Economy of Peru Information

The economy of Peru is classified as upper middle income by the World Bank^[10] and is the 42nd largest in the world.^[11] Peru is, as of 2011, one of the world's fastest-growing economies owing to the economic boom experienced during the 2000s.^[12] The core of the current sound economic performance of the country is a combination of:

• Macroeconomic stability
• Prudent fiscal spending
• High international reserve accumulation
• External debt reduction
• Achievement of investment grade status
• Fiscal surpluses:

All of these factors have enabled Peru to make great strides in development, with improvement in government finances, poverty reduction and progress in social sectors.^[13]

Peru is an emerging, market-oriented economy characterized by a high level of foreign trade. The inequality of opportunities has declined: between 1995 and 2006 Peru's rating on The World Bank's Human Opportunity Index improved substantially as increased public investment in water, sanitation and electric power has sustained the downward trend in inequality of opportunities.^[14] Its economy is diversified although the commodity exports is important, the trade and industry are centralized in Lima but the agricultural exports have created development in all the regions. In 2010 Peru's per capita income (PPP) is bordering $10,000.^[2] Peru has a high Human Development Index score of 0.723.^[15] Poverty has steadily decreased in 18% since 2004, when nearly half the country's population was under the poverty line.^[16] 2010 data shows that around 30% of its total population is poor.^[4]

Historically, the country's economic performance has been tied to exports, which provide hard currency to finance imports and external debt payments.^[17] Peru's main exports are copper, gold, zinc, textiles, chemicals, pharmaceuticals, manufactures, machinery, services and fish meal; its major trade partners are the United States, China, Brazil, European Union and Chile.^[18] Although exports have provided substantial revenue, self-sustained growth and a more egalitarian distribution of income have proven elusive.^[19]

Services account for 53% of Peruvian gross domestic product, followed by manufacturing (22.3%), extractive industries (15%), and taxes (9.7%).^[20] Recent economic growth has been fueled by macroeconomic stability, improved terms of trade, and rising investment and consumption.^[21] The USA has become Peru's largest trading partner following a free trade agreement with the United States signed on April 12, 2006^[22] and a free trade agreement with China (2009). Currently a Free Trade agreement has been sent to the EU, and is in the process of being approved. It will most likely take effect in 2012.^[23] Inflation in 2006 was the lowest in Latin America at only 1.8%, but increased in 2007 as oil and commodity prices rose; in the first half of 2008, it had reached about 5.5%.^[24] The unemployment rate had increased to 8.8% by January 2009; the current average wage in the country is 1,047 nuevos soles.^[5]

Peruvian economic policy has varied widely over the past decades. The 1968–1975 government of Juan Velasco Alvarado introduced radical reforms, which included agrarian reform, the expropriation of foreign companies, the introduction of an economic planning system, and the creation of a large state-owned sector. In 1990 the neoliberal government of Alberto Fujimori ended price controls, protectionism, restrictions on foreign direct investment, and most state ownership of companies.^[25] Reforms have permitted an economic growth since 1993, except for a slump after the 1997 Asian financial crisis.^[26] In 2007, the Peruvian economy experienced a growth rate of 9%, the largest in Latin America, and this repeated in 2008 with a 9.8% rate; in 2006 and 2007, the Lima Stock Exchange grew by 185.24% ^[27] and 168.3%,^[28] respectively. However, in the wake of the 2008 global crisis, growth for 2009 was only 0.9 percent,^[29] but rebounded to 8.8 percent the following year. The pro-market policies enacted by Fujimori, were continued by presidents Alejandro Toledo and Alan Garcia,While poverty of Lima is 18.5%, the national average is 30%, while the unemployment rate is 6.5% and 54% are employed formally.^[30]

History

Sectors

Agriculture

Peru is a country with many climates and geographical zones that make it a very important agricultural nation. Peru agricultural exports are highly appreciated and include artichokes, grapes, avocados, mangoes, peppers, sugarcane, organic coffee and premium-quality cotton.

Industry and services

Fishing: Peru is an international leader in fishing, producing nearly 10 percent of the world's fish catch. Mining: Peru ranks fifth worldwide in gold production (first in Latin America), second in copper, and is among the top 5 producers of lead and zinc. Manufacturing: Peru has developed a medium manufacturing sector. The sector now represents 23 percent of GDP and is tied heavily to mining, fishing, agriculture, construction and textiles. Manufacturing is mainly devoted to processing to gain a value-added advantage. The most promising sector is textiles, metal mechanics, food industry, agricultural industry, manufactures, chemicals, pharmaceuticals, machinery and services. Tourism has represented a new growth industry in Peru since the early 1990s, with the government and private sector dedicating considerable energies to boosting the country's tourist destinations both to Peruvians and foreigners.

Natural resources

Peru's natural resources are copper, silver, gold, timber, fish, iron ore, coal, phosphate, potash, and natural gas.

External trade and investment

Global trade investment

Foreign investment and balance of payments

Foreign trade and balance of payments

In 2001 the current account deficit dropped to about 2.2% of GDP (US$1.17 billion)--from 3.1% in 2000—while the trade balance registered a small deficit. Exports dropped slightly to $7.11 billion, while imports fell 2.1% to $7.20 billion. After being hit hard by El Niño in 1998, fisheries exports have recovered, and minerals and metals exports recorded large gains in 2001 and 2002, mostly as a result of the opening of the Antamina copper-zinc mine. By mid-2002, most sectors of the economy were showing gains. After several years of substantial growth, foreign direct investment not related to privatization fell dramatically in 2000 and 2001, as well as in the first half of 2002. Net international reserves at the end of May 2002 stood at $9.16 billion, up from $8.6 billion (2001), $17 billion at the end of 2006, over $20 billion in 2007, and over $35 billion in May 2008. Peru has signed a number of free trade agreements, including the 2007 United States-Peru Trade Promotion Agreement, and agreements with Chile, Canada, Singapore, Thailand and China.

Foreign investment

The Peruvian government actively seeks to attract both foreign and domestic investment in all sectors of the economy. International investment was spurred by the significant progress Peru made during the 1990s toward economic, social, and political stability, but it slowed again after the government delayed privatizations and as political uncertainty increased in 2000. President Alejandro Toledo has made investment promotion a priority of his government. While Peru was previously marked by terrorism, hyperinflation, and government intervention in the economy, the Government of Peru under former President Alberto Fujimori took the steps necessary to bring those problems under control. Democratic institutions, however, and especially the judiciary, remain weak.

The Government of Peru's economic stabilization and liberalization program lowered trade barriers, eliminated restrictions on capital flows, and opened the economy to foreign investment, with the result that Peru now has one of the most open investment regimes in the world. Between 1992 and 2001, Peru attracted almost $17 billion in foreign direct investment in Peru, after negligible investment until 1991, mainly from Spain (32.35%),^[31] the United States (17.51%), Switzerland (6.99%), Chile (6.63%), and Mexico (5.53%). The basic legal structure for foreign investment in Peru is formed by the 1993 constitution, the Private Investment Growth Law, and the November 1996 Investment Promotion Law. Although Peru does not have a bilateral investment treaty with the United States, it has signed an agreement (1993) with the Overseas Private Investment Corporation (OPIC) concerning OPIC-financed loans, guarantees, and investments. Peru also has committed itself to arbitration of investment disputes under the auspices of ICSID (the World Bank'sInternational Center for the Settlement of Investment Disputes) or other international or national arbitration tribunals.

Currency

The nuevo sol (commonly referred to simply as "sol") is the currency of Peru. The exchange rate as of April 8, 2011 is 2.78 soles to the US dollar by november of the same year the price dropped to 2.71 soles, and 4.05 soles to one euroon november of that year, one euro was worth 3.61 . It was instated in 1991, when the Peruvian government abandoned the inti due to hyperinflation of the currency;^[32] the nuevo sol replaced the inti at a rate of 1 nuevo sol = 1,000,000 intis.^[33] The inti itself replaced another inflated currency, the sol, which was used between 1863 and 1985. The name sol comes from the Latin solidus, and is also the Spanish word for "sun", which the ancient Inca civilization worshiped as the god Inti.

The nuevo sol currently enjoys a low inflation rate of 1.5%.^[34] Since it was put into use, the nuevo sol's exchange rate with the United States dollar has stayed mostly between 2.80 and 3.30 to 1. Out of all the currencies of the Latin American region, the nuevo sol is the most stable and reliable, being the least affected by the downturn in the value of the US dollar; during late 2007 and early 2008, the exchange rate fell to 2.69 to 1, which had not been seen since 1997. The exchange rate is set on a daily basis by the Banco Central de Reserva del Perú (Central Reserve Bank of Peru).

The nuevo sol is divided into 100 céntimos. The highest-denomination banknote is the 200 sol note; the lowest-denomination coin is the rarely-used 1 céntimo coin.

Income and Consumption

Peru divides its population into five socio-economic classes, A-E, with A representing the rich; B, the upper middle class; C, the middle class; D, the working class and low income families; and E, the marginalized poor.

Employment

Unemployment in Greater Lima is 3 923s, while for the rest of Peru is 10%. FY 2009-2010^[35]

Economic trends

Greater depth

From 1994 through 1998, under the government of Alberto Fujimori, the economy recorded robust growth driven by foreign direct investment, almost 46% of which was related to the privatization program. The economy stagnated from 1998 through 2001, the result of the century's strongest El Niño weather phenomenon, global financial turmoil, political instability, a stalled privatization program, increased government intervention in markets, and worsening terms of trade. President Alejandro Toledo implemented a recovery program after taking office, maintained largely orthodox economic policies, and took measures to attract investment, including restarting the privatization program. Nonetheless, political uncertainty led to GDP growth of 0.2% in 2001. The Lima Stock Exchange general index fell 34.5% in 2000 and 0.2% in 2001. Inflation remained at record lows, registering 3.7% in 2000.

The year 2001 saw deflation of 0.1%. The government's overall budget deficit rose sharply in 1999 and 2000 to 3.2% of GDP, the result of hikes in government salaries, expenditures related to the 2000 election campaign, higher foreign debt service payments, and lower tax revenues. The government brought the deficit down to 2.5% of GDP in 2001, and set a target of 1.9% of GDP for 2002. Peru's stability brought about a substantial reduction in underemployment, from an average of 74% from the late 1980s through 1994 to 43% in the 1995-96 period, but the rates began climbing again in 1997-2002 to over half the working population. The poverty rate remained at 54% in 2001, with 24% of Peruvians living in extreme poverty. In 2005, 18% of Peruvians were living in extreme poverty and a poverty rate at 39%.^[16] As of 2010, around 30% of its total population is poor ^[4]

Outlook

Forecasts for the medium- and long-term remain highly positive. Peru's real GDP growth in 2007 (8.3%) was the largest in Latin America and in 2008 was an outstanding 9.8%, the highest in the world.^[5] Inflation remained low, at about 3%, while the budget surplus is expected to remain at about 1% of GDP. Private investment should keep growing at a rate of 15% a year. The unemployment and underemployment indexes (7.2% and 54%, respectively, in Lima) should keep coming down as the economy grows The country is likely to attract future domestic and foreign investment in tourism, agriculture, mining, petroleum and natural gas, power industries and financial institutions. The government has signed an agreement with the IMF in which the perspectives of the economic growth are excellent. The GDP is expected to grow at 7% for the next 6 years; private investment reached 25% of the GDP in 2007, and has remained stable through 2010; and inflation is under control at an average 2% per year for the next 5 years. International Debt will reach 25% of the GDP by 2010, down from 35% in 2006, and will be only 12% of the GDP by 2015. The International Monetary Reserves of the National Reserve Bank (Dollar, Euro, Yen, Gold, and other currencies) reached US$ 27 billion by the end of 2007, and US$ 31 billion at the end of 2008. Currently reserves are at a US $43 billion level for the third half of 2010, which slightly surpasses current total foreign debt.

Exports are growing at a pace of 25% and will reach US$ 28 billion by the end of 2007 and US$ 30 billion by the end of 2010. High technological investment is growing fast in Peru, and will be 10% of the GDP by 2010.

Narcotics

Government prohibition of narcotics trafficking in Peru has resulted in a 70% reduction of coca leaf cultivation since 1995. The size of the narcotics industry as a part of the national economy is difficult to measure, but estimates range from $300–$600 million. An estimated 200,000 Peruvians are engaged in the production, refining, or distribution of narcotics. Many economists believe that large flows of dollars into the banking system contribute to the traditional depression of the dollar exchange rate vis-a-vis the sol. The Central Bank engages in open market activities to prevent the price of the sol from rising to levels that would cause Peruvian exports to become prohibitively expensive.

Hurt economically by Peruvian Air Force interdiction efforts in the mid-1990s, drug traffickers are now using land and river routes as well as aircraft to transport cocaine paste and, increasingly, refined cocaine to consumers around and out of the country. The Air Bridge Denial program was suspended in April 2001 after the Peruvian Air Force and strength of the U.S. DEA misidentified a civilian aircraft as a drug trafficker and shot it down, killing two American citizens on board. Peru continues to arrest drug traffickers and seize drugs and precursor chemicals, destroy coca labs, disable clandestine airstrips, and prosecute officials involved in narcotics corruption.

Working with limited aid of the U.S. Agency for International Development (USAID), the Peruvian Government carries out alternative development programs in the leading coca-growing areas in an effort to convince coca farmers not to grow that crop. Although the government previously eradicated only coca seed beds, in 1998 and 1999 it began to eradicate mature coca being grown in national parks and elsewhere in the main coca growing valleys. In 1999 the government eradicated more than 150 km² of coca; this figure declined to 65 km² in 2000, due largely to political instability. The government agency "Contradrogas", founded in 1996, facilitates coordination among Peruvian Government agencies working on counter-narcotics issues.

Corruption

Peru is the 72nd least corrupt country in the world according to Transparency International's Corruption Perceptions Index.

The Peruvian organization "Ciudadanos al Dia" has started to measure and compare transparency, costs, and efficiency in different government departments in Peru. It annually awards the best practices which has received widespread media attention. This has created competition among government agencies in order to improve.^[36]

A last case of corruption was the 2008 Peru oil scandal.

Statistics

Household income or consumption by percentage share: lowest 10%: 0.8% highest 10%: 37.5% (2000)

Inflation rate (consumer prices): 2.08% (2010)

Budget: revenues: $37 billion (2010 est.) expenditures: $40 billion, including long-term capital expenditures of $3.8 billion (2010 est.)

Industrial production growth rate: 12% (2010 est.)

Electricity - production: 45,500 GWh (2010 est.)

Electricity - production by source: fossil fuel: 24.53% hydro: 74.79% nuclear: 0% other: 0.68% (1998)

Electricity - consumption: 33,000 GWh (2002)

Electricity - exports: 1,200 kWh (2010) mainly to Ecuador

Electricity - imports: 0 kWh (2010)

Agriculture - products: coffee, cotton, sugarcane, rice, wheat, potatoes, plantains, coca; poultry, beef, dairy products, wool; fish

Exports: 33.5 billion f.o.b. (2010 est.) of goods and products. 3.5 billion f.o.b. (2010 est.) of services.

Exports: fish and fish products, copper, zinc, gold, molybdenum, iron, crude petroleum and byproducts, lead; coffee, asparagus, artichokes, paprika, sugar, cotton, textiles, chemicals, pharmaceuticals, manufactures, machinery, services.

Exports - partners: United States 30%, Mainland China 11%, Japan 6%, Chile 5% Switzerland, Germany, United Kingdom, Brazil (2006)

Imports: $28 billion f.o.b. (2010)

Imports - commodities: machinery, transport equipment, foodstuffs, petroleum, iron and steel, chemicals, pharmaceuticals, electronics.

Imports - partners: US 19%, Colombia 6%, Venezuela 5%, Chile 4%, Brazil 4% (1997)

GDP Growth

Historical GDP Growth Rate 1990 - 2011^[37]

Trade Agreements

According to the Ministry of Foreign Trade and Tourism, Peru decided to negotiate trade agreements in order to consolidate the access of Peruvian exports to its most important markets by giving them permanent benefits unlimited in time and coverage as opposed to temporary commercial preferences given unilaterally by certain countries; a system that did not allow Peruvian exporters embark in long-term export-related investments.^[38]

See also

• List of Peruvian companies
• South America Life Quality Rankings - Economy and Finance

Notes

1. ^ Peru GDP Data & Country Report | Global Finance
2. ^ ^{a b} International Monetary Fund, Peru. Retrieved on April 4, 2009
3. ^ IMF World Economic Outlook Database, October 2008
4. ^ ^{a b c} http://www.larepublica.pe/11-01-2011/pobreza-se-redujo-30-en-el-2010-0
5. ^ ^{a b c} "UPDATE 2-Peru's GDP surges 9.84 pct in 2008, slips in December". Reuters. February 16, 2009. http://www.reuters.com/article/marketsNews/idUSN1651763820090216.
6. ^ "Doing Business in Peru 2012". World Bank. http://www.doingbusiness.org/data/exploreeconomies/peru/. Retrieved 2011-11-21.
7. ^ "Sovereigns rating list". Standard & Poor's. http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39. Retrieved 26 May 2011.
8. ^ ^{a b c} Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. http://www.andina.com.pe/Ingles/Noticia.aspx?Id=67W6kX0YfPg=. Retrieved 1 September 2011.
9. ^ "International Reserves and Foreign Currency Liquidity - PERU". International Monetary Fund. 23 May 2011. http://www.imf.org/external/np/sta/ir/IRProcessWeb/data/per/eng/curper.htm. Retrieved 31 May 2011.
10. ^ The World Bank, Data by country: Peru. Retrieved on October 1, 2011.
11. ^ "Rank Order - GDP (purchasing power parity)". CIA. https://www.cia.gov/library/publications/the-world-factbook/geos/pe.html. Retrieved 2009-07-22.
12. ^ BBC, Peru country profile. Retrieved on October 1, 2011.
13. ^ The World Bank, Countries: Peru. Retrieved on October 1, 2011
14. ^ The World Bank, Countries: Peru. Retrieved on October 2, 2011
15. ^ United Nations Development Programme, Human Development Report 2009. Retrieved on October 5, 2009.
16. ^ ^{a b} Alan García: En el 2015, la pobreza se reducirá a menos del 10% | El Comercio Perú
17. ^ Rosemary Thorp and Geoffrey Bertram, Peru 1890–1977, p. 4.
18. ^ 2006 figures. (Spanish) Banco Central de Reserva, Memoria 2006, pp. 60–61. Retrieved on July 3, 2007.
19. ^ Rosemary Thorp and Geoffrey Bertram, Peru 1890–1977, p. 321.
20. ^ 2006 figures. (Spanish) Banco Central de Reserva,, p. 204. Retrieved on June 25, 2007.
21. ^ (Spanish) Banco Central de Reserva, Memoria 2006, pp. 15, 203. Retrieved on June 25, 2007.
22. ^ Office of the U.S. Trade Representative, United States and Peru Sign Trade Promotion Agreement, April 4, 2006. Retrieved on May 15, 2007.
23. ^ http://www.peruthisweek.com/news-291-Peru-EU-free-trade-agreement-to-be-ratified-in-2012/
24. ^ https://www.cia.gov/library/publications/the-world-factbook/rankorder/2092rank.html CIA World Factbook-Inflation
25. ^ John Sheahan, Searching for a better society, p. 157.
26. ^ (Spanish) Banco Central de Reserva, Producto bruto interno por sectores productivos 1951–2006. Retrieved on May 15, 2007.
27. ^ Bolsa de Valores de Lima
28. ^ Bolsa de Valores de Lima
29. ^ http://www.gfmag.com/gdp-data-country-reports/199-peru-gdp-country-report.html#axzz1crBwgU79
30. ^ Andina
31. ^ Foreign investment statistics (in Spanish). http://www.proinversion.gob.pe/0/0/modulos/JER/PlantillaStandardsinHijos.aspx?ARE=0&PFL=0&JER=1537.
32. ^ San José State University Department of Economics, The economic history and the economy of Peru. Retrieved on July 11, 2007.
33. ^ (Spanish)
34. ^ (Spanish) Banco Central de Reserva del Perú, Inflation Report, May 2007, Central Reserve Bank of Peru. Retrieved on July 11, 2007
35. ^ www.inei.gob.pe
36. ^ Why benchmarking works -PSD Blog - World Bank Group
37. ^ http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG
38. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Trade Agreements of Peru (in Spanish). Retrieved on September 29, 2011.
39. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Trade Promotion Agreement Peru - USA (in Spanish). Retrieved on September 22, 2011.
40. ^ Office of the United States Trade Representative, Peru Trade Promotion Agreement. Retrieved on September 22, 2011.
41. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Free Trade Agreement between Peru and Chile (in Spanish). Retrieved on September 23, 2011.
42. ^ Chile - National Customs Service, Free Trade Agreement Chile-Perú (in Spanish). Retrieved on September 23, 2011.
43. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Free Trade Agreement Peru-Canada (in Spanish). Retrieved on September 24, 2011.
44. ^ Foreign Affairs and International Trade Canada, Canada - Peru Free Trade Agreement. Retrieved on September 24, 2011.
45. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Free Trade Agreement Peru-Singapore (in Spanish). Retrieved on September 24, 2011.
46. ^ Singapore FTA Network, Peru-Singapore Free Trade Agreement. Retrieved on September 24, 2011.
47. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Free Trade Agreement Peru-China (in Spanish). Retrieved on September 25, 2011.
48. ^ China FTA Network, China-Peru FTA. Retrieved on September 25, 2011.
49. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Free Trade Agreement Peru-Korea (in Spanish). Retrieved on September 25, 2011.
50. ^ Republic of Korea - Ministry of Foreign Affairs and Trade, Korea-Peru FTA. Retrieved on September 25, 2011.
51. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Free Trade Agreement Peru-EFTA (in Spanish). Retrieved on September 26, 2011.
52. ^ European Free Trade Association, Peru Free Trade Agreement. Retrieved on September 26, 2011.
53. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Protocol between Peru and Thailand to Accelerate the Liberalization of Trade of Good and Trade Facilitation (in Spanish). Retrieved on September 27, 2011.
54. ^ Kingdom of Thailand - Ministry of Commerce, Peruvian Vice Minister of Foreign trade and Tourism and Thai Deputy Minister of Commerce signed the third Additional Protocol. Retrieved on September 27, 2011.
55. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Trade Integration Agreement Peru-Mexico (in Spanish). Retrieved on September 30, 2011.
56. ^ México - Ministry of Economy, Trade Integration Agreement Mexico-Peru (in Spanish). Retrieved on September 30, 2011.
57. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Trade Agreement Peru-European Union (in Spanish). Retrieved on September 28, 2011.
58. ^ European Commission - Trade, Trade Agreement between the European Union and Colombia and Peru. Retrieved on September 28, 2011.
59. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Free Trade Agreement Peru-Panama (in Spanish). Retrieved on September 29, 2011.
60. ^ Panama - Ministry of Trade and Industries, Free Trade Agreement Panama-Peru (in Spanish). Retrieved on September 29, 2011.
61. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Free Trade Agreement Peru-Costa Rica (in Spanish). Retrieved on September 30, 2011.
62. ^ Costa Rica - Ministry of Foreign Trade, Free Trade Agreement with Peru (in Spanish). Retrieved on September 30, 2011.
63. ^ Peru - Ministry of Foreign Trade and Tourism: Trade Agreements of Peru, Economic Partnership Agreement Peru - Japan (in Spanish). Retrieved on September 30, 2011.
64. ^ Japan - Ministry of Foreign Affairs, Japan-Peru Economic Partnership Agreement. Retrieved on September 30, 2011.

References

• Mark Weisbrot, Background on Peruvian Economy, Center for Economic and Policy Research, April 2006
• CIA factbook

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