Economic growth accelerates in the first quarter of 2026

GDP reading: Peru's GDP grew 3.5% in annual terms in Q1, following 3.2% growth in the previous quarter. The reading was above the Latin American average and above Peru’s own average growth over the past ten years.

Drivers: Compared with the prior quarter's data, readings in Q1 improved for private consumption (+3.5% in annual terms vs +3.4% in Q4), government consumption (+7.4% vs +0.9% in Q4), fixed investment (+10.8% vs +8.9% in Q4) and imports of goods and services (+11.4% vs +10.7% in Q4). In contrast, the reading for exports of goods and services worsened in Q1 (+0.8% vs +4.9% in Q4).

Panelist insight: On the reading and outlook, Goldman Sachs’ Santiago Tellez said: “Real activity entered 2026 with a solid momentum on the back of robust construction and mostly positive services. Going forward, we expect robust terms-of-trade and mining activity given our constructive outlook for copper and gold. Household consumption will benefit from positive labor market dynamics, but this will be tempered by the fading boost from another fund of pension funds withdrawals.”

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