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.
Author: Carl Kelly, Economist