Peru updates financial standards and monitors economic growth

Peru is implementing significant updates to its financial and economic landscape. The Ministry of Economy and Finance, through the Normative Accounting Council, has approved the 2026 set of International Financial Reporting Standards (IFRS/NIIF). This update includes new standards NIIF 18 and NIIF 19 to ensure transparency and international comparability in financial statements.

Economically, Peru's growth shows mixed signals. In July 2026, the economy grew by 3.56%, driven by commerce, construction, and services. However, the fishing, manufacturing, and agricultural sectors faced contractions. The fishing sector saw a significant 27.44% decline due to the impact of El Niño on anchovy populations.

Credicorp Capital maintains a 2026 economic growth projection of 3.2%, though it has raised its inflation forecast to 4.7% due to oil prices and climate factors. Minister of Economy and Finance Elmer Cuba has advised caution regarding the 2027 budget, suggesting a conservative growth projection of 4% despite private sector optimism, noting that the severe El Niño phenomenon continues to threaten key sectors like fishing and agriculture.