Peru Economic Activity April 2016


Economic activity slows in April

In April, economic activity expanded 2.5% over the same month of last year, which was well below the 3.7% increase tallied in March. April’s result came in below market expectations of a 3.7% expansion and was the lowest reading in 11 months.

According to the Statistical Institute, growth in economic activity was dragged down by contractions in the manufacturing and fishing sectors. The contraction in both sectors originates from seasonal prohibition of fishing for anchoveta, a fish used to produce fishmeal and fish oil, which is part of the manufacturing industry. Conversely, all the other sectors reported positive developments in April with the mining and hydrocarbon sectors showing the strongest growth.

On average, in the 12 months up to April, economic activity increased 3.7%, which was below March’s 3.9%. With this result, economic activity recorded 81 consecutive months of expansion. The persistent expansion of economic activity was largely driven by solid external demand for traditional Peruvian goods, according to the institute.

The panelists who participated in this month’s LatinFocus Consensus Forecast survey expect GDP to expand 3.6% in 2016, which is up 0.1 percentage points from last month’s projection. For 2017, the panel expects the economy to grow 4.0%.

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Peru Economic Activity Chart

Peru Economic Activity April 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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