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 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.
