The economic recovery in Q3 has extended into Q4. During Q3, private investment showed clear signs of recovery, with a 4% growth compared to the same quarter in 2023, the highest rate in three years. This increase was associated with a relatively optimistic level of business confidence, lower corporate financing costs, and the progress of large infrastructure projects such as the Chancay port, Line 2 of the Lima Metro, and the expansion of the Lima Airport and the Muelle Norte in Callao. In fact, the machinery acquired for the Chancay port accounted for around a fifth of the growth in capital goods imports in the quarter.
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Analyst
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.
