Peruvian economy shows signs of recovery at the beginning of 2024

After a year of recession in 2023, the Peruvian economy begins 2024 with signs of recovery. According to data from the National Institute of Statistics and Informatics (INEI), the country experienced a growth of 1.37% in January of this year, marking a positive change compared to the previous year. 2023 was a challenging year for the Peruvian economy, with a contraction of 0.6% in its Gross Domestic Product (GDP), the worst figure in over two decades, excluding the initial impact of the pandemic in 2020. During this period, the GDP contracted in nine out of twelve months, culminating in a 0.7% drop in December last year. However, the beginning of 2024 seems to herald better times for the Andean country's economy. The growth recorded in January reflects a "rebound" effect after the difficult previous year. Nevertheless, it is important to note that part of this growth is due to a statistical effect, given that in January 2023 the GDP had experienced a contraction of 0.9%. This upturn in the country's economic performance has been driven by various sectors. Among the sectors that have shown significant growth are mining, construction, and services, which have contributed to the positive result observed in January. While it is encouraging to see a positive start in 2024, it is vital that the government and economic actors continue working to strengthen the Peruvian economy and ensure sustainable growth over time. Investment, innovation, and stability are key elements to ensure a solid and lasting economic recovery in the country.