Peru Economic Activity June 2020

Peru

Peru: Economic activity falls at softer pace in June

August 21, 2020

Economic activity declined 18.1% year-on-year in June, a softer fall then April and May’s plunges due to lockdown measures to contain the coronavirus pandemic (May: -32.8% yoy). Peru softened restrictions twice in June, allowing many sectors of the economy to restart. The smaller drop was largely due to more moderate contractions in most sectors, including the commerce, transportation and mining and hydrocarbons sectors.

On a monthly basis, economic activity rose at a quicker rate of 20.2% in June (May: +13.9% mom), the best result on record. Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at minus 7.1% in June, down from May's minus 5.4%.

LatinFocus Consensus Forecast panelists estimate that GDP will contract 11.7% in 2020, which is down 1.2 percentage points from last month’s projection. For 2021, the panel sees the economy growing 8.7%.


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Peru Economic Activity June 20 20 0

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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