Peru Economic Activity March 2016


Economic activity slows in March

In March, economic activity expanded 3.7% over the same month of last year, which was below the 6.0% increase tallied in February. According to the Statistical Institute, the growth in economic activity was dragged on by contractions in the manufacturing, agricultural and fishing sectors. Conversely, all the other sectors reported positive developments in March with mining and hydrocarbon showing the strongest growth. March’s result came in below market expectations of a 4.0% expansion. Based on monthly data, Peru’s economic activity grew 4.4% in the first quarter, which followed a 4.7% increase in the three-month period up to December.

On average, in the 12 months up to April, economic activity expanded 3.9%, which was a notch above February’s reading. The improvement in economic activity is being driven by a recovery in the mining sector as well as by healthy expansions in the service sectors.

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 March 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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