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BBVA Research projects Peru's GDP growth at 3.3% in 2025, easing to 3.1% in 2026, as domestic demand accelerated in the third quarter. The fiscal deficit is narrowing and the external accounts are expected to stay in surplus on high terms of trade.
The sol is forecast to trade between 3.35 and 3.45 per dollar through 2025 and 2026, with inflation near 1.5% at end-2025.
Strong terms of trade and external surpluses support the sol, which is a modest bearish signal for USDPEN. Peru is a minor direct buyer of feed grains, so the effect on feed-ingredient prices is limited.
bbvaresearch.comKevin Antonio Álvarez García, Vanessa Belapatiño, Yalina Crispin, Francisco Grippa, Marco OrtizDec 4, 2025Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
