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Peru GDP

Peru GDP

Economic Growth in Peru

Peru's economy recorded an average real GDP growth rate of 2.9% in the decade leading up to 2022, significantly above the 1.3% average for Latin America. Notably, real GDP growth was 2.7% in 2022. For more GDP information, visit our dedicated page.

Peru GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Peru from 2014 to 2023.
Source: Central Reserve Bank of Peru.

Peru GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 4.0 2.2 -10.9 13.4 2.7
GDP (USD bn) 228 233 206 226 244
GDP (PEN bn) 748 778 722 878 937
Economic Growth (Nominal GDP, ann. var. %) 5.9 3.9 -7.2 21.7 6.6

GDP records best result since Q1 2023 in Q4

According to a preliminary reading, GDP dropped at a more moderate pace of 0.4% year on year in the fourth quarter, above the 0.9% contraction tallied in the third quarter. Q4's reading marked the best result since Q1. On a seasonally adjusted quarter-on-quarter basis, GDP bounced back, expanding 0.4% in Q4, contrasting the previous period's 0.2% decrease. Q4's reading marked the best result since Q3 2022.

The upturn reflected a broad-based improvement in private consumption, public spending, fixed investment and exports. Household spending growth sped up, growing 0.2% year on year in Q4 compared to a 0.1% expansion in Q3. Public spending accelerated to a 7.3% increase in Q4 (Q3: +3.0% yoy). Fixed investment slid at a milder pace of 0.3% in Q4, from the 5.9% decrease recorded in the prior quarter. On the external front, exports of goods and services growth picked up to 3.9% in Q4 (Q3: +1.5% yoy). In addition, imports of goods and services bounced back, growing 3.7% in Q4 (Q3: -1.3% yoy).

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Peruvian GDP projections for the next ten years from a panel of 45 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Peruvian GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Peruvian GDP projections.

Want to get access to the full dataset of Peruvian GDP forecasts? Send an email to info@focus-economics.com.

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