Part 591

Other political or pressure groups: leftist guerrilla groups include Shining Path, Abimael GUZMAN Reynoso (imprisoned); Tupac Amaru Revolutionary Movement, Nestor SERPA and Victor POLAY (imprisoned)

International organization participation: AG, CCC, ECLAC, FAO, G-11, G-15, G-19, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Intelsat, Interpol, IOC, IOM, ISO (correspondent), ITU, LAES, LAIA, NAM, OAS, OPANAL, PCA, RG, UN, UNCTAD, UNESCO, UNIDO, UPU, WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO

Diplomatic representation in US: chief of mission: Ambassador Ricardo V. LUNA MENDOZA chancery: 1700 Massachusetts Avenue NW, Washington, DC 20036 telephone: (202) 833-9860 through 9869 FAX: (202) 659-8124 consulate(s) general: Chicago, Houston, Los Angeles, Miami, New York, Paterson (New Jersey), and San Francisco

US diplomatic representation: chief of mission: Ambassador Alvin P. ADAMS, Jr. embassy: Avenida Encalada, Cuadra 17, Monterrico, Lima mailing address: P. O. Box 1995, Lima 1; American Embassy (Lima), APO AA 34031 telephone: (12) 21-1202 FAX: (12) 21-3543

Flag: three equal, vertical bands of red (hoist side), white, and red with the coat of arms centered in the white band; the coat of arms features a shield bearing a llama, cinchona tree (the source of quinine), and a yellow cornucopia spilling out gold coins, all framed by a green wreath

Economy -------

Economic overview: The Peruvian economy has become increasingly market-oriented, with major privatizations completed since 1990 in the mining, electricity, and telecommunications industries. In the 1980s, the economy suffered from hyperinflation, declining per capita output, and mounting external debt. Peru was shut off from IMF and World Bank support in the mid-1980s because of its huge debt arrears. An austerity program implemented shortly after the FUJIMORI government took office in July 1990 contributed to a third consecutive yearly contraction of economic activity, but the slide came to a halt late that year, and in 1991 output rose 2.4%. After a burst of inflation as the austerity program eliminated government price subsidies, monthly price increases eased to the single-digit level and by December 1991 dropped to the lowest increase since mid-1987. Lima obtained a financial rescue package from multilateral lenders in September 1991, although it faced $14 billion in arrears on its external debt. By working with the IMF and World Bank on new financial conditions and arrangements, the government succeeded in ending its arrears by March 1993. In 1992, GDP fell by 2.8%, in part because a warmer-than-usual El Nino current resulted in a 30% drop in the fish catch, but the economy rebounded as strong foreign investment helped push growth to 6% in 1993, about 13% in 1994, and 6.8% in 1995.

GDP: purchasing power parity - $87 billion (1995 est.)

GDP real growth rate: 6.8% (1995 est.)

GDP per capita: $3,600 (1995 est.)

GDP composition by sector: agriculture: NA% industry: NA% services: NA%

Inflation rate (consumer prices): 10.2% (1995 est.)

Labor force: 8 million (1992) by occupation: agriculture, mining and quarrying, manufacturing, construction, transport, services

Unemployment rate: 15%; extensive underemployment (1992 est.)

Budget: revenues: $8.5 billion expenditures: $9.3 billion including capital expenditures of $NA (1996 est.)

Industries: mining of metals, petroleum, fishing, textiles, clothing, food processing, cement, auto assembly, steel, shipbuilding, metal fabrication

Industrial production growth rate: NA%

Electricity: capacity: 4,190,000 kW production: 11.2 billion kWh consumption per capita: 448 kWh (1993)

Agriculture: coffee, cotton, sugarcane, rice, wheat, potatoes, plantains, coca; poultry, red meats, dairy products, wool; fish catch of 6.9 million metric tons (1990)

Illicit drugs: world's largest coca leaf producer with about 115,300 hectares under cultivation in 1995; source of supply for most of the world's coca paste and cocaine base; at least 85% of coca cultivation is for illicit production; most of cocaine base is shipped to Colombian drug dealers for processing into cocaine for the international drug market, but exports of finished cocaine are increasing

Exports: $5.6 billion (f.o.b., 1995 est.) commodities: copper, zinc, fishmeal, crude petroleum and byproducts, lead, refined silver, coffee, cotton partners: US 19%, Japan 9%, Italy, Germany

Imports: $7.4 billion (f.o.b., 1995 est.) commodities: machinery, transport equipment, foodstuffs, petroleum, iron and steel, chemicals, pharmaceuticals partners: US 21%, Colombia, Argentina, Japan, Germany, Brazil

External debt: $22.4 billion (1994 est.)

Economic aid: recipient: ODA, $363 million (1993)

Currency: 1 nuevo sol (S/.) = 100 centimos

Exchange rates: nuevo sol (S/.) per US$1 - 2.350 (January 1996), 2.253 (1995), 2.195 (1994), 1.988 (1993), 1.246 (1992), 0.773 (1991)

Fiscal year: calendar year

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