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Peru Economic Activity May 2023

Peru: Economic activity records largest decrease in two years in May

Economic activity dropped 1.4% year on year in May (April: +0.3% yoy). The result marked the worst reading since February 2021. Looking at the details of the release, the commerce sector weakened in May, while the agricultural sector contracted at a milder, albeit still pronounced, rate. Meanwhile, the construction sector declined at a quicker pace. Lastly, activity in the manufacturing sector dropped at a sharper rate, while mining and hydrocarbons production moderated.

On a monthly basis, economic activity declined 1.3% in May, contrasting April’s 0.4% expansion and marking the worst result since July 2022. Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at an over two-year low of 1.0%, down from April’s 1.4%.

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