Peru remains on the right track. Its economy is expected to post growth above the global average by the end of 2025 and 2026.
Projections from the Central Reserve Bank (BCR) indicate that Peru's Gross Domestic Product (GDP) is expected to close the year with a 3.1% increase, above the 2.7% estimated for the global economy.
"Peru is projected to grow 3.1% this year and 2.9% in 2026, exceeding global economic growth, which is expected to average 2.7% this year and also 2.7% in 2026," BCR Economic Studies Central Manager Adrian Armas stated during the press conference following the presentation of the July Monetary Program.
In Armas's view, this result represents a "moderation of growth" for the Peruvian economy.
The BCR has indicated that economic activity is already around its potential level, meaning the country has likely entered a neutral economic cycle.
"This means that economic activity is growing without demand-side inflationary pressures," he explained.
Moreover, no adverse scenario is expected despite the announced tariffs from the United States, as the impact would be limited.
"We are not seeing any major impact there, even if it had to be absorbed. Peruvian producers lower their prices to avoid affecting the destination price, which would basically mean lower (profit) margins. That would be the impact, not so much on production," Armas explained.
However, there will be other products, such as avocados, that could lose ground in entering the U.S. market due to the new tariffs imposed by the Donald Trump administration.
"There are other sectors that could be more affected. For example, in the case of avocados, competition with Mexico has suddenly increased, as the 10% tariff does not apply to Mexican products. Other tariffs have been imposed, but not on avocados. So, for example, Mexican avocados have gained an artificial comparative advantage because of this tariff structure," he concluded.