Peru’s economy recorded a solid recovery in 2024, expanding by 3.3%, primarily driven by the strengthening of domestic demand. This was reflected in a notable rebound in public investment and the recovery of private investment, both of which contributed to increased employment and household consumption. Additionally, the economy benefited from strong performance in key primary sectors, particularly fishing and agriculture, supported by favourable climatic conditions. This led to an improvement in export supply and further reinforced overall economic growth. In 2025, Peru’s economy was expected to consolidate its recovery, with a projected growth rate of 3.5%. This expansion would be driven by stronger domestic demand, supported by increased investment amid improving business expectations, favourable financing conditions, and economic stimulus measures. Additionally, exports are expected to continue contributing to growth, bolstered by higher primary supply despite a persistently uncertain global environment.
SMEs play a pivotal role in the Peruvian economy, contributing over 30.9% to value added and around 5.5% to exports. They have a notable presence in commerce, services and manufacturing sectors. SMEs constitute 99.3% of all enterprises and are vital to employment, accounting for 89.1% of private-sector employment. This underscores the crucial role of fostering their growth, as they are key drivers of Peru's economic development.
In 2024, SMEs represented a substantial portion of all outstanding loans, accounting for 34.0%. From 2010 to 2019, the average SME share of all outstanding loans was about 26%, but since 2020 to 2024, this average increased to 37%. Additionally, the number of SMEs grew at an average annual rate of 7.0%, rising from 1.78 million in 2020 to 2.33 million in 2024.
While banks remained the main lenders, alternative financing methods like factoring and invoice discounting have garnered attention, despite fluctuations in their use in recent years. Additionally, over-indebtedness remains a concern, as most SMEs depend on a single financial institution and small-business loans carry higher interest rates, making them less affordable.
In 2024, the interest rate spread between large companies and SMEs in Peru was 18.4 percentage points. Interest rates for small enterprise loans notably increased from 24.0% in December 2021 to 26.6% in December 2024, indicating a rising cost of borrowing for these enterprises.
The Peruvian government has continued implementing programs such as IMPULSO MYPERÚ to address financing challenges and support businesses during the post-pandemic period. These initiatives aim to provide favourable financing conditions and ensure the sustainability of resilient businesses across various sectors.