NORANDINA - Peru in Numbers

PERU:
Economic Perspectives

June 1996 = 1.3%

	1992	1993	1994	1995	1996
Nominal GDP (US$ bn)	41.7	40.7	51.9	57.8	61.1

e = estimated
sources : Banco Central de Reserva del Peru, Business Monitor International Ltd.

Macroeconomics Indicators

	Inflation Rate %	Dev. Rate %
1990	7,949.7	4,115.4
1991	139.2	77.0
1992	56.7	69.1
1993	39.5	31.7
1994	15.4	0.7
1995	10.2	6.4
1996e	11.8	12.2

e = estimated
Sources: Banco Central de Reserva del Peru

November	489.2	654.5	-165.3
December e	500.0	640.0	-140.0

e = estimated
Sources: Banco Central de Reserva del Peru

March 1996

	Tax revenue % of GDP	Fiscal Deficit % of GDP
1990	9.1	-2.8
1991	8.2	-1.5
1992	8.7	-1.5
1993	9.2	-1.5
1994	10.9	2.1
1995	13.7	0.6
First Trimester 1996	14.7	2.9

Peru in July 1990

Between 1985 and 1990, prices increased twenty thousand times.
GDP per capital reverted to average figures reached in the sixties.
Peru was isolated from International financial community.
Exports were 40% lower than in the previous decade.
In four years, the average per capita consumption had fallen 55%.

Facing a crisis

Elimination of :
- Restrictions to investment and International trade.
- All subsidies.
Liberalization of:
- Prices and salaries.
- Exchange system.
- Financial markets.
Application of emergency taxes and a monetary and fiscal policies to fight against inflation.

Popular Support for Reforms

Stabilization of the Economy

Annual inflation decreased to 39.5% in 1993 to 10.2% in 1995, and to 9.00% as of October 1996.
International net reserves increased to US$ 8.3 bn. as of March 1996.
Tax collection increased to 14.7% during the first trimester of 1996.
Foreign currency deposits in the financial system experimented a nice-fold increase.

Current Economic Policies

Press on restructural reforms.
Promotion of domestic savings.
Expansion of electrical infrastructure.
Reaching a Brady plan agreement.
Restrictive fiscal and monetary policy.
Acceleration of the privatization process.
Reduction of imports tariffs.
Improvement of highways and airports.

Macroeconomic Perspectives

	1996	1997-2000
GDP %	3	4-6
Inflation %	12	8-9
Devaluation rate %	13	7-8
Exports US$ bn	5.7	8%
Imports US$ bn.	7.0	3%
Trade Balance US$ bn.	-1.3	0.6
Inter net reserves US$ bn.	7.5	6%
Income for privat US$ bn.	3.5	15.0 until 1998
Number of tourists	600,000	17%

EXTERNAL TRADE

	Exports	Imports	X-M
May	467.9	743.9	-276
June	544.6	643.4	-98.8

PUBLIC PRIMARY OFFER
AS LISTED ON THE PUBLIC REGISTRY
OF THE STOCK MARKET DURING 1996

ISSUING COMPANY	STOCK	Issue	REGISTERED AMOUNT
			US$	S/:
Electro Sur	Common Stock	1	-	5�094�,648
Electro Sur Este	Common Stock	1	-	8�308,848
Promotora Club Empresarial	Common Stock	1	-	20�160,000
Consorcio de Alimentos Fabril-Pac�fico	Corporative Bond	4	-	150�000,000
Fima	Corporative Bond	1	8�000,000	-
Gloria (1)	Corporative Bond	1	-	100�000,000
Gloria (1)	Corporative Bond	2	-	-
GME	Corporative Bond	1	15�000,000	-
Telef�nica del Per�	Corporative Bond	1	-	250�000,000
Universal Textil	Corporative Bond	1	-	15�000,000
Pesquera Austral	Corporative Bond	1	55�000,000	-
Am�rica Leasing	B.A.F.	1	-	11�800,000
Am�rica Leasing	B.A.F.	2	-	5�000,000
Am�rica Leasing	B.A.F.	3	8�000,000	-
Am�rica Leasing	B.A.F.	4	-	8�000,000
Banco Banex	B.A.F.	2	5�000,000	-
Banco Latino	B.A.F.	5	-	24�000,000
Banco Santander	B.A.F.	1	-	10�000,000
Banco Santander	B.A.F.	2	10�000,000	-
Banco Sudamericano	B.A.F.	7	20�000,000	-
Financiera Regional del Sur	B.A.F.	1	5�000,000	-
Financiera San Pedro	B.A.F.	7	30�000,000	-
Interbank	B.A.F.	2	-	36�300,000
Latino Leasing	B.A.F.	5	10�000,000	-
Banco del Progreso	B.A.F.	2	-	25�900,000
Banco Banex	Subordinated Bond	1	3�900,000	-
Banco del Progreso	Subordinated Bond	1	6�000,000	-
Banco Interamericano de Finanzas	Subordinated Bond	1	5�000,000	-
Interbank	Subordinated Bond	2	8�000,000	-
Banco Latino	Subordinated Bond	2	10�000,000	-
Banco Santander	Subordinated Bond	1	-	19�000,000
Banco Wiese	Subordinated Bond	1	60�000,000	-
Banco del Nuevo Mundo	Subordinated Bond	2	4�000,000	-
Banco de Cr�dito (2)	Subordinated Bond	1	-	150�000,000
Banco de Cr�dito (2)	Subordinated Bond	2	-	-
Telef�nica del Per�	Short Term Program	1	-	50�000,000
(1) Both adding to S/.100 million
(2) Both adding to S/.150 million

Fuente:Comisi�n Nacional Supervisora de Empresas y Valores (Conasev).

CONCEPT	1992	1993	1994	1995	1996e	1997f	1998f
Population(mn)	22.45	22.90	23.36	23.68	24.30	24.7	25.2
Nominal GDP(US$bn)	41.7	40.7	51.9	57.8	63.0	68.5	73.4
Nominal GDP per head(US$ thousands)	1.86	1.78	2.22	2.44	2.59	2.77	2.91
Real GDP per head(%change)	-4.4	4.5	10.9	4.8	0.5	3.8	4.0
Real GDP(%change p.a.)	-2.4	6.5	12.9	6.9	2.0	5.8	6.0
Inflation(%change p.a., year end)	56.7	39.5	15.4	10.2	11.6	11.0	10.0
Interest rates(%p.a., year end, deposits)	59.7	39.5	14.0	16.1	15.0	16.0	15.0
Exchange rate(sol/US$1, year end)	1.63	2.16	2.13	2.30	2.58	2.81	2.95
Public Finances(% of GDP)
Central government revenue	11.3	11.4	13.0	15.0	14.4	-	-
Central government expenditure	10.0	10.3	11.1	12.4	13.0	-	-
Government current account balance	1.3	1.1	1.9	2.6	1.4	-	-
Overall central government balance (includes capital account)	-1.2	-1.5	2.9	0.5	1.0	-	-

e= estimate, f= forecasts.

Sources: Banco Central de Reserva del Peru

Business Monitor International Ltd.

Macroquantum

CONCEPT	1992	1993	1994	1995	1996e	1997f	1998f
External Accounts/Country Credit Risk Indicators
Exports(US$mn)	3,484	3,515	4,555	5,572	6,200	6,700	7,400
Imports(US$mn)	4,051	4,049	5,576	7,688	8,200	8,950	9,700
Trade balance(US$mn)	-567	-535	-1,021	-2,116	-2,000	-1,250	-2,300
Current account(US$mn)	-2,029	-1,646	-2,101	-3,748	-3,430	-3,800	-3,950
% of GDP	-4.9	-4.4	-4.4	-6.2	-6.0	-6.5	-5.5
Foreign reserves (US$bn)	2.85	3.41	6.99	8.22	7.50	6.50	6.00
Import cover(mths)	8.6	9.9	13.9	11.9	10.5	8.7	7.5
Foreign debt(US$bn)	23.3	23.9	25.5	27.5	22.0	23.5	24.0
Debt/GDP(%)	55.0	58.1	50.6	48.5	34.9	34.3	32.7
Debt/Exports	668.0	679.0	560.0	494.0	355.0	351.0	324.0
Debt service ratio(%)	16.0	20.1	16.3	15.5	15.0	17.0	19.0

e=estimate, f=forecasts

Sources: Banco Central de Reserva del Peru

Business Monitor International Ltd.