Peru Economic Activity January 2019


Peru: Economic activity growth cools in January

March 15, 2019

Economic activity expanded 1.6% year-on-year in January, decelerating sharply from December’s strong 4.7% increase and marking the weakest reading in over one year.

Growth came on the back of resilient consumer spending, as well as a strong expansion in non-traditional exports. Retail sales expanded albeit at a moderate pace in January, while consumer credit growth remained sustained.

In terms of productive sectors, the notable slowdown was prompted by a sharp contraction in the fishing sector as well as of a sizable drop in manufacturing production. On the other hand, the electricity, gas and water, accommodations and restaurants, and telecommunication sectors recorded the fastest expansions.

Meanwhile, annual average variation in economic activity came in at 3.8% in January, down from December’s nearly two-year high of 3.9%.

Peru GDP Forecast

LatinFocus Consensus Forecast panelists expect GDP will expand 3.8% in 2019, which is unchanged from last month’s projection. For 2020, the panel sees the economy growing 3.7%.

Author: Massimo Bassetti, Senior Economist

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Peru Economic Activity Chart

Peru Economic Activity January 2019

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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