Peru GDP Annual Growth Rate1980-2020 Data | 2021-2023 Forecast | Calendar

Peru's economy shrank 9.4% year-on-year in the third quarter of 2020, following a downwardly revised 29.8% decline in the previous period. It was the third consecutive contraction following the sharpest on record, extending a recession as the coronavirus pandemic hit the economy. On the expenditure side, output was mainly dragged by a 23.6% contraction in gross fixed public investment (-69% in Q2), much steeper than a 6.8% fall in private investment (-52.5%). In contrast, government consumption rose 3.5%, whereas private spending sank 9.3%. Meanwhile, exports shrank 25.6% (vs -38.9%) and imports 20.4% (-32.1%). By sector, services fell 10.1% (vs -28.1% in Q2), mining dropped 8.0% (vs -20%), and industrial production sank 8.3% (vs -44.1%). Year-to-date, GDP is down 14.5%.

Peru's economy shrank 30.2% year-on-year in the second quarter of 2020, following an upwardly revised 3.5% decline in the previous period. It was the second consecutive contraction and the sharpest on record, entering a recession as the coronavirus pandemic hit the economy. Output shrank further mainly for oil, gas and minerals extraction (-34.1% vs -5.2% in Q1); trade (-45.4% vs -7.1%); hotels & restaurants (-89.8% vs -11.2%); manufacturing (-34.3% vs -10%); construction (-67.2% vs -13.1%); business services (-43.1% vs -2.2%); utilities (-19.4% vs -2.1%); and fishing (-15.8% vs -15.3%). On the expenditure side, private consumption slumped 22.1%, faster than a 1.7% contraction; public spending shrank 3.2%, after growing 7.2%; and fixed investment plunged 57.7%, following a 13.3% drop. Exports tumbled 40.3% (vs -6.2% in Q1) and imports fell at a softer 30.4% (vs -5.3% in Q1). On a quarterly basis, the GDP shrank 27.2%, the most on record after contracting 6.3% in the prior period.

Peru's economy shrank 3.4 percent year-on-year in the first quarter of 2020, after expanding 1.8 percent in the previous period. It was the sharpest contraction since Q1 2001, amid the coronavirus crisis. Output shrank in trade (-6.2% vs 3.6% in Q4 2019); hotels & restaurants (-10.6% vs 5.3%); oil, gas and minerals extraction (-5.2% vs 2.1%); business services (-1.6% vs 3.3%); and utilities (-2.1% vs 2.4%). In addition, output contracted further in manufacturing (-10% vs -2.3%); and construction (-13.3% vs -4.6%). Also, growth slowed in agriculture, livestock & forestry (2.9% vs 5.3%); financial services (3.5% vs 5.2%); and public administration (2.7% vs 4%). On the expenditure side, private consumption shrank 1.7%, after growing 2.8% in the prior quarter; and fixed investment fell 10%, faster than a 0.5% contraction. Meanwhile, public spending rose 7.2%, after increasing 3.2%. On a quarterly basis, the GDP shrank 5%, after expanding 0.1% in the previous period.

Peru's economy advanced 1.8 percent year-on-year in the last quarter of 2019, slowing from an upwardly revised 3.2 percent expansion in the previous period. Output growth eased in telecommunication & information services (3.5 percent vs 4 percent in Q3); business services (3.3 percent vs 3.7 percent); and utilities (2.4 percent vs 3.7 percent). Also, output shrank in manufacturing (-2.3 percent vs 4.1 percent); construction (-4.6 percent vs 3.3 percent); fishing (-29 percent vs 14 percent). On the expenditure side, public spending increased 3.2 percent, less than a 7.9 percent expansion in the prior period; and private consumption went up 2.8 percent, slowing from a 3.1 percent rise. Additionally, fixed investment contracted 0.5 percent, after growing 5.4 percent in Q3. On a quarterly basis, the GDP advanced 0.7 percent, after a 0.9 percent increase in the prior period. Considering full 2019, the economy expanded 2.2 percent, lower than a 4 percent growth in 2018.