Peru

Last modification: 17 May 18
Introduction: 

Peru is composed of 25 regions and 1 province*. They are 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, and Ucayali

Poverty and unemployment levels have fallen dramatically in the last decade, and today Peru boasts one of the best performing economies in Latin America.

 

Chapter 1: Economic and business environment

Demographics

Population 31 million people (July 2017 est.)

Peruvian emigration began rising in the 1980s due to an economic crisis and a violent internal conflict, but outflows have stabilized in the last few years as economic conditions have improved. Nonetheless, more than 2 million Peruvians have emigrated in the last decade, principally to the US, Spain, and Argentina.

Capital

Lima (population of 9.87 million)

Major cities

1. Lima (9.87 million)
2. Arequipa (1.26 million)
3. Trujillo (850,230)
4. Chiclayo (799,034)
5.Huancayo (659,300)

Languages

Spanish (official) 84.1%, Quechua (official) 13%, Aymara (official) 1.7%,

GDP

US$210 billion (2017 est.)

Unemployment rate

6.7% (2017 est.)

Main 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, electrical machinery, chemicals, furniture.

Agriculture
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, marigolds, onions, wheat, dry beans; poultry, beef, pork, dairy products; guinea pigs; fish

 

Currency

Peruvian Sol
currency code: PEN

Interest rate

Central Bank discount rate
4.25% (31 December 2016 est.)

Political key info

Pedro Pablo Kuczynski Godard won a very narrow presidential runoff election in June 2016. Facing impeachment after evidence surfaced of his involvement in a vote-buying scandal, President Kuczynski offered his resignation on 21 March 2018. Two days later, First Vice President Martin Alberto Vizcarra Cornejo was sworn in as president.

Inflation

3.2% (2017 est.)

Chapter 2 : Automotive market, segments & sales

New vehicle registrations (Cars, LCV, Trucks)

While Peru's general automotive market saw a 10% rise in sales year-over-year in 2017, the premium market reported a 20% rise, led by Mercedes-Benz.

In 2017, Mercedes-Benz sales jumped 40% to approximately 1,400 units (32% of the overall premium market).

The german automaker is expected to see growth of some 25% in 2018.

Chapter 4: Taxation & legislation

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Chapter 5: Car policies

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Chapter 6: Funding methods

As of the second semester of 2018, around half of the cars in Peru are bought in cash and only 20% are acquired through car loans from banks.

According to BCP who leads vehicle financing with some 28% a share of the market, this is an opportunity for the bank which is expecting its vehicle loans to be up by 8% in 2018.

To help achieve this, the bank is offering Compra Inteligente BCP (intelligent purchase BCP) which offers 45% lower financing rates than a conventional credit line.

Chapter 7: Fuel

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Chapter 8 : TCO components

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Chapter 9: Safety, insurance and telematics

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Chapter 10: Environment

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Chapter 11: Mobility

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Chapter 12: Key trends to watch

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