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.
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Head of Research
The economy maintained a solid growth pace in Q1 2025, around 3.8%, slightly above expectations. Primary sectors, such as agro-exports and fishing, continued to rebound, although they were still affected by weather conditions in Q1 2024.
This month, the political agenda has once again focused on citizen insecurity. The death of a singer from a well-known musical group, allegedly at the hands of extortionists, sparked renewed criticism of the Minister of the Interior, who was censured by Congress, which in turn triggered new protests.
Despite growing criticism, President Dina Boluarte remains reluctant to remove him from office, as Santivañez plays a key role in her efforts to obstruct investigations against her and her inner circle, including her brother Nicanor Boluarte.
