Much of Peru's GDP grew in 2022 thanks to concerts, experts say

Despite the concern shown by the Peruvian economic slowdown so far this year, in a sector where great growth has been found is in the sector of concerts and cultural events, at least with regard to the growth of GDP.

According to data given by the National Institute of Statistics and Informatics (INEI), the ‘other services’ sector, which includes musical and cultural events, came to contribute 0.73% points to the total variation of GDP in 2022.

When the agency highlighted the “other services” sector, it refers in particular to art, entertainment and creativity activities; since last year and so far this year a large number of foreign artists came to play concerts in Peru. Last year, the concerts of “Kiss”, Karol G, Sebastián Yatra, Avril Lavigne, Coldplay, Maluma, Marc Anthony, Mon Laferte, Daddy Yankee, Bad Bunny, Juan Luis Guerra, Harry Styles and Mike Bahía stood out.

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We must also highlight the contribution of national artists to this growth, since artists such as Tania Libertad, Eva Ayllón, Grupo 5, Agua Marina and Armonía 10 were also able to attract a large number of spectators to their concerts.

But it was not only the concerts that attracted people. Many spectators also went to see plays, entertainment events like those of Carlos Galdós, participated in bets like La Tinka or Betsson, or even visited theme parks. All this contributed to the growth of the services and entertainment sector.

GDP record

What helped this sector grow last year, in large part, was the Soccer World Cup in Qatar, as several spectators entered the bets.

But it is possible that all this will end this year, since due to the recent bans on holding massive events, many national concerts have been cancelled.