Peru Economic Activity September 2020

Peru

Peru: Decline in economic activity softens in September

November 20, 2020

Economic activity decreased 7.0% year-on-year in September (August: -9.7% yoy) marking the smallest drop since February. Looking at the details of the release, September's improvement was broad-based with the commercial, agricultural, manufacturing and construction sectors all improving. However, mining and hydrocarbons production fell at a sharper pace in September, weighing on the overall improvement somewhat.

On a monthly basis, growth in economic activity moderated to 1.9% in September (August: +3.8% mom), the lowest result since April. Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at minus 10.1%, down from August's minus 9.4% reading.

LatinFocus Consensus Forecast panelists estimate that GDP will expand 9.3% in 2021, which is up 0.2 percentage points from last month’s projection, and grow 4.2% in 2022.


Author:, Economist

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Peru Economic Activity September 20 20

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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