Economy and Finance Minister Jose Salardi presented Peru's economic growth projections before Congress' Economy Commission, highlighting an acceleration of GDP starting in the second quarter of 2024 and broad-based growth across all productive sectors.
The South American country is showing a general recovery, with an estimated growth of 3.3%, the highest rate since 2021.
Among the primary sectors, fishing has seen a significant rebound with a 24.9% increase, followed by primary agricultural manufacturing (8.6%) and agriculture (4.9%).
In the non-primary sectors, construction (3.6%), services (3.2%), and commerce (3.0%) have also shown notable advances.
The Cabinet member emphasized that inflation in Peru remains low and controlled, standing at 1.5% in February, with a projection of 2% for 2025.
Additionally, the benchmark interest stands at 4.75%, one of the lowest in the region, facilitating short-term economic activity.
Peru also maintains a low country risk, second only to Chile in the region, further solidifying its position as a safe destination for foreign investment.
"This (…) allows us to access manageable financing, reducing costs and strengthening our economy," Salardi stated.
Moreover, exchange rate stability over the last 15 years has been key to ensuring confidence in the financial market.
"This is the result of efficient management by the Central Bank (BCR), which guarantees stability and trust in our economy," Salardi said.
Economic Projections
Leading indicators suggest that the economy will remain dynamic in 2025.
The import of capital goods, a key measure of business investment, grew by 17.6% in the first quarter of 2025, confirming increased confidence in the market.
Likewise, the BBVA consumption index reflects a sustained recovery, reaching 7.4% growth in the first quarter of 2025, following an upward trend throughout the previous year.
To support this momentum, the government has implemented an open-door policy, holding constant meetings with Congress members, business associations, and regional authorities.
"Listening to their proposals allows us to advance measures that drive investment and economic growth," the minister stated.
Investments and Reduction of Barriers
As part of its growth strategy, the Executive Branch has launched a "deregulation shock" to eliminate barriers limiting investment.
According to Salardi, this approach will allow Peru to position itself as one of the fastest-growing economies in the region, with a growth projection between 5% and 6% in 2025.
The growth plan is based on three pillars: Strengthening investments, boosting strategic sectors, and enhancing competitiveness.
Within this framework, the government will boost over US$46 billion in investments through Public-Private Partnerships (PPPs) in the next 15 months, with key projects in hydrocarbons, airports, ports, and highways, thus accelerating the closure of gaps.
For the 2025-2026 period, the State-run Private Investment Promotion Agency (ProInversion) is managing a portfolio of over US$17 billion in projects at various stages of bidding, with an additional amount nearing US$8 billion this year and newly identified projects exceeding US$19 billion.
(END) NDP/JMP/MVB
Published: 3/14/2025