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Peru Economic Activity February 2024

Peru: Economic activity posts quickest growth since June 2022 in February

Economic activity rose 2.8% year on year in February (January: +1.4% yoy). The print marked the best reading since June 2022. Looking at the details of the release, the commerce sector increased at a faster pace in February, and the agricultural sector fell at a more moderate rate. Meanwhile, activity in the manufacturing sector gained pace, as did mining and hydrocarbons output. However, the construction sector expanded at a softer pace.

On a monthly basis, economic activity grew 1.2% in February, which was above January’s 0.4% expansion and marked the best result since June 2023. Meanwhile, the trend improved modestly, with the annual average variation of economic activity coming in at minus 0.1% in February, up from January’s minus 0.4% reading.

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