PE_marzo2025

Economic Outlook

03/03/2025

Peru’s economic growth was dynamic in Q1 2025, although international environment risks have intensified.

The economy maintained a solid growth pace in Q1 2025, around 3.8%, slightly above expectations.

Primary sectors, such as agro-exports and fishing, continued to rebound, although they were still affected by weather conditions in Q1 2024. Likewise, the recovery of non-primary sectors, more closely linked to domestic demand, strengthened in a context where business confidence has stabilized at relatively optimistic levels.

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Valeria Vargas

Analyst

OUR PERSPECTIVE

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.

The serious deterioration in the conduct of economic policy in the United States would impact Peru's economic growth mainly in 2026.

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.