Peru: Economic activity remains firm in November
January 14, 2013
In November, economic activity increased 6.8% over the same month the previous year, which marked a slight improvement over the 6.7% expansion recorded in October. The print was in line with market expectations and represents the strongest print in four months. Strong growth in construction and in financial services, were the main drivers behind the monthly figure.
A month-on-month comparison confirms the healthy growth suggested by the annual data, as economic activity expanded a seasonally adjusted 1.29% in November, which contrasted the 1.20% drop recorded in October.
As a result of the stronger annual expansion, the trend continues to point upwards, with annual average growth in economic activity rising from 6.2% in October to 6.4% in November.
In its December inflation report, the Central Bank predicts the economy to grow between 6.0% and 6.4%. For 2014, the Bank sees the economy expanding between 6.0% and 6.5%.
Author: Ricardo Aceves, Senior Economist