Peru: Economic activity improves in October
December 20, 2013
In October, economic activity expanded 5.4% over the same month of the previous year, which marked an improvement over the 5.4% expansion tallied in September. According to the statistical institute, the expansion was the result of an across-the-board improvement, with the largest expansions registered in manufacturing and commerce.
A month-on-month comparison corroborates the improvement suggested by the annual data. Economic activity rose a seasonally-adjusted 0.89% in October, which was above the 0.40% expansion registered in September.
Despite the annual improvement, the trend continues to point downward, with annual average growth in economic activity edging down from 5.1% in September to 5.0% in October. Consequently, the annual average now sits at its lowest level in more than three years.
For 2014, the Central Bank sees the economy expanding 6.2%. LatinFocus Consensus Forecast panelists expect GDP to expand 5.5% in 2014, which is down 0.2 percentage points from last month's projection. For 2015, the panel expects the economy to increase 5.6%.