The Ministry of Economy and Finance announced on Apr. 30 that Peru’s economy is projected to grow by an average of 3.2% between 2027 and 2029, according to the Macroeconomic Projections Update Report for 2026-2029. The report also confirms a growth projection of 3.2% for the year 2026.
The ministry said this outlook is supported by increased investments, more dynamic exports, and productivity improvements in a context of macroeconomic stability and greater competitiveness. The document highlights the importance of continuing to develop consolidated sectors such as mining, agro-exports, logistics projects, industrial initiatives, port hub development, renewable energy projects, and productive support for the Amazon region in order to decentralize growth and expand job opportunities across various regions.
While favorable commodity prices are expected to benefit Peru over the projection period, the report notes that international uncertainty remains due to geopolitical tensions, persistent climate risks, and restrictive global financial conditions that could moderate economic growth.
On fiscal matters, the ministry forecasts a gradual reduction in fiscal deficit from 2.2% of GDP in 2025 to 1.8% in 2026 and converging at around 1.0% by the end of 2028. Public debt is projected at approximately 29.4% of GDP by late-2029—one of the lowest among emerging economies—according to the report.
“Preserving fiscal space will be key to sustaining public investment, financing essential services and maintaining capacity for response against external or climate shocks,” states the document. It adds: “There is no room for weakening state fiscal capacity through measures that erode permanent revenues.” Minister Rodolfo Acuña Namihas said fiscal sustainability “is not an isolated objective but rather forms the basis that allows us to sustain growth…and protect our country against external shocks.” He added: “With determination we work so responsible fiscal management translates into more well-being and opportunities for families.” Acuña also reiterated his ministry’s commitment “to responsible management based on balancing income with spending and borrowing,” ensuring today’s decisions do not compromise future generations.
For next year specifically (2026), private investment is expected to grow by about 5.5%, marking three consecutive years of expansion driven largely by increased mining investments exceeding $6.8 billion as well as new infrastructure projects across housing, telecommunications, hydrocarbons and renewable energy sectors.
The ministry emphasized that prudent macroeconomic management will remain essential for sustaining confidence amid potential risks such as prolonged Middle East conflict or intensified El Niño effects.
