Peru: Economic activity gains traction in March
Economic activity expanded 3.2% year-on-year in March, picking up pace from February’s 2.1% increase. Therefore, National production in the period January-March grew 2.3%.
Growth came on the back of strengthening consumer spending, as well as of higher exports of agricultural, textile, and fishing products. Retail sales gained speed in March, while consumer credit growth remained buoyant.
In terms of productive sectors, growth was underpinned by a notable expansion in agricultural production, which benefited from favorable weather conditions. Moreover, notable increases were also recorded in the electricity, gas and water, construction, manufacturing and telecommunication sectors. On the other hand, the fishing sector saw another sizable contraction.
Meanwhile, annual average variation in economic activity came in at 3.7% in March, matching February’s reading.