Thanks to foreign investment and the cooperation between the government and the IMF and World Bank, growth was strong in 1994-97 and inflation was brought under control. In 1998, El Nino's impact on agriculture, the financial crisis in Asia, and instability in Brazilian markets undercut growth. The following year was again lean year for Peru, with the aftermath of El Nino and the Asian financial crisis working its way through the economy. Political instability resulting from the presidential election and FUJIMORI's subsequent departure from office limited growth in 2000. The downturn in the global economy further curtailed growth in 2001. President TOLEDO, who assumed the presidency in July 2001, has been working to reinvigorate the economy and reduce unemployment. Economic growth in 2002 is estimated at 4.8%, led by construction in the retail and gas sectors.

purchasing power parity - $138.8 billion (2002 est.)

5.3% (2002 est.)

purchasing power parity - $5,000 (2002 est.)

agriculture: 10%
industry: 27%
services: 63% (2001 est.)

50% (2000 est.)

0.2% (2002 est.)

7.5 million (2000 est.)

agriculture, mining and quarrying, manufacturing, construction, transport, services

9.4%; widespread underemployment (2002 est.)

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

6.5% (2002 est.)