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Economic Outlook

03/03/2025

The economy has continued to grow at a rate close to 4%, amid high uncertainty regarding the climate and international economic polic


Several economic indicators suggest that the growth observed in late 2024 extended into early 2025. Thus, economic growth at the beginning of this year is estimated to have been around 4%. Three key factors underpin this recovery: the boost from certain primary sectors, the continued increase in private spending, and the still-present dynamism of public investment.

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Valeria Vargas

Analyst

OUR PERSPECTIVE

In 2026, the Peruvian economy will grow by 3.2%, a pace similar to that of 2025, despite electoral risks

In the third quarter of 2025, the economy grew by 2.5%, a slower pace than that observed in the first months of the year.

Government and Congress maintain their alliance as the pension reform stalls and the 2026 election remains fragmented

This month, President Dina Boluarte’s cabinet demonstrated resilience in the face of criticism over leaked audio recordings implicating Ministers Eduardo Arana (PCM) and Juan José Santiváñez (Interior).

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.

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