The Peruvian economy
For starters, the economy of Peru is very market-oriented. Peru is the 41st largest economy in the world, with an estimated GDP of US$ 325.4 billion (2012). Unfortunately, the large gap between the rich and the poor has meant that Peru’s poverty has reached a level of 31%. However, the unemployment rate is gradually declining and is currently at 5.6% (April 2013).
Given that Peru was one of the first South American countries to ditch a military regime and adopt democracy, it remains in a relatively stable state. Furthermore, the majority of Peruvian workers, like in neighbouring countries Brazil and Chile, were unaffected by the 2011 global recession. The country’s economy depends largely on import and export, which makes it a hotspot for those working in Peru’s foreign trade industry. The United States, China, Brazil, Ecuador, Chile and Colombia are the nation’s most important trade partners.
Peru was named one of the fastest growing economies worldwide in 2012. This development is associated not only with the economic growth over the years but also with the Peruvian government’s efforts to stabilise the economy, reduce debt and spend with caution.
The national currency is the nuevo sol (PEN) which is divided into 100 cents (céntimos).
The job market for expats
Due to its diverse geography, Peru has a wide range of natural resources at its disposal. For this reason, whether it’s fish or gold, expats considering joining the Peruvian workforce will no doubt find something that interests them.
In addition, there are many job opportunities in the field of tourism for expats. Foreign residents can choose to work around the Amazon rainforest, at Machu Picchu, in gastronomy, or at the beach. There is certainly a large selection.
For those looking for employment in the capital city of Lima, there are also many job prospects. It is the financial capital of Peru, and financially one of the strongest capital cities in Latin America. Apart from the Lima Stock Exchange, there are numerous international banks in Lima, such as HSBC, Grupo BBVA etc.