the HUMALA administration; since 2006, Peru has signed trade deals with the US, Canada, Singapore, China, Korea, Mexico, Japan, the EU, the European Free Trade Association, Chile, Thailand, Costa Rica, Panama, Venezuela, concluded negotiations with Guatemala and the Trans-Pacific Partnership, and begun trade talks with Honduras, El Salvador, India, Indonesia, and Turkey. Peru also has signed a trade pact with Chile, Colombia, and Mexico, called the Pacific Alliance, that seeks integration of services, capital, investment and movement of people. Since the US-Peru Trade Promotion Agreement entered into force in February 2009, total trade between Peru and the US has doubled.

GDP (purchasing power parity):
$409.9 billion (2016 est.)
$395 billion (2015 est.)
$382.5 billion (2014 est.)
note: data are in 2016 dollars

country comparison to the world: 48
GDP (official exchange rate):
$180.3 billion (2015 est.)

GDP - real growth rate:
3.7% (2016 est.)
3.3% (2015 est.)
2.4% (2014 est.)

country comparison to the world: 68
GDP - per capita (PPP):
$13,000 (2016 est.)
$12,700 (2015 est.)
$12,400 (2014 est.)
note: data are in 2016 dollars

country comparison to the world: 121

Gross national saving:
20.9% of GDP (2016 est.)
21.6% of GDP (2015 est.)
22.3% of GDP (2014 est.)
country comparison to the world: 77
GDP - composition, by end use:
household consumption: 62.8%
government consumption: 13.6%
investment in fixed capital: 23.5%
investment in inventories: 1.4%
exports of goods and services: 22.3%
imports of goods and services: -23.6% (2016 est.)
GDP - composition, by sector of origin:
agriculture: 7.3%
industry: 34.2%
services: 58.5% (2016 est.)
Agriculture - products:
artichokes, asparagus, avocados, blueberries, coffee, cocoa, cotton, sugarcane, rice, potatoes, corn, plantains, grapes, oranges, pineapples, guavas, bananas, apples, lemons, pears, coca, tomatoes, mangoes, barley, medicinal plants, quinoa, palm oil, mari

Industries:
mining and refining of minerals; steel, metal fabrication; petroleum extraction and refining, natural gas and natural gas liquefaction; fishing and fish processing, cement, glass, textiles, clothing, food processing, beer, soft drinks, rubber, machinery,

Industrial production growth rate:
3.2% (2016 est.)

country comparison to the world: 78

Labor force:
17.12 million

note: individuals older than 14 years of age (2016 est.)
country comparison to the world: 38
Labor force - by occupation:
agriculture: 25.8%
industry: 17.4%
services: 56.8% (2011)
Unemployment rate:
5.9% (2016 est.)
5.2% (2015 est.)
note: data are for metropolitan Lima; widespread underemployment
country comparison to the world: 63

Population below poverty line:
25.8% (2012 est.)

Household income or consumption by percentage share:
lowest 10%: 1.4%
highest 10%: 36.1% (2010 est.)
Distribution of family income - Gini index:
45.3 (2012)
51 (2005)
country comparison to the world: 42

Budget:
revenues: $60.84 billion
expenditures: $66.46 billion (2016 est.)

Taxes and other revenues:
33.7% of GDP (2016 est.)

country comparison to the world: 63

Budget surplus (+) or deficit (-):
-3.1% of GDP (2016 est.)
country comparison to the world: 110
Public debt:
26.3% of GDP (2016 est.)
23.3% of GDP (2015 est.)
note: data cover general government debt, and includes debt instruments issued by government entities other than the treasury; the data exclude treasury debt held by foreign entities; the data include debt issued by subnational entities
country comparison to the world: 153

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.4% (2016 est.)
3.5% (2015 est.)
note: data are for metropolitan Lima, annual average

country comparison to the world: 146

Central bank discount rate:
5.05% (31 December 2020)
5.05% (31 December 2020)

country comparison to the world: 76

Commercial bank prime lending rate:
16.1% (31 December 2020 est.)
16.1% (31 December 2020 est.)
note: domestic currency lending rate, 90 day maturity
country comparison to the world: 31

Stock of narrow money:
$32.72 billion (31 December 2020 est.)
$29.86 billion (31 December 2020 est.)

country comparison to the world: 60

Stock of broad money:
$91.26 billion (31 December 2020 est.)
$84.1 billion (31 December 2020 est.)

country comparison to the world: 57

Stock of domestic credit:
$57.6 billion (31 December 2020 est.)
$49.92 billion (31 December 2020 est.)

country comparison to the world: 64

Market value of publicly traded shares:
$56.56 billion (31 December 2020 est.)
$78.84 billion (31 December 2020 est.)
$80.98 billion (31 December 2020 est.)

country comparison to the world: 47

Current account balance:
-$6.801 billion (2016 est.)
-$8.374 billion (2015 est.)

country comparison to the world: 175

Exports:
$38.09 billion (2016 est.)
$34.16 billion (2015 est.)

country comparison to the world: 52

Exports - commodities:
copper, gold, lead, zinc, tin, iron ore, molybdenum, silver; crude petroleum and petroleum products, natural gas; coffee, asparagus and other vegetables, fruit, apparel and textiles, fishmeal, fish, chemicals, fabricated metal products and machinery, allo

Exports - partners:
China 22.1%, US 15.2%, Switzerland 8.1%, Canada 7% (2015)

Imports:
$38.35 billion (2016 est.)
$36.99 billion (2015 est.)

country comparison to the world: 55

Imports - commodities:
petroleum and petroleum products, chemicals, plastics, machinery, vehicles, TV sets, power shovels, front-end loaders, telephones and telecommunication equipment, iron and steel, wheat, corn, soybean products, paper, cotton, vaccines and medicines

Imports - partners:
China 22.7%, US 20.7%, Brazil 5.1%, Mexico 4.5% (2015)
Reserves of foreign exchange and gold:
$60.41 billion (31 December 2020 est.)
$61.59 billion (31 December 2020 est.)

country comparison to the world: 32

Debt - external:
$69.78 billion (31 December 2020 est.)
$67.87 billion (31 December 2020 est.)

country comparison to the world: 57

Stock of direct foreign investment - at home:
$94.26 billion (31 December 2020 est.)
$86.11 billion (31 December 2020 est.)

country comparison to the world: 49

Stock of direct foreign investment - abroad:
$2.914 billion (31 December 2020 est.)
$2.815 billion (31 December 2020 est.)

country comparison to the world: 77

Exchange rates:
nuevo sol (PEN) per US dollar -
3.363 (2016 est.)
3.185 (2015 est.)
3.185 (2014 est.)
2.8383 (2013 est.)
2.64 (2012 est.)