Peru GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

3.6

Units In

1.4

Frequency

Quarterly

Next Release

Nov 21, 2024

Time to Release

2 Months 28 Days 4 Hours

Highest	Lowest	Average	Date Range	Source
41.9 Jun 2021	-29.6 Jun 2020	3.27 %	1980-2024	N/A

Peru is one of the fastest growing economies in Latin America. The services sector is the most important and accounts for 60 percent of GDP. The biggest segments within services are: wholesale and retail trade (17 percent of total GDP); other services (11 percent); transport and communications (10 percent); services provided to companies (8 percent) and government services (6 percent). Manufacturing creates 16 percent of the wealth and construction and water, gas and electricity distribution 10 percent. The agriculture and fishing sector fuels 9 percent of the GDP and the mining sector accounts for the remaining 5 percent.

Latest Updates

Peru's economy advanced 3.6% year-on-year in Q2 of 2024, accelerating from a 1.4% increase in the prior period and marking the second yearly expansion since Q4 of 2022, boosted by strength in domestic demand (5.3%). Private consumption rose 2.3%, due to increases in consumption of goods and services. Government spending grew 5.4%, underpinned by public administration and defense expenditure, education, and healthcare. Also, gross fixed investment gained 3.4%, led by public spending (3.4%), construction (3.3%), and machinery and equipment purchases (3.4%). Meanwhile, net trade contributed positively to the GDP, despite exports falling 2.5%, while imports rose 3.2%. On the production side, most sectors showed growth, including agriculture, livestock, hunting, and forestry (8.0%), manufacturing (10.1%), construction (3.3%), electricity, gas, and water (1.4%), and transportation (6.7%). However, the oil, gas, and mining sector contracted by 3.3%, while financial services decreased by 1.0%.