Peru Economic Activity March 2022

Peru

Peru: Economic activity growth eases in March

May 20, 2022

Economic activity grew 3.8% in year-on-year terms in March, which was a deterioration from February's 4.9% increase. Looking at the details of the release, the commerce sector accelerated in March, while the agricultural sector lost momentum. Lastly, activity in the manufacturing sector rose at a stronger rate, while mining and hydrocarbons output dipped at a steeper pace than in February.

On a monthly basis, economic activity rose at a more moderate pace of 0.3% in March (February: +0.4% mom). Meanwhile, annual average economic activity growth fell to 13.1% in March (February: +14.5%), pointing to a worsening trend.

LatinFocus Consensus Forecast panelists estimate that GDP will expand 3.1% in 2022, which is unchanged from last month’s projection, and grow 3.0% in 2023.


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