Peru Economic Activity May 2020

Peru

Peru: Economic activity drops heavily in May

July 16, 2020

Economic activity tumbled 32.8% year-on-year in May, as measures enacted to contain the spread of Covid-19 continued to impair activity during the month. However, despite being a smaller contraction than April's historic 40.5% decrease, May’s reading was still the second largest fall in activity on record.

The milder decline in May was largely driven by softer decreases in the commerce, manufacturing, hospitality and mining and hydrocarbons sectors. Meanwhile, the agricultural sector gained steam.

On a monthly basis, activity rose 8.5% in May (April: -29.3% mom), the best result on record and an indication that the worst may have passed. Meanwhile, the trend pointed down, with the annual average variation of coming in at minus 5.4%, falling from April's minus 2.6% reading.

LatinFocus Consensus Forecast panelists estimate that GDP will contract 10.5% in 2020, which is down 2.2 percentage points from last month’s projection. For 2021, the panel sees the economy growing 7.9%.


Author:, Economist

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Peru Economic Activity May 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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