Peru Economy Grows for 4th Consecutive Quarter

2025-02-21 20:09 By Felipe Alarcon 1 min. read

Peru's economy advanced 4.2% year-on-year in Q4 of 2024, accelerating from an upwardly revised 3.9% increase in the prior period and marking the fourth yearly expansion since Q4 of 2022, supported by strength in domestic demand (6.5%).

Private consumption rose 4.0%, driven by higher employment and increased labor income.

Government spending fell 0.5%, as reductions in goods and services expenditures were partially offset by higher spending on personnel and social obligations.

Also, gross fixed investment gained 4.0%, led by construction (1.3%) and machinery and equipment purchases (8.5%).

Meanwhile, net trade contributed positively to GDP, with exports rising 5.8% due to higher sales of non-traditional goods (12.6%), while imports surged 13.7%, reflecting greater purchases of capital goods for agriculture (43%).

On the production side, most sectors expanded, including services (3.8%), manufacturing (5.0%), extractive industries (3.3%), and construction (1.3%).



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