Peru: Economic activity growth cools in January
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%.