Peru's August Economic Growth Slows to 3.23 Percent
Peru's economy grew by 3.23 percent in August, driven by construction and commerce despite declines in mining and fishing.
The National Institute of Statistics and Informatics reported that Peru's economy grew by 3.23 percent in August 2026 compared to the previous year. This represents a deceleration from the 3.56 percent growth recorded in July, bringing the cumulative growth from January to August to 3.14 percent.
Growth in August was primarily driven by a 10.34 percent increase in construction and a 6.89 percent rise in commerce. However, the mining and hydrocarbons sector shrank by 5.53 percent, with zinc output dropping 28.1 percent and copper falling 5.3 percent, even as copper prices reached record highs. The fishing sector also declined by 17.33 percent following the suspension of giant squid fishing.
Economic forecasts for the year have shifted downward. The Central Reserve Bank of Peru lowered its 2026 growth projection to 3.2 percent from 3.4 percent, citing the impact of El Niño. Additionally, the International Monetary Fund projects 3 percent growth for the year in its October outlook.
