Peru: Economic activity improves slightly in September
November 25, 2013
In September, economic activity expanded 4.4% over the same month last year, which marked a slight improvement over the 4.3% expansion tallied in August. According to the statistical institute, the expansion was the result of an improvement in the merchandise and manufacturing sectors, as well as in transports and communications. The latter offset the deterioration in mining, fuels, construction and fishing.
A month-on-month comparison corroborates the slight improvement suggested by the annual data. Economic activity rose a seasonally-adjusted 0.53% in September, which was above the 0.10% expansion registered in August.
Despite the annual reading, the trend continues to point downward, with annual average growth in economic activity edging down from 5.3% in August to 5.1% in September. Consequently, the annual average now sits at its lowest level in more than three years.
The Central Bank revised its growth forecasts in September and now projects economic growth at 5.5% in 2013. For 2014, the Bank cut its projection slightly and now sees the economy expanding 6.2%. LatinFocus Consensus Forecast panelists expect GDP to expand 5.3% this year, which is down 0.2 percentage points from last month's projection. For 2014, the panel expects the economy to increase 5.7%, which is unchanged from last month's estimate.