Our Perspective

In 2026, the Peruvian economy will grow by 3.2%, a pace similar to that of 2025, despite electoral risks

In the third quarter of 2025, the economy grew by 2.5%, a slower pace than that observed in the first months of the year.

Government and Congress maintain their alliance as the pension reform stalls and the 2026 election remains fragmented

This month, President Dina Boluarte’s cabinet demonstrated resilience in the face of criticism over leaked audio recordings implicating Ministers Eduardo Arana (PCM) and Juan José Santiváñez (Interior).

Changes in the Cabinet have strengthened the alliance with Congress amid a context of growing institutional weakness.

The Government’s main allies, Fuerza Popular and APP, leveraged the crisis triggered by the murder of 13 mine workers in Pataz to strengthen their influence over ministerial appointments.

Economic growth likely remained steady at the beginning of Q2 and is becoming increasingly broad-based, despite the uncertain external environment.

So far this year, the economic recovery appears to have consolidated, with growth becoming more broad-based. Domestic demand has shown solid performance.

SAE in the media

The improvement in household income has yet to be reflected with the same strength in consumer markets.

11/05/2025

By José Carlos Saavedra

Economy in northern Peru ‘heats up’ for 2025, but three threats loom

12/03/2025

By Iván Portocarrero.

The wage gap and informality persist in the labor market: What policies do experts propose?

08/03/2025

By Donita Rodríguez.

SAE Team

Our Perspective

In 2026, the Peruvian economy will grow by 3.2%, a pace similar to that of 2025, despite electoral risks

Government and Congress maintain their alliance as the pension reform stalls and the 2026 election remains fragmented

Changes in the Cabinet have strengthened the alliance with Congress amid a context of growing institutional weakness.

Economic growth likely remained steady at the beginning of Q2 and is becoming increasingly broad-based, despite the uncertain external environment.

OPINIONS FROM OUR EXPERTS

Formal private employment is projected to grow between 3% and 3.5% in 2025, with the largest increases concentrated in the first half of the year.

APOYO Consultoría expects that the impact of changes in the international economy on the Peruvian economy will be moderate for now and become more noticeable starting in 2026.

APOYO Consultoría expects SMEs credit to continue growing.

With less than a year until the general elections, many key decisions remain pending to clarify the electoral options.