Peru Economic Activity July 2022

Peru

Peru: Economic activity growth falls to over one-year low in July

September 16, 2022

Economic activity rose 1.4% compared to the same month a year earlier in July, which followed June's 3.4% increase. The figure marked the worst reading since February 2021. Looking at the details of the release, the commerce sector gained steam in July, while the agricultural sector also contracted at a softer rate. Meanwhile, the construction sector decelerated. Lastly, activity in the manufacturing sector lost pace, while mining and hydrocarbons output fell at a steeper pace than in the prior month.

On a monthly basis, economic activity grew 0.2% in July, which was below June’s 0.3% expansion and marking the worst result since December 2021. Meanwhile, annual average economic activity growth fell to 4.5% in July (June: +5.4%), pointing to a worsening trend.

LatinFocus Consensus Forecast panelists estimate that GDP will expand 3.1% in 2022, which is unchanged from last month’s projection, and grow 3.0% in 2023.


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