Indicators of economy in Peru

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Peru. Overall, gross domestic product in 2020 fell from 228.32 billion US dollars to 201.71 billion US dollars. With a large drop of 11.66 percent, the economy in Peru has struggled significantly more than other countries. The tourism sector alone slumped by around 79 percent. The unemployment rate rose from 3.4 to 7.2 percent. The inflation rate fell from 2.3 percent previously to 2.0 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 223.25 billion US dollars (=97.8% of 2019).

Income and purchasing power

The average monthly income in Peru is 538 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 51.3 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Peru than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 81.3 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

In the Global Innovation Index, Peru ranked 65th in 2022 with 29.1 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. The largest company in Peru is Credicorp with a market capitalization of 11.702 trillion dollars. It is the only company in the country to be included in the Forbes Global 2000 list in 2022. This independent list publishes the 2000 largest companies worldwide annually, with Credicorp Bank ranking 1111st last year.

Development of gross domestic product in billions of USD 1960 - 2021