Peru Economic Activity

Peru

Peru: Economic activity picks up to six-month-high in September

November 21, 2014

In September, economic activity expanded 2.7% over the same month last year, which more than doubled the 1.3% increase tallied in August. The result marked the highest growth rate since March. According to the statistical institute, the expansion was driven by growth in the construction, services, and commerce sectors. In contrast, the mining and hydrocarbons, manufacturing, and fishing industries registered contractions.

A month-on-month comparison showed that economic activity increased a seasonally-adjusted 0.7% in September, which followed the 0.3% increase observed in August.

Despite the steady annual growth, the trend moderated further. Annual average growth in economic activity decreased from 4.1% in August to 3.9% in September, which marked the lowest point in over four years.

The Central Bank sees the economy expanding 3.1% in 2014 and 5.5% in 2015. LatinFocus Consensus Forecast panelists expect GDP to expand 3.0% in 2014, which is down 0.6 percentage points from last month’s projection. For 2015, the panel expects the economy to grow 4.9%, which is down 0.4 percentage points.


Author:, Economist

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Peru Economic Activity September 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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