Peru Economy Overview Economic Overview of Peru The Peruvian economy, which is the seventh largest in Latin America, has experienced a structural change in the past three decades. Currently, the services sector is the main contributor to the country’s GDP, with nearly 60% of GDP stemming from this sector.

Economy For the past decade, Peru has boasted the fastest growing economy in Latin America. It has the world’s biggest reserves of silver, as well as Latin America’s largest reserves of gold, lead and zinc.

Peru adopted a market economy in the early 1990s during the government of Fujimori. After a period of hyperinflation, stagnation, price controls and limitation of foreign investment the economy was opened to new investment and to market forces. In 1990 inflation reached 7,481.69% and in 2010 it is estimated to reach 1.2%.

Peru’s economic freedom score is 67.7, making its economy the 50th freest in the 2021 Index. Its overall score has decreased by 0.2 point, primarily because of a decline in judicial effectiveness....

Economic performance: Peru has been one of the fastest-growing economies in the region, but last year growth weakened to 2.4 percent owing to a combination of external and domestic factors. On the external front, Peru saw reduced demand for its exports of primary products, with mining and fuel exports contracting during the year.

Peru is one of the best performing economies in Latin America. The Country Partnership Strategy between Peru and the World Bank focuses on supporting national priorities and improving equity through social services, infrastructure and competitiveness.

Over the past decade, Peru has been one of the region’s fastest-growing economies, with an average growth rate 5.9 percent in a context of low inflation (averaging 2.9 percent). A favorable external environment, prudent macroeconomic policies and structural reforms in different areas created a scenario of high growth and low inflation.

The economy of Peru is the 48th largest in the world (ranked by Purchasing Power Parity), and the income level is classified as upper middle by the World Bank. Peru is, as of 2011, one of the world's fastest-growing economies owing to an economic boom experienced during the 2000s.

Peru’s difficulties with COVID-19 result in part from the predominance of its shadow economy. More than half of the country’s non-agricultural workforce is believed to be employed “informally” in a way that generally involves a hand-to-mouth existence and lack of legal protections, yet generates an estimated one-fifth of Peruvian GDP.