In the third quarter of 2024, the economy showed a more pronounced recovery. During the quarter, a series of indicators linked to local demand recorded a better performance than in the first half. In fact, the BBVA consumption index -related to household spending-, the BCR indices of purchase orders and perceived demand by companies, and electricity consumption showed more favorable results in July-August.
Thus, non-primary GDP -linked to the evolution of local demand- grew around 4.5% in July-August, compared to the same period in 2024, a higher growth than in the 2Q2024 (2.4%). On the one hand, this greater dynamism would be due to the boost given to private consumption by the withdrawal of funds from the AFPs and the slight rebound in the growth of private formal employment. On the other hand, the improvement in business confidence in previous quarters and the gradual decrease in short-term interest rates for loans to large companies have allowed their investment flows to continue to recover.
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Head of Research
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.
So far this year, the economic recovery appears to have consolidated, with growth becoming more broad-based. Domestic demand has shown solid performance.
In the first quarter of the year, economic growth remained solid (3.6%). This was the result of a combination of favorable dynamics for GDP.
