Peru: Economic activity decelerates in April
June 15, 2012
In April, economic activity increased 4.4% over the same month last year, which was below the 5.5% rise recorded in March and represented, in fact, the weakest expansion since January 2010. In addition, the reading undershot market expectations of a 5.3% increase. The monthly slowdown reflected weaker growth in commerce. Meanwhile, manufacturing output recorded a 4.3% year-on-year contraction, which down from the 3.1% drop recorded in March. A month-on-month comparison confirms the slowdown suggested by the annual figures, as economic activity increased a seasonally adjusted 0.10% over the previous month (March: +0.41% mom). As a result of the print, the trend continues to suggest a slowdown in economic activity, with annual average growth falling from 6.3% in March to 6.0% in April.
Author: Ricardo Aceves, Senior Economist