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. This was explained by a more demanding comparison base relative to the previous year — due to pension fund withdrawals and the “rebound” in agro-export employment — which was reflected mainly in the trade and services sectors. Excluding this statistical effect, the economy would have maintained in the third quarter the same growth pace as in previous months. This can be seen both in the quarter-to-quarter performance of the trade and services sectors and in the year-on-year growth rate of sectors not affected by the statistical effect, such as construction, which maintained a rate of around 5%.
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Head of the Business Advisory Service
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).
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.
