Economic Outlook

31/05/2024

Households still do not perceive an improvement in the conditions for consuming, but this should begin to change in the next three months

So far this year, economic activity has shown a differentiated recovery among economic sectors.

Those that were most affected by the protests and rains last summer, such as fishing, tourism, mining and public investment, have registered a clear rebound in their activity levels. These sectors, with the exception of mining, showed double-digit growth rates. However, other sectors more closely linked to household spending, such as home centers and department stores, have not yet shown significant improvements, as they registered drops in the first quarter of 13.5% and 4%, respectively.

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Jose Carlos Saavedra

Partner and Principal Economist

OUR PERSPECTIVE

3Q2024 starts with clearer signs of recovery in private domestic demand

During the 2Q2024, economic growth was driven by the rebound of primary sectors, such as traditional agriculture and fishing, and by higher public spending, supported by an estimated increase of 11% in public wages and 16% in public investment, adjusting for inflation.

Congress 2024-2025: New leadership and recomposition of commissions will modify some legislative dynamics

During the month of August, attention was focused on the dynamics within Congress. In view of the election of the Board of Directors and the recomposition of the ordinary commissions, numerous movements were recorded in the benches.

President Boluarte highlights infrastructure and mining in July 28 speech, but implementation of some initiatives raises concerns

Although the implicit alliance between the Executive and the Legislative remains in force, in recent months we have seen a progressive weakening of the Executive.