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Peru Economic Activity December 2023

Peru: Economic activity dips in December

Economic activity slid 0.7% year on year in December (November: +0.3% yoy). Looking at the details of the release, the commerce sector rose at a quicker pace in December, while the agricultural sector lost momentum. Meanwhile, the construction sector declined at a softer rate. Lastly, activity in the manufacturing sector declined at a sharper rate, while mining and hydrocarbons production decelerated.

On a monthly basis, economic activity fell 0.6% in December (November: +0.8% mom), the worst result since July. Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at an over two-year low of minus 0.6%, down from November’s minus 0.4% reading.

Commenting on the outlook, Itaú Unibanco’s Julio Ruiz stated:

“We expect GDP growth to rebound to 2.5% this year, after falling by 0.6% in 2023 affected by social conflicts and harsh weather conditions. A likely moderate/weak El Niño phenomenon will likely curb activity rebound in Q1 2024.”

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