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Peru Economic Activity June 2021

Peru: Economic activity growth slows further in June

Economic activity grew 23.5% in year-on-year terms in June, which was below May’s 48.3% increase but still marked the third-best result on record. June’s slowdown was largely due to a weaker base effect, with the contraction in activity in June 2020 significantly weaker than those recorded in April and May 2020. Nevertheless, the economy grew around 1.0% compared with June 2019, hinting at slowly-improving underlying dynamics. Looking at the breakdown by sector, milder growth in hospitality services, transport, construction and mining drove the lower overall reading this month.

On a monthly basis, economic activity increased 0.6% in June, below May’s 3.7% rise. Meanwhile, the trend improved, with the annual average variation of economic activity coming in at an over ten-year high of 9.0% in June, up from May’s 5.6% reading.

Looking ahead, July is likely to see another reasonable rise in activity, although the favorable base effect will once again reduce. Meanwhile, the heightened uncertainty around President Castillo’s tumultuous first weeks in office, will have likely weighed on activity in at the tail end of July and into August.

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