Peru | Economic activity accelerated in April

Summary

GDP grew 3.7% in April, one of the highest rates of the year and above consensus (3.6%). The gain reflects the non-primary sector (+4.4%): commerce accelerated to 7.3% and construction led despite slowing. The primary sector fell 1.6%, on lower agricultural output and zinc mining production.

Key points

• Key points:
• GDP grew 3.7% year-on-year in April, the highest rate of the year, above the previous month (3.2%) and consensus (3.6%).
• The gain reflects the non-primary sector (+4.4%): commerce accelerated to 7.3% and construction led despite slowing.
• The primary sector fell 1.6%, on lower agricultural (−3.3%) and mining.
• Going forward, growth will be conditioned by the electoral outcome, the conflict in the Middle East, and climate anomalies, which have already led to the suspension of anchovy fishing and lower agricultural output for export. On June 18 we will publish our updated forecasts, with a bias toward raising the year's growth projection given the better-than-expected performance of activity so far in 2026.

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