Lima - Economy

Economy

Lima is the industrial and financial center of Peru, and one of the most important financial centers in Latin America. Today it is home to many national companies. It accounts for more than two thirds of Peru's industrial production and most of its tertiary sector.

The Metropolitan area, with around 7000 factories, spearheads the industrial development of the country, thanks to the quantity and quality of the available workforce, cheap infrastructure and the mostly developed routes and highways in the city. Products include textiles, clothing and food. Chemicals, fish, leather and oil derivatives are also manufactured and/or processed in Lima. The financial district is located in the district of San Isidro, while much of the industrial activity takes place in the area stretching west of downtown Lima to the airport in Callao. Lima has the largest export industry in South America, and is a regional hub for the cargo industry.

Industrialization began to take hold in Lima in 1930s and by 1950s, through import substitution policies, by 1950 manufacturing made up 14% of the GNP. In the late 1950s, up to 70% of consumer goods were manufactured in factories located in Lima.

The Callao seaport is one of the main fishing and commerce ports in South America, with 75% of the country's imports and 25% of its exports using it as their entry/departure point. The main export goods leaving the country through Callao are oil, steel, silver, zinc, cotton, sugar and coffee.

Lima generates 53% of the GDP of Peru. In 2010, GDP per capita in Lima reached $20,000. Most of the foreign companies operating in the country have settled in Lima.

In 2007, the Peruvian economy grew 9%, the largest growth rate in all of South America which was spearheaded by economic policies originating in Lima. The Lima Stock Exchange grew 185.24% in 2006 and in 2007 grew 168.3%, making it one of the fastest growing stock exchanges in the world. In 2006, the Lima Stock Exchange was the most profitable in the world. The unemployment rate in the metropolitan area is 7.2%.

The Asia-Pacific Economic Cooperation Summit and the Latin America, the Caribbean and the European Union Summit were hosted by the city of Lima.

Lima is headquarters to major banks such as Banco de Crédito del Perú, Interbank, Bank of the Nation, Banco Continental, MiBanco, Banco Interamericano de Finanzas, Banco Finaciero, Banco de Comercio, and Credit Scotia. It is a regional headquarters to Standard Chartered. Insurance corporations based in Lima include Rimac Seguros, Mapfre Peru, Interseguro, Pacifico, Protecta, and La Positiva.