Peru GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

4.2

Units In

3.8

Frequency

Quarterly

Next Release

May 26, 2025

Time to Release

2 Months 30 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
41.9 Jun 2021	-29.6 Jun 2020	3.28 %	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 4.2% year-on-year in Q4 of 2024, accelerating from an upwardly revised 3.9% increase in the prior period and marking the fourth yearly expansion since Q4 of 2022, supported by strength in domestic demand (6.5%). Private consumption rose 4.0%, driven by higher employment and increased labor income. Government spending fell 0.5%, as reductions in goods and services expenditures were partially offset by higher spending on personnel and social obligations. Also, gross fixed investment gained 4.0%, led by construction (1.3%) and machinery and equipment purchases (8.5%). Meanwhile, net trade contributed positively to GDP, with exports rising 5.8% due to higher sales of non-traditional goods (12.6%), while imports surged 13.7%, reflecting greater purchases of capital goods for agriculture (43%). On the production side, most sectors expanded, including services (3.8%), manufacturing (5.0%), extractive industries (3.3%), and construction (1.3%).