Peru, located on South America's central Pacific coast, is bordered by Brazil and Bolivia to the east, Chile to the south, and Colombia and Ecuador to the north. Peru declared independence in 1821 and is divided into 25 regions, with Lima as its capital. The official language of Peru is Spanish, and the currency is the sol (PEN).
Peru has experienced constant growth in its gross domestic product (GDP) for over a decade, driven mainly by the production and export of commodities. After a year of deceleration, the country’s economy has recovered, and Peru’s expected growth remains in the top three of the region (4.1%), very close to Bolivia’s (4.3%) and Chile’s (4%).
The economy’s rate of growth has recovered, thanks in large measure to the continuing recovery in metals’ prices, which translates to stronger investments in mining. This improvement has grown business confidence, and, according to the World Bank, growth will remain at around 4% annually. Peru also performs better than the region average in time needed to obtain the municipal license and building safety technical inspection from the district council, which facilitates starting a business.
With the objective to remain one of the leading economies in the region, and in line with its commitment to boost the country’s competitiveness, Peru has also carried out some reforms to improve the business climate and promote foreign investment.
Peru is a member of the World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC), with several bilateral agreements based on most favoured nation treatment on a reciprocal basis. In recent years, Peru’s foreign trade policy has promoted an aggressive trade liberalisation to successfully insert Peru in the global economy. To that end, Peru has signed several trade agreements that aim to further access to the country’s main trading partners, including the Andean Community (Bolivia, Colombia, and Ecuador), Mercosur (Argentina, Brazil, Paraguay, Uruguay, and Venezuela), Pacific Alliance (Colombia, Chile, and Mexico), EFTA (Iceland, Liechtenstein, Norway, and Switzerland), the European Union (EU), Chile, China, Canada, Costa Rica, Cuba, Honduras, Japan, Mexico, Panama, Singapore, South Korea, Thailand, the United States (US), and Venezuela.
Peru has also signed trade agreements soon to be effective with Australia, Brazil, Guatemala, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It is currently negotiating agreements with El Salvador, India, and Turkey, the Trade in Services Agreement (TISA), and the Doha Development Round.
PwC Peru supports clients with the local knowledge and skills of its people and with access to a broad range of other professionals across the PwC global network of firms. PwC Peru is organised by industries, with a focus on financial services, energy, mining, telecommunications, retail, and government. PwC Peru has tax professionals that offer a wide variety of services, including in the areas of legal consulting, tax compliance, tax consulting, and transfer pricing.