Peru Economic Activity Eases in November

Peru’s GDP expanded 1.53% year-on-year in November 2025, extending its growth momentum although at a slower pace from last month's 2.85% amid a divergence between resilient service-led demand and continued contraction in mining and industrial activity. Growth was underpinned by Construction (+9.83%), Other Services (+4.03%) and Commerce (+4.17%), alongside gains in Public Administration and Defense (+4.39%), Transport (+3.25%), Services to Businesses (+4.14%), Accommodation and Restaurants (+4.38%) and Electricity, Gas and Water (+1.10%), while Mining and Hydrocarbons contracted (-6.47%), Manufacturing declined (-2.12%), Fishing plunged (-17.85%), Agriculture fell (-0.96%), Telecommunications eased (-0.64%) and the Financial sector slipped (-0.27%). Non-traditional exports rose 1.60% as traditional exports dropped 14.15%, the seasonally adjusted production index fell -0.44% month-on-month, and activity grew 3.39% in the January–November 2025 period.

Peru’s GDP expanded 3.62% year-on-year in October 2025, easing from a 3.94% increase in September, with growth supported by broadly positive sector performance. The strongest gains came from mining and hydrocarbons (6.81%), construction (4.39%), trade (4.09%), and manufacturing (3.06%). Agriculture rose 1.88%, utilities 3.75%, transport 3.95%, hotels and restaurants 2.86%, and fishing surged 25.7%. Telecommunications was the only sector to contract, falling 3.84%. On a monthly basis, economic activity increased 0.13%. In the first ten months of 2025, GDP growth reached 3.36%.

Peru’s GDP expanded 3.94% year-on-year in September 2025, following a 3.18% rise in August, supported by positive results across most economic sectors, with the exception of Telecommunications. The agriculture sector surged 12.1%, led by strong production of olives (18,615.1%), avocado (112.9%), wheat (106.7%), dry beans (53.7%), onions (32.9%), coffee (27.1%), sugarcane (13.5%). Mining grew 2.1%, driven by zinc (25.5%), copper (3.2%), silver (11.3%), lead (18.7%). Manufacturing rose 1.7%, led by processing and preservation of fish, crustaceans, and mollusks (150.13%), meat processing and preservation (3.86%), and sugar production (13.34%). Utilities output increased 2.7%, primarily electricity (2.7%), gas (0.8%), and water (2.9%). The construction sector soared 10.2%, trade expanded 4%, and transportation rose 2.9%. In contrast, telecommunications declined 0.1%, while the financial sector remained flat. For the first nine months of 2025, Peru’s economy grew 3.3%.