On January 15, Peru's gross domestic product (GDP) expanded by 3.93% in November compared to the same month in 2023, marking the eighth consecutive month of economic growth, according to the Peruvian government's INEI statistics agency. This growth in November exceeded analysts' forecast of 3.1% and surpassed October's growth rate of 3.38%.
Peru experienced significant growth in its farming and fishing sectors, with increases of 12.4% and 17.6% respectively. The country is a major producer of fishmeal, a fertilizer derived from anchovies. Additionally, the manufacturing sector grew by 6.7%.
However, Peru's key mining and hydrocarbon sector declined by 2.2%, while the construction sector contracted by 2.4%. INEI attributed the decrease in mining output to lower production of metals like copper, zinc, gold, lead, and molybdenum, despite an increase in hydrocarbon output.
November's GDP growth represents the largest monthly expansion since July. The Peruvian central bank has forecasted a 3.2% growth for 2024, following a recession in the previous year due to adverse weather conditions, reduced private investments, and lasting impacts from anti-government demonstrations.
Looking ahead to 2025, the central bank projects a GDP growth of 3.0%.