Peru's economy grew 2.43% in September 2026 compared with the same month of 2025 and expanded 3.18% cumulatively from January to September, according to the National Institute of Statistics and Informatics (INEI), cited by Andina. Over the last twelve months, from October 2025 to September 2026, growth was 3.22%, and compared with August, in seasonally adjusted terms, output rose just 0.09%, according to Infobae.
The result was driven by construction, commerce and services, while the two largest primary sectors declined: mining and hydrocarbons fell 6.32% and agriculture 5.44%, hit by the climate anomalies of the coastal El Niño. It is the lowest monthly growth since June, when Peru's economy grew 1.75%, according to the BCRP series.
View the data as a table
| September growth | 2.43% |
| January-September cumulative | 3.18% |
| Last 12 months | 3.22% |
| Mining and hydrocarbons | -6.32% |
How much Peru's economy grew in September, sector by sector
| Sector | Change in September 2026 |
|---|---|
| Construction | +8.84% |
| Electricity, gas and water | +7.22% |
| Commerce | +6.29% |
| Finance and insurance | +4.28% |
| Business services | +3.47% |
| Transport and storage | +3.42% |
| Accommodation and restaurants | +3.19% |
| Fishing | +2.84% |
| Manufacturing | +0.72% |
| Agriculture and livestock | -5.44% |
| Mining and hydrocarbons | -6.32% |
Source: INEI, national output report for September 2026, with figures reported by Infobae and Andina. INEI also reported increases, without a figure published in those reports, in government services, telecommunications and other services. INEI data are preliminary and are usually revised in later reports.
Why mining fell in Peru's economy
Metal mining fell 7.22% in September, with declines in all the main metals: zinc (-21.1%), silver (-11.8%), lead (-11.1%), copper (-9.0%) and gold (-6.4%), according to the INEI breakdown published by Andina. Hydrocarbons were almost flat (+0.01%): natural gas rose 10.6%, but crude oil fell 6.9% and natural gas liquids 3.7%. For January to September, mining and hydrocarbons is down 1.84%, according to Infobae.
| Metal or product | Change in September |
|---|---|
| Zinc | -21.1% |
| Silver | -11.8% |
| Lead | -11.1% |
| Copper | -9.0% |
| Gold | -6.4% |
| Natural gas | +10.6% |
| Crude oil | -6.9% |
| Natural gas liquids | -3.7% |
Copper is Peru's main export product, so its decline weighs on the overall result. For the metal's regional context, see Cochilco's copper price forecast.
The coastal El Niño hits agriculture
Agriculture fell 5.44% because crop output dropped 9.78%, while livestock rose 1.38%, with more pork (+2.9%), poultry (+1.5%) and beef (+1.3%), according to INEI. The sharpest crop declines were olives (-99.2%), dry beans (-37.1%), avocado (-33.4%) and onion (-33.2%). INEI attributes them to the climate anomalies of the coastal El Niño, which the BCRP also cites as the main risk for primary activities. For the estimated impact, see how much El Niño could subtract from GDP according to Julio Velarde.
| Crop | Change in September |
|---|---|
| Olives | -99.2% |
| Dry beans | -37.1% |
| Avocado | -33.4% |
| Onion | -33.2% |
| Oil palm | -28.2% |
| Tangerine | -21.4% |
| Sugar cane | -11.6% |
Construction and commerce prop up Peru's economy
Construction grew 8.84% on a 12.22% rise in domestic cement consumption and 1.14% physical progress in public works, and is up 10.67% this year. Commerce rose 6.29%, driven by automotive trade (+23.63%) and retail (+5.10%), and electricity, gas and water grew 7.22%, with thermal generation up 16.57%. Manufacturing grew just 0.72%: primary manufacturing rose 6.94%, driven by precious metals and fishmeal, but non-primary fell 1.10%. Figures are from INEI, according to Andina and Infobae.
Fishing, electricity and manufacturing in detail
Fishing grew 2.84% thanks to marine catch (+9.59%), with 935 tonnes of anchovy for fishmeal versus none in September 2025, while inland fishing fell 30.21%. In energy, electricity rose 7.72%, with thermal generation up 16.57%, hydro up 0.58% and wind and solar down 4.97%; gas grew 11.37% and water 2.71%. In manufacturing, precious and non-ferrous metals (+13.14%) and fish processing (+11.60%) offset the drop in sugar (-21.60%) and consumer goods (-2.45%). Figures are from INEI, according to Andina.
| Subsector | Change in September |
|---|---|
| Marine fishing | +9.59% |
| Inland fishing | -30.21% |
| Thermal generation | +16.57% |
| Wind and solar generation | -4.97% |
| Primary manufacturing | +6.94% |
| Non-primary manufacturing | -1.10% |
| Sugar | -21.60% |
| Consumer goods | -2.45% |
Peru's economy month by month in 2026
View the data as a table
| 2025 | 2026 | |
|---|---|---|
| Jan | 4.40% | 3.76% |
| Feb | 2.83% | 3.68% |
| Mar | 4.77% | 3.27% |
| Apr | 1.30% | 3.81% |
| May | 2.02% | 2.18% |
| Jun | 4.94% | 1.75% |
| Jul | 3.55% | 3.56% |
| Aug | 3.16% | 3.23% |
| Sep | 4.39% | 2.43% |
| Oct | 4.18% | No data |
| Nov | 1.59% | No data |
| Dec | 4.14% | No data |
| Month | 2025 | 2026 |
|---|---|---|
| Jan | 4.40% | 3.76% |
| Feb | 2.83% | 3.68% |
| Mar | 4.77% | 3.27% |
| Apr | 1.30% | 3.81% |
| May | 2.02% | 2.18% |
| Jun | 4.94% | 1.75% |
| Jul | 3.55% | 3.56% |
| Aug | 3.16% | 3.23% |
| Sep | 4.39% | 2.43% |
Source: BCRP, series PN01728AM, accessed November 15, 2026; September 2026, INEI. The BCRP publishes the series using INEI figures and may include revisions, so some months may differ slightly from the first reported figure.
Growth forecasts for 2026
With 3.18% cumulative growth through September, the economy is in line with forecasts. In September the BCRP cut its 2026 estimate from 3.4% to 3.2% due to the expected effect of El Niño on primary activities; the World Bank also forecasts 3.2%, the Ministry of Economy and Finance (MEF) keeps 3.4% and the IMF 3%, according to Infobae. On November 12, the central bank raised its policy rate to 4.50% in response to 5.25% inflation in October, which may make credit more expensive in the coming months.
| Institution | 2026 forecast |
|---|---|
| BCRP | 3.2% |
| World Bank | 3.2% |
| MEF | 3.4% |
| IMF | 3.0% |
- Nov 1October inflation: 5.25%Lima's CPI rises to its highest level in three years (INEI).
- Nov 12BCRP raises rate to 4.50%First hike after 14 months unchanged.
- Nov 15September GDP: +2.43%3.18% cumulative from January to September (INEI).
- Dec 10Next BCRP meetingDecember monetary policy decision.
Frequently asked questions
How much did Peru's economy grow in September 2026?
2.43% versus September 2025, according to INEI.
How much has Peru's economy grown so far in 2026?
3.18% from January to September, and 3.22% over the last twelve months.
Which sectors fell in September?
Mining and hydrocarbons (-6.32%) and agriculture (-5.44%). All the others grew.
How much will Peru grow in 2026?
The BCRP and the World Bank forecast 3.2%; the MEF, 3.4%; and the IMF, 3%.
When will INEI publish the October figure?
INEI publishes national output about 45 days after the end of each month, so the October figure should be known in mid-December.
