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(Bloomberg) — Peru’s economy posted better-than-expected growth in March, as construction, commerce and services shook off a two-week domestic natural gas shortage that hindered output.
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Economic activity rose 3.2% from the same month a year earlier, faster than the 2.4% median estimate of nine economists surveyed by Bloomberg. For the month, the economy contracted 0.5%, according to Peru’s INEI national statistics institute.
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Peru in March suffered one of its most serious natural gas emergencies on record after a leak in a key pipeline halted shipments from the Camisea fields, which supply virtually all of Peru’s natural gas.
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The government responded by imposing two weeks of fuel rationing, just as global energy prices were surging due to the war in Iran. That, combined with bad weather curtailing crop yields, pushed inflation over the 3% top of the central bank’s target range.
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Central bankers meeting Thursday held borrowing costs at 4.25% for an eighth straight month though the hawkish tone of the post-decision communique raised the odds of a hike come June.
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In the first quarter of 2026, Peru’s economic activity expanded 3.53%, according to INEI. Data shows Peru is on its way to meeting the government’s forecast of 3.2% growth for the whole year.
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Peruvians are set to vote for a new president next month in a runoff that will face conservative Keiko Fujimori and left-wing lawmaker Roberto Sánchez. The vote, scheduled for June 7, will spotlight two starkly divergent views on how to lead the copper-exporting nation.
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What Bloomberg Economics Says
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“The advance of left-wing Roberto Sánchez to the runoff against right-wing Keiko Fujimori adds market risk. Markets would have preferred a Fujimori contest against conservative candidate Rafael Lopez Aliaga, which would have eliminated the tail risk of a shift toward economic populism. That risk now remains, but we see it as contained.”
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-Jimena Zúñiga, Latin America geoeconomics analyst, and Felipe Hernandez, Latin America economist
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Click here to read the full report.
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—With assistance from Rafael Gayol.
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English (US)