Peru Economic Activity July 2016

Peru

Peru: Economic activity picks up some steam in July

September 15, 2016

In July, economic activity expanded 3.8% over the same month last year, which was faster than the 3.6% increase seen in June but fell short of the 4.0% expansion the markets had expected. Economic activity has recorded 84 consecutive months of expansion. The sustained expansion of national production has been largely driven by solid external demand for traditional Peruvian goods, according to the Statistical Institute.

Growth in economic activity was supported by healthy expansions in the mining and hydrocarbon sectors as well as solid growth in the communication, utilities and financial services sectors. Conversely, output in construction fell again in July. Activity in the mining industry has been expanding for 17 consecutive months, driven especially by copper extraction this year, while the production of crude oil has been contracting for a year and a half.

On average, in the 12 months up to July, economic activity increased 4.0%, which matches June’s reading.

The panelists who participated in this month’s LatinFocus Consensus Forecast survey expect GDP to expand 3.7% in 2016, which is unchanged from last month’s projection. For 2017, the panel expects the economy to grow 4.2%.


Author: Marlène Rump, Senior Data Analyst

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Peru Economic Activity July 2016 0

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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