Macchu Picchu Peru

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, ann. var. %) 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) 227 232 206 226 245
GDP (PEN bn) 746 776 721 878 939
Economic Growth (Nominal GDP, ann. var. %) 6.0 4.0 -7.1 21.8 7.0

GDP records sharpest contraction since Q4 2020 in the third quarter

GDP dropped at a quicker rate of 1.0% year on year in the third quarter, below the 0.5% contraction tallied in the second quarter. Q3's reading marked the worst since Q4 2020. On a seasonally adjusted quarter-on-quarter basis, GDP fell 0.1% in Q3, matching the previous quarter's contraction.

Household spending contracted 0.1% in Q3, marking the worst result since Q4 2020 (Q2: +0.4% yoy), as continued social unrest weighed on consumer sentiment and still-elevated inflation dented purchasing power. Government spending accelerated somewhat to a 2.8% expansion in Q3 (Q2: +2.7% yoy). Meanwhile, fixed investment declined at a milder albeit still-considerable rate of 5.9% in Q3, from the 6.5% decrease recorded in the prior quarter, restrained by shrinking mining and non-mining private investment and a downturn in sub-national public investment.. On the external front, exports of goods and services growth decelerated to 0.4% in Q3 (Q2: +7.0% yoy), due to lower shipments of non-traditional textile, agricultural, livestock and fishery products. Meanwhile, imports of goods and services contracted 1.8% in Q3 (Q2: -3.0% yoy), constrained by lower purchases of industrial inputs, capital goods and non-durable consumer goods amid lower manufacturing activity and private spending.

GDP should grow at a significantly faster pace next year compared to 2023. Declining inflation and looser financing conditions will translate into a faster expansion in household spending and a rebound in investment activity. That said, El Niño-associated weather events and lingering political uncertainty pose downside risks.

Commenting on the outlook, analysts at Itaú Unibanco stated: “Our 2023 GDP growth forecast of 0.2% has a downward bias given a weaker than expected Q3 2023. Activity will likely recover in Q4 2023, although at a moderate pace. Authorities expect a moderate/strong el Niño scenario for 1Q24 which will likely slow the expected recovery, resulting in a 3.0% growth rate for the year.”

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 44 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

Latest Global GDP News

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest