2024 was a year of inflection in the economic cycle, where there was moderate growth after the recession of 2023. The growth observed last year was mainly driven by: i) a strong rebound in primary activities, such as fishing; ii) a notable increase in public spending, with double-digit increases in both State remuneration and public investment; and iii) greater dynamism in private consumption in 2H, largely explained by the temporary effect of the withdrawal of funds from the AFPs.
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Analyst
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.
This month, the political agenda has once again focused on citizen insecurity. The death of a singer from a well-known musical group, allegedly at the hands of extortionists, sparked renewed criticism of the Minister of the Interior, who was censured by Congress, which in turn triggered new protests.
Despite growing criticism, President Dina Boluarte remains reluctant to remove him from office, as Santivañez plays a key role in her efforts to obstruct investigations against her and her inner circle, including her brother Nicanor Boluarte.
