The Peruvian economy consolidated its recovery process and ended 2024 with a 3.3% expansion, the highest growth rate since 2021, the
Thus, Peru has positioned itself as one of the fastest-growing economies in Latin America.
Peru's GDP growth in 2024 was explained by the significant performance of primary sectors, favored by neutral climatic conditions and greater mineral extraction, and of the non-primary sectors, driven by domestic demand recovery, the
MEF noted.
This result was associated with a record-high catch of anchoveta under favorable oceanographic conditions, according to the MEF.
Meanwhile, mining grew by 2% due to increased molybdenum production, driven by Quellaveco mine's first full year of operations, as well as higher gold and silver output.
The hydrocarbon subsector rose by 2.1% thanks to higher oil extraction associated with Lot 95 and its new wells, while the agricultural sector increased by 4.9%, driven by favorable harvests and strong agro-exports, mainly of blueberries.
The
MEF indicated that
non-primary sectors recovered, with outstanding growth in construction (+3.6%), services (+3.3%), trade (+3%), and non-primary manufacturing (+2.5%).
"The increased domestic demand, mainly due to improved private investment and higher execution of public works, favored household consumption," it explained.
December 2024
INEI also reported that GDP grew 4.85% in December 2024, the highest rate since May 2024.
With this result, Peruvian GDP recorded nine consecutive months of growth.
The rebound in economic activity last December was due to the contribution from both primary and non-primary sectors.
Primary sectors grew by 9.1%, the highest rate since May 2024. The expansion in fishing (+76.8%) and primary manufacturing (+37.5%) stood out, thanks to greater anchoveta catches.
The farming sector (+7.5%) grew due to the expansion of export crops (grapes, blueberries, and mangos) and the rise in poultry breeding.
Mining (+2%) returned to growth after two months of decline, driven by increased production of molybdenum, copper, gold and silver, despite lower zinc extraction.
Non-primary sectors have remained dynamic, reaching a +3.8% rate and marking nine consecutive months of expansion.
The greater dynamism of trade (+3.6%) and services (+4.1%) sectors stood out, explained by the improved household spending in a context of stronger job creation.
Non-primary manufacturing grew by 3.4% due to higher production of textiles, clothing, chemicals, furniture, and wood, among others.
In the coming months, GDP will continue to consolidate its recovery process, in line with the improvement of leading indicators.
In January 2025, electricity production rose by 2%, remaining in positive territory for the eighth consecutive month.
Likewise, indicators related to both investment and consumption continue to improve.
For example, FOB imports of capital goods, such as construction materials and transportation equipment, expanded by 26.7% in January 2025, accumulating 10 consecutive months of growth.
Along the same lines, imports of consumer goods grew by 22.2% in January 2025, marking five consecutive months of increase.
Meanwhile, the Big Data consumer index published by BBVA grew by 9.3%, recording a positive rate for 14 consecutive months.