on Monday reaffirmed that Peru's Gross Domestic Product (GDP) will grow above 3.1% this year.
"What recent evidence from this year shows is that we will grow between 3.1% and 3.5%. In fact, the Central Reserve Bank (BCR) just raised its growth rate to 3.2% a week ago," the government official stated.
"What the data up to July shows is that the growth rate is at 3.4%. It is true that the second half of the year usually has lower rates, especially because growth was slightly higher last year, but the idea is that we will be between 3.1% and 3.5%, according to our optimistic outlook," Perez Reyes said.
"What we see is growth not only driven by fiscal stimulus but also by private investment as an important determinant of the growth rate. Of course, private consumption is increasing as well," he added.
During the presentation of the 2025 OECD Economic Report, the minister noted that over the past 25 years the fiscal rule was only breached in four years (2000, 2014, 2023, and 2024). These breaches were caused by external shocks, weather events, and social conflicts.
"Particularly, during 2023, the economy experienced its first recession in 25 years, which was linked to supply shocks, including the Coastal El Niño, droughts in the south, an avian flu outbreak, as well as related conflicts in the first quarter of 2023, resulting in protests, road blockages, and the halt of a significant part of economic activity in our country," Perez Reyes explained.
"These shocks adversely affected primary activities such as agriculture, fishing, and poultry production, as well as non-primary sectors like manufacturing, commerce, and construction. In response to these events, the (Peruvian) State implemented a countercyclical fiscal policy, which allowed for mitigating their effects while also reactivating the economy during 2024," he added.
The government official stated that the Ministry of Economy and Finance's (MEF) goal is to return to the path of growth and compliance with the fiscal rule in 2025.
"Thus, the fiscal deficit fell from 3.5% of GDP in December 2024 to 2.4% of GDP in August 2025, and we are closing this month at 2.3%. This significant reduction in the fiscal deficit will help us meet the fiscal rule, but we need to monitor developments in the last quarter. For 2026, we estimate a fiscal deficit of 1.8%, with the goal of converging to a 1% deficit by 2028," the minister stated.
"This trajectory is credible and supported by the expansion mainly resulting from fiscal revenues. From January to August this year, we have seen a 13% growth in tax collection, which allows us to be optimistic and capable of meeting the fiscal revenue targets on which the S/173 billion (US$49.5 billion) budget was based," Perez Reyes said.
"Everything being proposed represents a scenario of solid economic growth, with strong foundations and, above all, converging toward a fiscal rule that ensures Peru is a country not only with sound monetary policy but also with responsible fiscal policy, coordinating and working collaboratively," he concluded.