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Peru Economic Activity January 2023

Peru: Economic activity falls at sharpest rate since February 2021 in January

Economic activity slid 1.1% compared to the same month a year earlier in January, which contrasted December’s 0.9% increase. The outturn marked the worst reading since February 2021. The notable weakening was partly due to a deterioration in the commerce sector, as it recorded the weakest reading since February 2021. Meanwhile, agricultural sector activity gained steam. Lastly, activity in the manufacturing sector rose at a stronger rate, while mining and hydrocarbons output fell at a steeper pace than in December.

On a monthly basis, economic activity fell 0.1% in January, which was below December’s 0.1% uptick and marked the worst result since February 2021. Meanwhile, annual average economic activity growth fell to 2.4% in January (December: +2.7%), pointing to a worsening trend.

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