Peru Demographic Trend and Relevant Economic Indicators

Peru is a multiethnic country in South America; it has a population of 30 million, which consists of 45% Amerindian, 36% mestizo, 14% whites, Chinese, Japanese, blacks, and others take the 5% (Demographics of Peru, n.d.). In terms of age distribution, those below the age of 15 are 30%, 15 to 64 years are 64%, and those above 65 years are 6% in proportion. The median age is 37, with an average household size of 2.3 and medium household income of $30,668.Advertising We will write a custom essay sample on Peru Demographic Trend and Relevant Economic Indicators specifically for you for only $16.05 $11/page Learn More Spanish and Amerindian languages like Aymara and Quenchua remain the official languages in Peru. Markedly, languages such as Aymara and Quenchua are spoken in specific regions of Peru. At present, more than 80% of Peruvian’s speak Spanish language; it is used in education and commerce within the country. Since the country is multiethnic, it has diverse cultures and social practices across the socioeconomic divide. European remnants occupy mostly Peru’s major towns, the northern highlands, and the coastal regions. Lima, the Capital City of Peru, remains the largest city, and is home to more than 8 million Peruvians, making it the 22nd largest city in the globe. Other prominent cities in Peru include Cusco, Chimbote, and Piura; they are home to 72.6% of Peruvians while 27.4% inhabit rural areas (Demographics of Peru, n.d.). In terms of population growth, Peru witnessed a steady decline in population from 1960 until recently when it started realizing an average growth of 5.5%. By 2050, estimates have it that Peru will have a population of 42 million, and 74 million by 2100 (Peru Population 2013, 2013). The estimates rely on the current average growth rate of 5.5%, which it can sustain for the next 40 years. The centralized education system has made primary education free and compulsory. Numerous efforts by the g overnment have resulted in an increase in school enrolment and a reduction in the illiteracy level to 3.7% in urban areas and 19.0% in rural areas. In 1999, the 74 private and public universities registered about 320,000 students (Peru Population 2013, 2013). On the economic indicators, the global financial recession of 2009 slowed down the overall economic growth of Peru. However, the country made a strong comeback such that by the 4th quarter of 2011, houses in San Juan de Lurigancho district in Lima went up by 19.9% from the previous year given that it had higher effective demand (Alcazar Andrade, 2008). Even though the district is of low socioeconomic status, the Peru’s GDP growth of 6.3% by 2012 has kept the district in an upward growth. Markedly, in the third quarter of 2013, the GDP hiked to 4.4% as compared to a similar quarter of the preceding financial year. A study on the employment rate shows slight decrease after the global financial meltdown, from 8.4% in 2009 to 7.5% in 2012. However, the inflation rate has been above 3.2% in 2011 and 2012. The above statistics of economic indicators prove that Peru remains one of the fastest growing economies in South America. In San Juan de Lurigancho, there is great income inequality and disparity.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More A relation on the average family income per capita reveals that the district of San Juan de Lurigancho has the lowest value among the 43 districts of the Metropolitan of Lima, at $192. A district like Puente Piedra has $179, Miraflores has $384, and San Isidro has the highest family income per capita of $423 (Alcazar Andrade, 2008). Wealth remains highly concentrated in the hands of the rich merchants, who occupy the rich districts in Lima. San Juan de Lurigancho, the most populous district in Peru has a unique employment pattern, especially in the service industry w here women are replacing the male workforce, as employers feel that they can easily accept low wages and not form unions to demand for more pay. References Alcazar, L., Andrade, R. (2008, November 4). Quality of Life in Urban Neighborhoods in Metropolitan Lima, Peru. Wikiprogress. Web. Demographics of Peru. (n.d.). 123independenceday.com . Web. Peru Population 2013. (2013, October 21). World Population Review. Web. This essay on Peru Demographic Trend and Relevant Economic Indicators was written and submitted by user Otto Skinner to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.