Fruitful Steps of Peru

Economy of Peru

Peru is also known as the cradle of the most advance civilizations and most powerful empire in pre-Columbian South America-that of the Incas. Peru was also the focus of Spanish colonial domination for its first two hundred years of rule. The development of Andean agriculture started about 9,000 years ago, when inhabitants began to experiment with natural resources. Each ecological niche, or ""floor,"" begins about 500 to 1 000 m. vertically above the previous, forming a minutely graduated and specialized environment for life. Peru agricultural exports are highly appreciated and include artichokes, grapes, avocados, mangoes, peppers, sugar cane, organic coffee and premium-quality cotton. Tourism has represented a new growth industry in Peru since the early 1990s, with the government and private sector dedicating considerable energies to boosting the country's tourist destinations both to Peruvians and foreigners. The Peruvian economy, which is the seventh largest in Latin America, has experienced a structural change in the past three decades. Currently, the services sector is the main contributor to the country’s GDP, with nearly 60% of GDP stemming from this sector. Telecommunications and financial services are the main branches of the services sector; together they account for nearly 40% of GDP. However, the country still has a long way to go toward the modernization and competitiveness of its service sectors. Industry, which represents around 35% of GDP, has undergone a process of modernization, which has translated into increased employment in the country’s primary industrial areas.