Peru: Economic activity growth picks up in February
Economic activity expanded 2.1% year-on-year in February, picking up some pace from January’s subdued 1.6% increase, which had marked the weakest reading in over one year.
Growth came on the back of resilient consumer spending, as well as of higher exports of textile, and fishing products, as well as of natural gas and oil. Retail sales continued to expand at a moderate pace in February, while consumer credit growth remained buoyant.
In terms of productive sectors, the slight acceleration was brought about by a notable expansion in agricultural production, which benefited from favorable weather conditions. Moreover, notable increases were also recorded in the electricity, gas and water, and telecommunication sectors. On the other hand, the fishing sector saw a sizable contraction.
Meanwhile, annual average variation in economic activity came in at 3.7% in February, down from January’s 3.8%.