Peru Economic Activity November 2018

Peru

Peru: Economic activity soars in November

January 15, 2019

Economic activity jumped 5.3% year-on-year in November, accelerating from October’s 4.2% increase and marking the strongest increase in six months. National production in the January–November period, meanwhile, rose by 3.8% from the same period in 2017.

Growth came on the back of solid consumer spending, as well as a strong expansion in non-traditional exports. Retail sales expanded at a healthy pace in November, while consumer credit growth remained strong. On the external side, foreign sales of fishing, chemical, farm and iron and steel products recorded the strongest upturns.

In terms of productive sectors, all sectors except mining continued to expand. In particular, the manufacturing, construction, fishing, agricultural and trade sectors recorded the fastest expansions. While the agricultural sector continued to benefit from favorable weather conditions, the construction sector was boosted by surging investment in public infrastructure.

Meanwhile, annual average variation in economic activity came in at 3.6% in November, up from October’s 3.3% and the fastest pace in nearly two years.

LatinFocus Consensus Forecast panelists expect GDP will expand 3.8% in 2019, which is unchanged from last month’s projection. For 2020, the panel sees the economy growing 3.7%.


Author: Massimo Bassetti, Economist

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Peru Economic Activity November 2018

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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