Peru Economic Activity August 2016


Peru: Economic activity shows strength in August

October 14, 2016

In August, economic activity expanded 5.5% over the same month last year, which was faster than the 3.8% increase seen in July and overshot market expectations of 5.0% growth. 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 expansions in all sectors. The mining and hydrocarbon sectors contributed the most to the acceleration, with the hydrocarbon sector rebounding on the back of higher natural gas extraction. August marked a steep acceleration in output from fishing, which also contributed to a rebound in manufacturing, where the production of fishmeal buttressed output.

On average, in the 12 months up to August, economic activity increased 4.3%, which was above July’s 4.0% and the highest reading in over two years.

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 Chart

Peru Economic Activity August 2016

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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