Peru Economic Activity Slows

Peru’s GDP expanded by 3.54% year-on-year in January 2026, decelerating from 3.83% in the previous month, with growth recorded across most economic sectors. Growth was underpinned by construction (+15.63%), commerce (+4.33%), and mining and hydrocarbons (+3.08%), alongside gains in accommodation and restaurants (+5.70%), public administration and defense (+4.07%), agriculture (+3.99%), electricity, gas and water (+3.97%), services to businesses (+3.68%), transport (+2.12%), and telecommunications (+0.60%). In contrast, output declined in fishing (-9.56%), manufacturing (-1.45%), and the financial sector (-0.42%). Total goods exports increased by 1.33%, supported by higher shipments of traditional products (+3.51%) and non-traditional fishing products. On a monthly basis, the seasonally adjusted production index grew 0.63%, and activity grew 3.38% in the February 2025–January 2026 period.

Peru’s GDP expanded by 3.83% year-on-year in December 2025, accelerating from 1.53% in the previous month, with growth recorded across most economic sectors. The expansion was mainly driven by manufacturing (4.58%), wholesale trade (4.89%), agriculture (2.48%), and a sharp rise in construction (12.0%). Additional gains were observed in transport (3.78%), public administration and defense (4.34%), business services (3.46%), restaurants and hotels (4.28%), utilities (2.65%), and fishing (0.6%). In contrast, output declined in mining and hydrocarbons (-2.18%), as well as in financial services (-0.2%) and telecommunications (-0.98%). Total goods exports increased by 13.41%, supported by higher shipments of traditional products (13.85%) and non-traditional products (12.31%). On a monthly basis, the economy grew by 0.56%. Considering the full year, GDP expanded by 3.44%.

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.