Peru: Economic activity slumps to lowest level since 2009 in November

In November, economic activity expanded 0.3% over the same month last year, which was well below the 2.4% increase tallied in October. The result was the weakest since September 2009. According to the statistical institute, the slowdown was driven by double-digit declines in the fishing and manufacturing industries.

Given the significant deceleration in annual growth, the trend moderated further. Annual average growth in economic activity decreased from 3.6% in October to 2.9% in November, which marked the lowest point in over four years.

The Central Bank sees the economy expanding 5.5% in 2015 and 6.3% in 2016. LatinFocus Consensus Forecast panelists expect GDP to expand 4.6% in 2015, which is down 0.1 percentage points from last month’s projection. For 2016, the panel expects the economy to grow 5.2%.