on Monday reported that Peru posted a fiscal surplus equivalent to 0.7% of GDP in the second quarter of 2025 — its first surplus after eight consecutive quarters in deficit.
The last surplus had been recorded in the second quarter of 2023, at 0.4% of GDP.
The government agency noted that this positive result was driven by the solid growth of tax revenues, which increased by 14.6% in real terms — the strongest growth recorded since the third quarter of 2022.
Thanks to this performance, the accumulated annual fiscal deficit continued its downward trend, standing at 2.6% of GDP at the end of June 2025 — an improvement of 1 percentage point compared to January of the same year (3.6% of GDP).
This development in public finances reflects the government's commitment to responsible fiscal management and to the gradual fulfillment of the deficit rule, which sets a maximum limit of 2.2% of GDP for this year.
"The fiscal result for this second quarter reaffirms the strength of our public finances and the effectiveness of a responsible fiscal policy," Minister Raul Perez Reyes stated.
"We are reducing the deficit without affecting public investment or essential services, which enables us to sustain growth and strengthen confidence in the country," he added.
The improvement in the fiscal balance is mainly due to the increase in general government revenues, which reached 19.3% of GDP in the first half of this year — the highest level in the past 17 months.
This performance was supported by higher tax collection, driven by the growth of economic activity, which posted a cumulative real expansion of 3.1% between January and May 2025.
For the second half of this year, the fiscal deficit is projected to continue its downward trajectory, remaining below the limit set by the fiscal rule, supported by the sustained growth of fiscal revenues and economic recovery.
Similarly, the fiscal deficit is expected to continue decreasing gradually in the coming years, reaching 1% of GDP by 2028, in line with the medium-term fiscal rule.
This adjustment will also help public debt continue decreasing progressively and converge toward its maximum limit of 30% of GDP by 2035, as established by the debt sustainability rule.
These advances reflect the MEF's commitment to a sound and sustainable fiscal policy that ensures the financing of quality public services, strengthens private investment, as well as promotes inclusive, sustainable, and job-generating economic growth for the benefit of all Peruvians.