Peru's gross domestic product (GDP) grew 3.9% in November 2024, the highest rate of change since July last year, and accumulated eight consecutive months of growth, according to the
With this result, economic activity has accumulated a 3.1% growth from January to November 2024.
"Thus, primary sectors returned to the growth path, with a rate of 5%, the highest variation since May 2024, given the better dynamics of the Fishing (17.57%) and Primary Manufacturing (18.1%) sectors, linked to the start of the second anchovy fishing season in the north-central zone," the MEF indicated.
"In the same vein, the agricultural sector grew by 12.41%, driven by higher harvests of products aimed at the foreign market, highlighting the production of blueberries and grapes; and the hydrocarbon sector grew by 11.1% due to the expansion of the extraction of oil, natural gas, and natural gas liquids," it added.
On the other hand, the Mining sector declined by 4% in November 2024, affected by maintenance and lower mineral grades.
In the case of non-primary sectors, they continued with their positive trend and achieved a 3.6% increase, accumulating eight consecutive months of growth.
The greater dynamism of the Commerce (+3.45%) and Services (+4.1%) sectors stood out, explained by the improvement in household spending in a context of higher job creation.
Non-primary manufacturing also increased by 2.4% due to increased production of textiles, clothing, chemicals, furniture, and wood, among others.
For December 2024, GDP is expected to have grown further, in line with the improvement in leading indicators. For instance, electricity production grew 3.1% in December last year, remaining in positive territory for the sixth consecutive month.
Likewise, imports of capital goods in FOB values grew 5.2% in December 2024 and have accumulated nine months of growth.
Additionally, anchovy landings amounted to 920,000 metric tons (MT) and increased 464.7% (compared to December 2023). As of January 13, 2025, they reached 270,000 MT, doubling the figure reached throughout January 2024.
"In this scenario, GDP is expected to have reached a 3.2% growth for 2024, as projected since August in the Multiannual Macroeconomic Framework 2025-2028, which will position us as one of the countries with the highest economic growth at the level of economies in the region," the MEF highlighted.