Peru Economic Activity

Peru

Peru: Economic activity increases at weakest pace in nearly five years in June

August 22, 2014

In June, economic activity increased a meager 0.3% over the same month last year, which was well below the 2.3% rise tallied in May (previously reported: +1.8% year-on-year). June’s result marked the weakest increase since September 2009. According to the statistical institute, the deceleration was driven by contractions in mining and manufacturing, which fell 5.9% and 8.3% respectively. In contrast, the services, construction and commerce sectors tallied gains.

A month-on-month comparison showed that economic activity decreased a seasonally-adjusted 0.5% in June, which followed the 0.6% decrease observed in May.

The annual deceleration caused the trend to moderate further. Annual average growth in economic activity decreased from 5.2% in May to 4.7% in June, which marked the lowest point in four years.

For 2014, the Central Bank sees the economy expanding 6.2%. LatinFocus Consensus Forecast panelists expect GDP to expand 5.2% in 2014, which is down 0.2 percentage points from last month’s projection. For 2015, the panel expects the economy to grow 5.6%.


Author:, Economist

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Peru Economic Activity Chart


Peru Economic Activity June 2014

Note: Year-on-year changes of economic activity and annual average growth rate in %.
Source: Peru National Statistical Institute (INEI) and FocusEconomics calculations.


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