PERU · ECONOMY
Key Facts
- —What is happening On Thursday, 15 October, Peru published August output growth of 3.23% from a year earlier, slower than July’s 3.56%, with construction up 10.34% and mining and hydrocarbons down 5.53%.
- —Why it matters Growth near 3% shows domestic demand holding up while mining falls, with copper output down 5.3% and zinc down 28.1% even as copper prices sit at record highs.
- —The numbers Output grew 3.14% in January to August and 3.31% over twelve months; seasonally adjusted output rose 0.22% from July, and August exports reached US$10.8 billion against imports of US$6.1 billion.
- —Who is who INEI, Peru’s national statistics institute led by Gaspar Morán Flores, compiles the monthly output index; the central bank BCRP cut its 2026 growth forecast to 3.2% in September, blaming El Niño.
- —What to watch INEI’s September output figure is due on Sunday, 15 November, and the open question is whether mining recovers from August’s 5.53% fall, with zinc output down seven months running.
- —Power Index Peru ranks 5th of 14 in The Rio Times Latin America Power Index, with 54.7 points (October 2026 edition).
- —What it means for you US investors in Peruvian copper, zinc and silver miners face lower volumes but record copper prices, while makers of jewellery, containers and apparel for the US market posted mixed output.
Peru GDP grew 3.23% in August from a year earlier, slower than July’s 3.56% pace. Construction and trade drove the gain while mining, oil and fishing shrank.
Peru’s economy expanded 3.23% in August 2026 from a year earlier, the national statistics institute INEI said on Thursday, 15 October. The result was below July’s 3.56%, though growth over January to August stands at 3.14%.
US readers know Peru for copper, zinc and gold, and mining pulled the figure down even as copper prices hit records. Copper output fell 5.3% and zinc 28.1%, while construction rose 10.34% and commerce 6.89%.
Peru GDP Slows From July as Mining Falls
INEI compiles a monthly index of national output, which Peruvian officials and media report as monthly GDP growth. August’s 3.23% compares with 2.80% growth a year earlier, on INEI’s current revised series.
Seasonally adjusted output rose 0.22% from July, so the economy still gained ground month on month. Growth over the 12 months to August was 3.31%, near the 3.2% analysts expect for 2026 in a central bank survey.
The central bank (BCRP) cut its 2026 forecast to 3.2% from 3.4% in September, Gestión and Diario Correo reported, blaming El Niño. The International Monetary Fund’s October outlook has Peru at 3%, up from 2.8% in April, Gestión and El Peruano reported.
July’s 3.56% was covered in an earlier report on growth through July. Growth for January to July was 3.13%, so the cumulative rate edged up to 3.14% in August.
Construction and Commerce Carry the Economy
Construction grew 10.34%, with cement consumption up 7.63% and public works up 19.33%, INEI said. Commerce rose 6.89%, with car sales up 25.73% as financing and vehicle fairs supported buyers.
INEI’s data show consumer loans at commercial banks reached S/ 89.5 billion (about US$26.0 billion), up 15.9%. New light-vehicle sales rose 44.7% to 23,412 units, and consumer-goods imports rose 23.1% to US$1.46 billion.
Financial and insurance activity grew 3.19%, with deposits up 7.91% and credits up 3.98%. Business services grew 3.91% and government services 3.06%.
Why Mining and Fishing Pulled Output Down
Metal mining fell 6.14% and hydrocarbons 1.35%, giving the mining and hydrocarbons sector a 5.53% drop. Seasonally adjusted, the sector shrank 3.62% from July.
Copper output fell 5.3% to about 207,100 tonnes, INEI said, as ore grades declined at Antapaccay, a copper mine in southern Peru. Chinalco, the miner behind Toromocho, ran minor planned maintenance there, and copper producers Cerro Verde and Marcobre also produced less.
Zinc fell 28.1%, a seventh straight monthly drop, as Antamina, a big Andean copper and zinc mine, processed more copper-only ore. INEI says that shift follows the mine’s plan, while silver fell 10.4% and gold 0.9%.
Molybdenum rose 12.5% and iron 9.2%, which together added 1.10 percentage points to the mining sector’s result. Manufacturing grew 4.18%, helped by primary precious-metal products that rose 89.91% from a low base.
Crude oil output fell 10.85%, a tenth straight drop, amid work by operator PetroTal on up to five wells at Lot 95. Fishing fell 17.33%, and anchovy landings for fishmeal dropped 58.1% to 2,602 tonnes.
The state El Niño commission ENFEN noted that giant squid fishing has stayed suspended since 18 July, INEI said. Fresh fish landings still rose 11.54%, which softened the fishing result.
What It Means for US Readers
INEI says average copper prices rose 48.9% from a year earlier to record highs, while Peruvian copper volumes fell 5.3%. Southern Peru Copper, the Peruvian arm of New York-listed Southern Copper (SCCO), is among the miners INEI names for lower output.
INEI says total exports grew 17.75% on larger shipments, with traditional products up 20.89% and non-traditional products up 10.32%. The central bank’s trade data put August exports at US$10.8 billion and imports at US$6.1 billion.
INEI names the United States as a market for jewellery, up 49.3%, and for containers and trailers, up 194.43%. Apparel output fell 12.32%, with the United States and Germany named as markets; see also clothing exports and US tariffs.
Growth of 3.14% so far in 2026 is close to the 3.2% the central bank and analysts expect for the year. The IMF’s 3% sits slightly lower, so the cumulative figure falls inside the range of published forecasts.
What Is Not Known
A market-calendar forecast of 3.4% for August could not be matched to any published poll, so it is not used here. INEI issues no forecasts, and its August figures are preliminary, based on information available on Wednesday, 14 October.
It is not known whether the mining decline will last, since Antamina’s ore mix follows its mine plan. INEI’s text does not give an El Niño estimate for the fishing decline, though it cites the El Niño commission ENFEN.
What Comes Next
INEI’s release calendar lists the September output figure for Sunday, 15 November. The key test is whether mining recovers from August’s 5.53% fall.
Background on the institutions is in Who Runs Peru’s Economy, and the Peru economy guide covers the sol and El Niño risk. Conversions use the central bank’s interbank rate of S/ 3.44 to the US dollar, its latest published rate, from 13 October.
Frequently Asked Questions
How fast did Peru’s economy grow in August 2026?
INEI, the national statistics institute, said output rose 3.23% from August 2025. That is below July’s 3.56%, though growth since January stands at 3.14%.
Which sectors drove Peru’s August growth?
Construction grew 10.34%, commerce 6.89% and electricity, gas and water 6.61%. Mining and hydrocarbons fell 5.53% and fishing fell 17.33%.
Why does Peru’s economy matter to US investors?
Peru is a major producer of copper, zinc, gold and silver, and US-listed miners such as Southern Copper operate there. August copper output fell 5.3% while copper prices hit record highs.
Is Peru’s economy slowing?
Annual growth eased from 3.56% in July to 3.23% in August, but seasonally adjusted output still rose 0.22% from July. Growth since January stands at 3.14%, close to the 3.2% analysts expect for 2026.
What do forecasters expect for Peru in 2026?
The central bank cut its 2026 forecast to 3.2% from 3.4% in September, Gestión and Diario Correo reported. The International Monetary Fund projects 3%, Gestión and El Peruano reported.
Sources: INEI, press release on national output in August 2026, 15 October; INEI, technical report N° 10, national output, August 2026; INEI, employment in Metropolitan Lima, July to September 2026; INEI, release calendar 2026; Banco Central de Reserva del Perú, interbank exchange rate series; Banco Central de Reserva del Perú, monthly trade series, exports and imports, August 2026; Gestión, July output, 15 September; Gestión, central bank forecast cut, 18 September; Diario Correo, central bank forecast, 19 September; Gestión, IMF outlook, 13 October; El Peruano, IMF outlook, 14 October (all accessed 15 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief