stated on Thursday that Peru's economic activity is performing well this year due to 15% growth in private investment, despite El Niño phenomenon.
"The Peruvian economy is performing very well this year, growing by 3% despite the fact that we are facing an impending El Niño phenomenon, considering that a similar event affected us in 2023 and economic activity fell by 0.4% that year," he indicated.
"Unlike in 2023, the Peruvian economy is doing well now. Household consumption is very strong, as evidenced, for example, by automobile imports," Cuba noted.
"Private investment, both mining and non-mining, is also very strong. Even at the popular level, cement sales for self-consumption are performing well," he added.
Remarks were made during his presentation of the proposed public-sector budget bill for Fiscal Year 2027 before Congress.
"The economy is growing this year, on average, at a faster rate than in previous years, despite the El Niño phenomenon, and that is particularly noteworthy," Cuba pointed out.
"This is especially due to private investment, which is the main engine of growth and grew by 10% last year, while this year it is growing by 15%," he indicated.
The government official underscored the importance of private investment growing faster than gross domestic product (GDP), because this will strengthen the country's productive capacity.
"With this, there will be greater productive capacity across all sectors, including mining, construction, industry, and services. In general, everyone is equipping themselves to sell more," Cuba explained.
"The economy has grown by 3% so far in 2026, but without El Niño, we would be expanding by 4%, which would make it the best year in the past decade. Domestic demand grew by 5.6% last year and has grown by 5.9% so far in 2026—in other words, it is growing faster," he added.
The Cabinet member highlighted that market enthusiasm over the new Government and the expectations surrounding it have helped raise the official growth projections for Peru’s economy in the coming years.
"Back in April this year, the Ministry of Economy under the transitional Government had projected 3.2% growth, but with the new Government and a five-year horizon, expectations have led us to believe that the economy will perform better," Cuba said.
"We have therefore raised our growth estimate to 3.4% for this year and next year, which is particularly noteworthy," he added.
"The average growth rate over the past 10 years, from 2014 to 2024, was just 2.5%. While this is certainly good for businesses and for tax collection, which gives the public budget more resources, it has not been enough to provide jobs for all Peruvians," he warned.
Leading economy
The minister highlighted that, between 2026 and 2030, Peru—with average growth of 3.7%—will lead the region in economic performance, driven by reforms aimed at boosting productivity.
"Looking ahead to 2030, Peru continues to stand out as a regional leader in economic growth. It is no longer a matter of just one or two years; it is something more substantial," Cuba stated.
"Peru is a highly dynamic, developing economy that continues to stand out in the region, well above the 2.3% average," he added.
Publicado: 3/9/2026