In this group we can find a wide range of activities related to transport; storage; tourism and hospitality; communications and IT; banking and insurance; government; real estate; health and other professional services. Together, these activities represent nearly 50% of the Peruvian GDP, brings job opportunities to more than one third of the population and account for nearly 40% of the registered companies.
The growth observed in this group of activities altogether has followed the same trend seen in the GDP, with a couple of subsectors showing a performance above average. Communications is one of those subsectors that have seen a growth exceeding 400% in the last two decades. Not only the privatization of the state owned company in 1992 had contributed to this outcome but also the growing demand for telephone lines, internet and communication services. As a result, the number of landlines doubled in the last ten years whilst the number of mobile phones has grown exponentially from 1.3 million in 2000 to more than 30 million in 2014. TV cable subscriptions have also increased from 13 to 43 per 1,000 habitants in the same period. Private investment in the communications sector is monitored by OSIPTEL.
Likewise, the banking and insurance services have seen a four-fold increase in the last two decades. The growing middle class demanded more financial instruments, loans for private consumption and increasing mortgages market, linked to a boom in the housing industry. It also led to more deposits whilst more confidence of business also implied an increasing need for corporative loans. Financial services in Peru are under supervision of the SBS.
A particularly important development in Peru in recent years has been the consolidation of the financial inclusion program, which has been recognized as the best of its kind in the world for eight consecutive years by the Economist Intelligence Unit. You can read the latest report of the Global Microscope led by this entity here.
Another sector worthy to mention is the hospitality sector, which has grown hand in hand with the development of the touristic sector and the emergence of the Peruvian cuisine as a world gastronomic trend. In fact, just in the last ten decade the touristic inflow has tripled which together with the increasing domestic touristic flows has led to new touristic developments, high-end hotel investments and new regional touristic circuits. The hospitality sector represent one fifth of total registered companies in Peru and is a source of national pride. You can learn more about the Peruvian gastronomy and touristic offer here.