, 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 had fallen 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 and 8.6% in 1994.

National product: GDP - purchasing power parity - $73.6 billion (1994
est.)

National product real growth rate: 8.6% (1994 est.)

National product per capita: $3,110 (1994 est.)

Inflation rate (consumer prices): 15% (1994 est.)

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

Budget:
revenues: $2 billion
expenditures: $1.7 billion, including capital expenditures of $300
million (1992 est.)

Exports: $4.1 billion (f.o.b., 1994 est.)
commodities: copper, zinc, fishmeal, crude petroleum and byproducts,
lead, refined silver, coffee, cotton
partners: US 19%, Japan 9%, Italy, Germany

Imports: $5.1 billion (f.o.b., 1994 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.)

Industrial production: NA

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

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

Agriculture: accounts for 12% of GDP, about 35% of labor force;
commercial crops - coffee, cotton, sugarcane; other crops - rice,
wheat, potatoes, plantains, coca; animal products - poultry, red
meats, dairy, wool; not self-sufficient in grain or vegetable oil;
fish catch of 6.9 million metric tons (1990)

Illicit drugs: world's largest coca leaf producer with about 108,600
hectares under cultivation in 1994; source of supply