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

Peru's economy shrank by 1.7% year-on-year in the fourth quarter of 2020, following a downwardly revised 19% decline in the previous period. It was the fourth consecutive quarter of economic contraction but at the softest pace in the current sequence. Output fell less in oil, gas and minerals extraction (-3.8% vs -9.8% in Q3): accommodation & food services (-37.8% vs -61.4%); transport & storage (-21.5% vs -28.1%); business services (-11.6% vs -20.1%) and trade (-2.6% vs -7.8%). Additionally, activity rebounded in construction (19% vs -4.1%); manufacturing (1% vs -7.9%) and agriculture (0.4% vs -1.5%). At the same time, notable growth was recorded in fishing activity (34.8% vs 11.3%); finance & insurance (20.6% vs 19.2%) and telecommunications & information services (6.8% vs 6.1%). In 2020, the Peruvian economy tumbled 11.1%, the biggest annual decline since 1989 when the economy shrank by 13.4% at a time of hyperinflation and guerrilla warfare.

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.