In the fourth quarter of 2024, the Gross Domestic Product (GDP) grew by 4.2% compared to the same quarter of the previous year, driven by higher household consumption and gross fixed investment (both increasing by 4.0%), as well as an increase in exports of goods and services (5.8%).
Within this framework, the INEI reported that GDP growth for the entire year 2024 was 3.3%.
In its technical report on Peruvian Economic Performance, the INEI specified that seasonally adjusted GDP in the analyzed quarter increased by 1.3% compared to the previous quarter.
Private Final Consumption Expenditure grew by 4.0%
In the analyzed quarter, private final consumption expenditure rose by 4.0%, driven by higher employment and labor income.
Private final consumption expenditure grew by 2.8% throughout 2024.
Gross Fixed Investment increased by 4.0%
During the study period, gross fixed capital formation grew by 4.0% compared to the same period of the previous year.
This result was supported by growth in construction (1.3%) and higher purchases of machinery and equipment (8.5%).
Likewise, public investment rose by 0.6%, while private investment increased by 5.0%.
Gross fixed capital formation expanded by 5.2% in 2024, supported by increased investment in construction (3.5%) and higher acquisitions of machinery and equipment (7.9%).
During this period, public investment grew by 15.4%, and private investment by 2.2%.
Exports and Imports
Exports of goods and services grew by 5.8% in the fourth quarter of 2024 compared to the same period of the previous year.
Notable exports included silver ore (356.1%), natural gas (50.1%), other fruits (32.4%), molybdenum ore (26.3%), grapes (11.8%), and gold ore (6.9%).
However, exports of refined copper (-14.8%), zinc ore (-12.1%), and copper ore (-10.9%) declined. In 2024, exports of goods and services recorded a 5.4% growth.
Similarly, imports of goods and services increased by 13.7%, driven by higher purchases of transmission and communication equipment (23.0%); plastics, rubber, and synthetic fibers (22.7%); crude oil (22.6%); synthetic organic dyes and other basic chemical substances (16.7%); trucks, buses, and vans (14.0%); other general-use machinery (4.2%); and industrial machinery (3.3%).
However, purchases of automobiles (-2.0%) and diesel (-1.6%) declined.
For the entire year 2024, imports of goods and services grew by 8.0%.
Government Final Consumption Expenditure
The INEI reported that government final consumption expenditure decreased by 0.5% in the fourth quarter of 2024, compared to the same period of the previous year.
This decline was mainly due to a reduction in Public Administration and Defense activities (-2.4%), while spending increased in Public Education (6.4%) and Public Health (4.5%).
Throughout 2024, government final consumption expenditure increased by 3.3%.
(END) NDP/JJN/JMP/MVB