Peru Economic Activity September 2016

Peru

Peru: Economic activity decelerates but remains on solid footing in September

In September, Peruvian economic activity expanded 4.1% over the same month last year, which was below the 5.5% increase seen in August but marginally overshot market expectations of 4.0% growth. The sustained expansion of national production has been largely driven by solid external demand for traditional Peruvian goods, according to the Statistical Institute.

Growth in economic activity was supported by expansions in all sectors, with the exception of construction activity, which contracted in September. The mining and hydrocarbon sectors contributed strongly to the expansion. Within the mining sector, copper showed the strongest growth and within hydrocarbon output, natural gas extraction offset the steep contraction observed in petroleum production. In addition, services across the range showed healthy increases.

On average, in the 12 months up to September, economic activity increased 4.3%, which matched August’s reading, the highest figure in over two years.

The panelists who participated in this month’s LatinFocus Consensus Forecast survey expect GDP to expand 3.8% in 2016, which is unchanged from last month’s projection. For 2017, the panel expects the economy to grow 4.2%, which is unchanged from last month’s Consensus.


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Peru Economic Activity Chart


Peru Economic Activity September 2016

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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