Peru | April Growth Dip Due to Base Effect

Summary

In April, the economy grew by 1.4% due to a negative base effect. Mining drove primary activities, while fishing and agriculture declined. The non-primary component rose by 1.7%, with gains in trade and services, and declines in construction and manufacturing.

Key points

• Key points:
• Seasonally adjusted GDP grew by 0.4% in April, and the year’s carry-over effect stood at 2.9%. In May 2025, economic activity likely recorded an acceleration in year-on-year growth. On the consumption side, imports of consumer goods rose by 15.5%, and BBVA Research’s Big Data consumption indicator increased by 15.6%, both above April’s figures. Regarding investment, capital goods imports grew by 24.1%, and national cement dispatches rose by 5.2%, reversing the decline seen in April (-1.3%). In contrast, the fishing sector contracted due to lower anchovy landings compared to May 2024.
• The April result and the available activity indicators for May are consistent with our baseline forecast: we project GDP growth slightly above 3.0% for the second quarter and 3.1% for the full year 2025.

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