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.
Thus, GDP grew 3.6% thanks to these factors, but other components showed a more moderate performance, such as private consumption, which increased only 2.3%; private investment, which decreased 0.2%; and private formal employment, which grew 1.8%. In contrast, the economy between July and this month would be registering more generalized growth. In fact, we estimate that GDP grew 3.5% in July, similar to what was observed in the 2Q2024, but driven by different drivers, such as the construction and manufacturing sectors, which reflect the dynamics of private investment, and by an acceleration of household spending.
To access the complete report contact us at: contactaSAE@apoyoconsultoria.com
Head of Research
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.
In the first quarter of the year, economic growth remained solid (3.6%). This was the result of a combination of favorable dynamics for GDP.
