Peru’s economy is on the rise, with a 2.88% growth in the first eight months of 2024, as reported by the National Institute of Statistics and Informatics (INEI). The latest figures show a 3.53% increase in economic activity for August, fueled by sectors like mining and hospitality.
In August, the mining and hydrocarbon sector saw significant growth of 8.87%, driven by strong performance in metallic mining activities. The hospitality industry also thrived, with accommodation and restaurants expanding by 7.53%. Air transport experienced a notable increase of 12.44% due to higher passenger and cargo movement.
Other sectors contributing to the overall economic growth include construction, commerce, manufacturing, and utilities. Despite positive growth in most sectors, agriculture, finance, and fishing did not contribute to the expansion.
Peru’s economic success can be attributed to its diverse economic base and ability to leverage natural resources and tourism potential. As the country continues to grow amidst global challenges, sustainable development and addressing environmental and social concerns will be key to long-term prosperity.