According to the new constitution which came into force in 1994, the President is elected for a 5 year period and may be re-elected for a second term. The Congress, has one chamber with 120 seat.
The major economic areas in Peru are the following:
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Mining: Peru is within the top ten mining countries in the world. Minerals account for close to 50 % of annual export revenues. Peru is the world's second silver producer, and the eighth largest zinc producer, and keeps one of the largest copper and zinc reserves. In Latin America, Peru is the largest gold producer. |
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Fishing: One of Peru's richest resources comes from the Pacific Ocean. The main exports are fishmeal (Peru is the number one fishmeal producer), fish oil and recently high quality fish like the Pacific snapper. |
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Agriculture: Due to the large variety of microclimates, Peru has the capacity to grow almost every agricultural product. However, agriculture accounts for less than 5% of the gdp, but employs a large percentage of the labor force. Most food production is in the highlands, having improved in recent years due to pacification. However, more than 50% of the inhabitants of that area still live under the poverty level. |
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Textiles: Peruvian and Egyptian cotton are considered the two top quality in the world. Large amounts of high quality garments are produced with Peruvian cotton and exported to the world every year. Peru also has 95% of the vicuņa population in the world, one of the most internationally valued fibers, as well as 70 % of the alpaca population. |
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Manufacturing: Contributes to 28 % of the gdp. It is now operating at less than 50% capacity due to the present recession and reduction of the population's purchasing power. |
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Tourism: After the capture of Sendero Luminoso´s leader in 1993 and the consequent pacification of the country, tourism has grown consistently every year from an average of 250,000 visitors in 1993 to more than one million visitors in year 2,000. This area of the economy produces more than a 1,000 million dollars and it is expected to become the number two export, after mining in the near future. |
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