Peru | Growth accelerated in July, above what was expected

Economic activity in Peru grew 3.6% year-on-year in July, exceeding forecasts. The dynamism of non-primary sectors, such as construction and commerce, was the main driver, offsetting the weakness in primary sectors, which were affected by climate anomalies and a contraction in fishing.

Key points

• Key points:
• Non-primary sectors advanced 4.3% in July, led by construction (+9.8%) and commerce (+6.8%). In contrast, primary GDP contracted by 1.1%.
• The fishing sector plummeted 27.4% due to a 99.15% drop in anchovy catches. The agricultural sector also contracted 1.2% due to adverse weather conditions.
• Metallic mining grew 1.1% thanks to higher production of copper (+3.8%), molybdenum (+15%), and gold (+1.8%), although it was dampened by lower zinc (-22.3%) output.
• For the remainder of 2026, the economy is expected to grow at two speeds, with a dynamic non-primary sector and a primary sector affected by El Niño. The growth forecast of around 3.0% for 2026 is maintained.

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