We expect GDP growth for Peru of 3.0% in 2024 and in 2025, driven by private consumption and a rebound in investment after last year’s recession. Our forecast reflects slower quarterly growth in H2 2024 as activities normalize after El Niño hit primary activities hard in Q1. We've nudged up our 2024 forecast by 0.1ppt due to the positive effect of pension drawdowns on private consumption amid lower inflation and flexible financial conditions.