Peru GDP Q2 2022

Peru

Peru: Economic growth records slowest increase since Q4 2020 in Q2 2022

August 25, 2022

GDP growth waned to 3.3% year on year in the second quarter, from 3.8% in the first quarter. Q2's reading marked the slowest expansion since Q4 2020.

Household spending growth declined to 4.9% year on year in Q2, compared to the 6.9% expansion in Q1. Public consumption dropped at the sharpest pace since Q1 2022, contracting 3.2% (Q1: +10.5% yoy). Meanwhile, fixed investment rebounded, growing 1.1% in Q2, contrasting the 1.3% decrease logged in the previous quarter.

Exports of goods and services growth moderated to 6.6% in Q2 (Q1: +9.7% yoy). Conversely, imports of goods and services growth sped up to 3.6% in Q2 (Q1: +2.4% yoy).

On a seasonally-adjusted quarter-on-quarter basis, GDP bounced back, increasing 0.5% in Q2, contrasting the previous quarter's 0.5% decrease.

FocusEconomics panelists project the economy to grow 3.1% in 2022, which is down 0.1 percentage points from last month’s forecast, and 3.0% in 2023.


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