Peru | The economy continues to grow above 3.0%

Summary

GDP grew 3.2% year-on-year in August, in line with market consensus (3.1%) but slightly below the 3.4% expansion recorded in July. The non-primary component grew 3.2%, while the primary sector expanded 1.8%.

Key points

• Key points:
• Non-primary GDP accelerated in August, rising 3.2%, driven by commerce and services. In contrast, primary GDP slowed to 1.8%, affected by a 2.0% drop in copper production —which accounts for nearly 60% of total mining output— partially offset by higher zinc, gold, and iron production. The fishing sector contracted 11.5% due to lower landings for direct consumption.
• The overall balance of available activity indicators for September 2025 suggests that year-on-year growth will be slightly higher in that month.
• Outlook: With the August data, year-to-date growth stands at 3.3%. Considering available indicators for September, we estimate that GDP growth in the third quarter will be slightly above 3.0%, higher than in our base scenario, reflecting stronger performance in non-primary sectors and thus firmer domestic demand. Our annual growth forecast in the base scenario (3.1%) therefore carries an upward bias.

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