Peru Economic Activity January 2017

Peru

Peru: Economic activity surges at outset of the year

March 15, 2017

Economic activity expanded 4.8% in January from the same month of the previous year, which was above the 3.3% rise in December and a five-month high. The extraction sector was the main contributor to the healthy increase, though January’s result reflected solid expansions in all sectors except for construction, which contracted.

The mining of minerals and extraction of hydrocarbon, which is accounted for as one sector and makes up approximately 14% of total output, grew for the 23rd consecutive month in January. While metals, copper being the most important one, have been pushing output up for the last year, natural gas extraction grew robustly after several months of sluggish performance, fueled by higher prices for hydrocarbon-related commodities.

The annual average variation in economic activity was 4.0% in January (December: +3.9%).

LatinFocus Consensus Forecast panelists expect GDP to expand 3.8% in 2017, which is down 0.1 percentage points from last month’s projection. For 2018, the panel expects the economy to grow 4.0%.


Author: Marlène Rump, Senior Data Analyst

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Peru Economic Activity January 2017 0

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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