Peru | Activity continued to show good performance in January

Summary

The Peruvian economy registered a 3.5% year-on-year growth in January 2026, driven by the dynamism of the construction sector and the recovery of primary GDP. February indicators suggest a slight moderation, while supply factors will affect the end of the first quarter.

Key points

• Key points:
• Non-primary GDP advanced 3.5% year-on-year led by construction (15.6%), while primary GDP grew 2.6% thanks to metallic mining and the agricultural sector.
• In sequential terms, production grew 0.63% in January compared to the previous month. If this level is maintained throughout 2026, annual GDP growth would stand at 2.1%.
• February indicators show mixed signals, with double-digit growth in Big Data consumption and an acceleration in cement shipments, but with a moderation in electricity.
• The interruption of the natural gas supply in March would subtract about two percentage points from that month's growth, placing the GDP estimate for the first quarter around 2.5%.

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