Peru | GDP continued to accelerate at the end of last year and thus grew 3.3% in 2024

Summary

GDP grew 4.9% y/y in December. By productive sectors, the primary component stood out (+9.0%) due to the strong expansion of the fishing sector and the advance of the agricultural sector. On the non-primary component side, it grew 3.3%. With the December result, GDP grew 4.2% in Q4 and 3.3% in 2024.

Key points

• Key points:
• With the December result, GDP grew 4.2% year-on-year in the fourth quarter of 2024, reflecting a sustained acceleration in activity throughout that year. Thus, and after contracting 0.4% in 2023, the product advanced 3.3% in 2024 as a whole.
• Although the official figures for growth in 2024 on the spending side have not yet been published, the sectoral figures, the available indicators, and our own estimates suggest that last year there was a significant improvement in domestic demand, particularly private spending, but also public investment.
• The available activity indicators for the beginning of 2025 have a positive balance. Taking these indicators into account, the year is starting well, and together with the trends that we have been observing in the last months of 2024, they give an upward bias to the growth forecast we have for 2025, currently at 2.7%.

Geographies

Topics

Tags