National Gross Domestic Product (GDP) is expected to grow 3.4% this year and in 2027, according to the 2027-2030 Multiannual Macroeconomic Framework, published by the
"Peru's economy would grow 3.4% in 2026, above the 3.2% forecast in the 2026-2029 Macroeconomic Projections Update Report (issued in April this year), driven by strong domestic demand associated with greater dynamism in private spending," it stated.
The MEF document indicated that private investment would grow 10.5% this year, supported by progress in mining and non-mining projects.
"Mining investment would exceed US$7 billion, supported by the continued development of projects, higher exploration and sustaining expenditures, as well as high metal prices and demand associated with the energy transition," the MEF explained.
"Likewise, non-mining investment would continue to recover due to the implementation of infrastructure projects, Public-Private Partnerships (PPPs), hydrocarbons projects, and diversified sectors. This dynamism would support job creation, higher incomes, and 3.6% growth in private consumption," the document said.
"In this context, non-primary sectors would grow 4.2%, with construction, commerce, services, and non-primary manufacturing standing out," it added.
The 2027-2030 Multiannual Macroeconomic Framework stated that strong domestic demand would partially offset supply shocks affecting primary sectors, which would decline 1.4% due to the effects of Coastal El Niño phenomenon on fishing, primary manufacturing, and the agricultural sector.
"This would also be due to moderate growth in the mining and hydrocarbons sector, as well as higher oil prices, which would raise transportation and production costs, generating inflationary pressures," it detailed.
The MEF indicated that Peru's economic activity would grow 3.4% in 2027 (considering that the 2026-2029 Macroeconomic Projections Update Report had forecast 3.2%), boosted by private investment, which would expand 6.5% due to the faster pace of implementation of mining projects such as Tia Maria, Ferrobamba Replacement, Pampa de Pongo, Corani, and Cerro Verde Optimization, among others.
"Additionally, non-mining investment would be strengthened by projects related to transportation, energy, health, and sanitation, with initiatives such as electricity transmission projects, the Huancayo-Huancavelica Railway, Longitudinal de la Sierra Section 4, and the Puerto Maldonado Wastewater Treatment Plant (WWTP) standing out, as well as the possible signing of an addendum to Lima Metro Line 1," the MMM stated.
"Meanwhile, the gradual dissipation of Coastal El Niño phenomenon from the second half of 2027 would allow primary sectors to grow 2.7%, driven by the normalization of fishing, agricultural, and hydrocarbons activities, as well as increased mining output associated with the production of copper, gold, zinc, and copper cathodes (Chapi and Tia Maria)," it added.
(END) NDP/CNA/MVB