Peru Economic Activity

Peru

Peru: Economic activity decelerates in May

July 17, 2015

In May, economic activity expanded 1.2% over the same month last year, which was well below the 4.3% increase tallied in April. According to the Statistical Institute, the expansion was mainly driven by growth in the commerce, financial services and mining sectors. However, contractions in the construction and manufacturing industries were behind the deceleration in May.

A month-on-month comparison showed that economic activity decreased a seasonally-adjusted 1.5% in May, which contrasted the 1.0% increase observed in April and marked the weakest result in nearly six years.

Given the slowdown in economic activity, the growth trend decreased. Annual average growth in economic activity ticked down from 1.7% in April to 1.6% in May.

The Central Bank sees the economy expanding 3.9% in 2015 and 5.3% in 2016. LatinFocus Consensus Forecast panelists expect GDP to expand 3.6% in 2015, which is down 0.5 percentage points from last month’s projection. For 2016, the panel expects the economy to grow 4.6%.


Author:, Economist

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Peru Economic Activity May 2015

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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