In the first quarter of 2025, Peruvian Gross Domestic Product (GDP) grew by 3.9%, driven by a 4.4% increase in domestic demand, the
In turn, the advance in domestic demand was mainly explained by the dynamism of gross fixed investment (9.7%) and total consumption (3.9%). This result comes within a context of expansion in productive sectors: extraction (3.2%), manufacturing (4.4%) and services (3.4%), INEI detailed.
According to the technical report Performance of the Peruvian Economy by the National Institute of Statistics and Informatics (INEI), the seasonally adjusted GDP for the quarter rose by 0.6% compared to the immediately previous quarter.
Private final consumption up 3.8%
Private final consumption grew 3.8% compared to the same quarter of the previous year, driven by higher labor income (5.9%) and a rise in employment (1.3%), according to data from the National Permanent Employment Survey.
This performance was reflected in higher spending on goods and services from the household basket. At current prices, private final consumption expenditure amounted to S/167.189 billion (about US$45.680 billion), representing 62.2% of GDP.
Government final consumption grew 4.7%
Government final consumption expenditure increased by 4.7% compared to the same period in 2024 driven by higher spending in Public Administration and Defense (2.7%), Public Education (2.7%) and Public Health (15.6%).
Gross fixed investment increased 9.7%
During the first quarter of 2025, gross fixed investment grew by 9.7% compared to the same quarter in 2024, as a result of increase in the construction sector (5%) and higher purchases of machinery and equipment (15.8%).
Public investment grew by 10.7%, while private investment did so by 9.3%.
Public investment growth occurred across all three levels of government, the institution noted.
The national government stood out for higher spending on agricultural, road, and sanitation infrastructure.
Regional governments advanced projects in education and health, while local governments prioritized road works, parks, and gardens.
Private investment grew due to the execution of expansion and remodeling projects for shopping centers, offices, warehouses, and civil engineering works. Additionally, nominal mining investment increased by 4%.
Exports and imports continue growing
In the first quarter of 2025, exports of goods and services grew by 14.2% compared to the same quarter of the previous year, with notable increases in shipments of grapes (70%), natural gas (55%), fishmeal (54.9%), gold ore (37.4%), molybdenum (24%), refined copper (6.5%), copper ore (6.4%), and zinc (0.9%).
In contrast, shipments of iron ore decreased (-17.9%).
Imports grew by 15.5%, driven by the acquisition of trucks, buses, and vans (33.8%); general machinery (29.4%); plastics, rubber, and synthetic fibers (28.3%); industrial machinery (26.3%); diesel (24.8%); and chemical products (20.9%). On the other hand, purchases of crude oil declined (-5%).
GDP performance by economic activity
Regarding the sectoral analysis of Gross Domestic Product for the first quarter of 2025, compared to the same quarter of the previous year, the following results were obtained:
Agriculture and Livestock
The added value of Agriculture, Livestock, Hunting, and Forestry grew 4% driven by the good performance of the agricultural (4.7%) and livestock (3%) sub-sectors.
Fishing and Aquaculture
This sector increased by 25.3%, driven by maritime fishing (29.6%) and inland fishing (4%).
Extraction of oil, gas, and minerals
They increased by 2.4%, thanks to growth in related services and mining production (3.2%), although oil and gas extraction contracted by -2.3%.
Manufacturing
It grew 4% due to increased domestic demand and industrial exports. Highlights included wood and furniture (21.3%), textiles and leather (17.6%), metal products (6.9%), food (6%), and chemicals (3.5%).
In contrast, the paper and printing industries (-0.7%), non-metallic minerals (-2.6%), and basic metals (-9.3%) declined.
Electricity, gas, and water
This sector rose by 1.5% due to an increase in the electricity and gas subsector (2%), while water supply fell by -1.5%.
Construction
It increased by 5.3%, thanks to greater execution of public and private works.
Commerce
It increased by 3.4% due to the performance of wholesale and retail trade (3.1%), plus vehicle maintenance and repair services (7.3%).
Transportation, storage, postal, and courier services
This sector grew 7.4% driven by the transportation (7.3%) and storage, postal, and courier (9%) subsectors.
Accommodation and restaurants
This sector grew 1.9%, with increases in accommodation (3.4%) and restaurants (1.8%).
Financial services, insurance, and pensions
They grew 0.6% due to increases in financial services (0.2%), insurance (0.7%), and pension funds (AFP) (6.8%).
Business services
They expanded by 4.3%, reflecting a widespread positive trend.
Public administration and defense
This sector registered growth of 4.4% compared to the same quarter of 2024.
Other services
They increased by 4.3%, with favorable performance across all activities.
(END) NDP/JJN/JMP/MVB