Peru Economic Activity May 2016


Economic activity accelerates in May

In May, economic activity expanded 4.9% over the same month last year, which was nearly twice the 2.5% increase seen in April. May’s result came in above market expectations of a 4.7% expansion and was the strongest increase in three months. Economic activity has recorded 82 consecutive months of expansion. The persistent expansion of national production was largely driven by solid external demand for traditional Peruvian goods, according to the Statistical Institute.

Growth in economic activity was fueled by a surge in the mining and hydrocarbon sector as well as solid expansions in the construction, trade and logistics sectors. Conversely, output in manufacturing and agriculture fell in annual terms in May. Activity in the mining industry has been expanding for 15 months, driven especially by copper extractions this year, while the production of crude oil has been contracting for almost two years.

On average, in the 12 months up to May, economic activity increased 4.0%, which was above April’s 3.7% and marked the fastest growth rate in almost two years.

The panelists who participated in this month’s LatinFocus Consensus Forecast survey expect GDP to expand 3.6% in 2016, which is unchanged from last month’s projection. For 2017, the panel expects the economy to grow 4.1%.

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Peru Economic Activity Chart

Peru Economic Activity May 2016 1

Note: Year-on-year changes of economic activity and annual average growth rate in %.
Source: Peru National Statistical Institute (INEI) and FocusEconomics calculations.

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