Peru Economic Activity May 2022

Peru

Peru: Economic activity records slowest expansion since December 2021 in May

July 26, 2022

Economic activity expanded 2.3% year on year in May (April: +3.7% yoy). The figure marked the worst reading since December 2021. The reading was due to deteriorating activity the construction sector. In contrast, the commerce sector gained steam. Lastly, activity in the manufacturing sector lost pace, while mining and hydrocarbons output dipped at a steeper pace than in April.

On a monthly basis, economic activity rose 0.2% in May, which was below April’s 0.4% expansion and marked the worst result since December 2021. Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 6.9% in May, down from April's 9.9% reading.

LatinFocus Consensus Forecast panelists estimate that GDP will expand 3.1% in 2022, which is unchanged from last month’s projection, and grow 3.0% in 2023.


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