GDP grew 3.9% in the first quarter of 2025
Nota de prensa
23 de May de 2025 - 12:00 a. m.
During the first quarter of 2025, the Gross Domestic Product (GDP) of the country grew 3.9%, driven by an increase of 4.4% in the domestic demand, due mainly by the dynamism of the gross fixed investment (9.7%) and the total consumption (3.9%). This result occurs in a context of expansion of productive sectors: extraction (3.2%), transformation (4.4%) and services (3.4%).
According to the in the technical report Behavior of the Peruvian Economy of the National Institute of Statistics and Informatics (INEI), the GDP seasonally adjusted of the quarter increased 0.6% compared to the immediately preceding quarter.
Private final consumption increased 3.8%
The private final consumption grew 3.8% compared to the same quarter of the last year, driven by the greater employment incomes (5.9%) and an increase of the employment (1.3%), according to data of the Permanent Survey and National Employment. This behavior was reflected in a greater expense in goods and services of the family basket. At current prices, the private final consumption expenditure totalized S/ 167,189 million, which represented the 62.2% of the GDP.
Government final consumption grew 4.7%
The government final consumption expenditure increased 4.7% compared to the same period of 2024, due to the greater expenditure on Public Administration and Defense (2,7%), as well as in Public Education (2.7%) and Public Health (15.6%).
Gross fixed investment increased 9.7%
During the first quarter of 2025, the gross fixed investment grew 9.7%, compared to the same quarter of 2024, result of the increase in the construction sector (5.0%) and in the purchases of machinery and equipment (15.8%). Public investment expanded in 10.7%, meanwhile that the private investment expanded in 9.3%.
The growth of the public investment was registered in the three government levels. The national government outstood due to the greater expenses in agriculture, road and sanitation infrastructure. The regional governments driven in education and health works, meanwhile that the local governments prioritized road, parks and garden works.
The private investment grew by the execution of expansion projects and remodeling of shopping centers, offices, warehouses and works of civil engineering. In addition, in the nominal mining investment registered an increase of 4.0%.
Exports and imports have maintained a positive trend
During the first quarter of 2025, the exports of goods and services grew 14.2%, compared to the same quarter of the last year, outstanding the greater shipments of grape (70.0%), natural gas (55.0%), meal of hydrologic resources (54.9%), gold ore (37.4%), molybdenum (24.0%), refined copper (6.5%), copper (6.4%) and zinc (0.9%) ore. In contrast, the shipments of iron ore reduced (-17.9%).
Imports grew 15.5%, driven by the acquisition of trucks, omnibus and trucks (33.8%); general machinery (29.4%); plastics, rubber and synthetic fibers (28.3%); industrial machinery (26.3%); diesel (24.8%) and chemical products (20.9%). On the other hand, it reduced the purchases of crude oil (-5.0%).
Performance of the GDP by economic activity (January-March 2025)
Regarding to the sectoral analyses of the Gross Domestic Product of the first quarter of 2025, compared to the same quarter of the last year, the following results were obtained:
Agribusiness:
The value added of Agriculture, Livestock, Hunting and Silviculture grew 4.0%, due to the good performance of the agriculture (4.7%) and livestock (3.0%) subsectors.
Fishing and Aquaculture:
Increased by 25.3%, driven by the maritime (29.6%) and continental (4.0%) fishing.
Extraction of oil, gas, and minerals:
Increased 2.4% due to the growth of the related services and mining production (3.2%), although the extraction of petroleum and gas contracted (-2.3%).
Manufacturing:
Grew 4.0% due to the increase of the domestic demand and of the industrial exports. Outstood the following areas: wood and furniture (21.3%), textile and leather (17.6%), metallic products (6.9%), foods (6.0%) and chemicals (3,5%). In contrast, the industries of paper and print (-0.7%), non-metallic minerals (-2.6%) and basic metals industries (-9.3%) drop.
Electricity, gas and water:
Expanded 1.5% due to the increase of the electricity and gas (2.0%) subsector, meanwhile the water supply drop (-1.5%).
Construction:
Increased 5.3%, due to a greater execution of public and private works.
Commerce:
Increased by 3.4% due to the performance of the wholesale and retail commerce (3.1%) and maintenance service and repair of vehicles (7.3%).
Transportation, storage, postal and courier:
Grew 7.4% driven by the transportation (7.3%) and storage, postal and courier (9.0%) subsectors.
Accommodation and restaurants:
Expanded 1.9%, with increases in accommodations (3.4%) and restaurants (1.8%).
Telecommunications and other services of information:
Slightly decreased (-0.1%) due to the fall in telecommunications (-0.5%), despite to the growth in other services of information (2.5%).
Financial, insurance and pensions services:
Grew 0.6% due to the increase of financial (0.2%), insurance (0.7%) and AFP (6.8%) services.
Services provided to companies:
Increased by 4.3%, reflected a widespread positive trend.
Public administration and defense:
Registered an increase of 4.4% compared to the same quarter of 2024.
Other services:
Increased by 4.3%, with a favorable performance in all their activities.