ABSTRACT
The growth rate for manufacturing as a whole covers the entire cycle, 1950–1959. In the 1950s, manufacturing production located in Peru suffered from competition with imports, though even with this competition it is striking that the composition of output in 1960 was so little different from that in the mid-1950s. In the 1960s, with a policy of import substitution stimulating investment in manufacturing, particularly foreign investment, the composition of output underwent diversification. Peruvian manufacturing would have been comparable to that in advanced industrial countries. Import substitution successfully replaced imports on the output side, but with regard to inputs manufacturing has grown more import-intensive. To the extent that manufacturing development is measured by import-independence, Peruvian manufacturing remains immature in its development. The growth performance of manufacturing varied among the cyclical periods, and one's conclusions about comparative performance is quite sensitive to the particular periods chosen for comparison.
