Nearshore Americas

Peru’s Economic Growth Sees Unemployment Rate Fall

Peru’s economic growth is being reflected by the decreasing unemployment rate in Lima, the national capital. The jobless rate in Lima, the major shareholder of the country’s commercial revenue, fell by 1% between 2012 and 2013, according to the Economic Commission of Latin America and the Caribbean.

The unemployment rate in Lima decreased from 6.8% in 2012 to 5.9% in 2013, reported ANDINA, quoting the ECLAC report published this week: “Lima’s unemployment rate tumbled sharply in 2013, pushing the rate to its lowest level since December 2010.”

Many Peruvian women are entering job market, with unemployment among women decreasing from from 8.5% in 2012 to 7.2% in 2013.

Employment growth confirms that the Andean country’s recent economic upsurge is not temporary but sustainable for years to come.

Peru has the fifth-largest population (29.7 million) in Latin America (behind Brazil, Mexico, Colombia and Argentina). The Andean nation earns much of its money by exporting mineral resources, but it has been relatively successful in distributing wealth among its citizens.

The underemployment rate among the economically active population fell by 4.6% between 2012 and 2013, while average monthly income grew by 5.4%, the study found. Monthly income was found to have risen in the first quarter of 2014 as well.

However, analysts say there are a large number of unemployed youths in rural Peru, where the poverty rate is said to be at 53%.

Sign up for our Nearshore Americas newsletter:

A recent report from Inter Press Service (IPS) says that in Latin America only 28% of young people aged 20-24 from the poorest 20% of the population have completed their secondary education; while among the richest 20% of the population, about 80% have completed secondary education.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

Add comment