Peru | Economic activity continued to show solid performance in January

Summary

Economic activity grew 3.5% year-on-year in January 2026, in line with the consensus, driven by non-primary GDP, particularly construction and commerce.

Key points

• Key points:
• January activity. Peru’s economy grew 3.5% year-on-year in January 2026, in line with analysts’ consensus, showing solid performance at the start of the year.
• Non-primary GDP led growth. Non-primary GDP expanded 3.5%, mainly driven by the strong dynamism of the construction sector and the sustained growth of commerce.
• Recovery in the primary sector. Primary GDP grew 2.6%, supported by higher copper and gold production in metallic mining, as well as a solid performance of the agricultural sector.
• February indicators. Leading indicators suggest a slight moderation in growth, with a slowdown in consumption and mixed signals in investment.
• The interruption of natural gas supply in March likely affected economic activity.

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