Peru GDP Q1 2022


Peru: GDP growth improves in the first quarter

June 2, 2022

According to a preliminary reading, GDP growth sped up to 3.8% year on year in the first quarter, from 3.4% in the fourth quarter of last year.

The upturn reflected a broad-based improvement in private consumption, public spending, fixed investment and exports. Private consumption increased 6.9% in the first quarter, which was above the fourth quarter's 5.5% expansion. Government spending bounced back, growing 11.3% in Q1 (Q4 2021: -2.7% yoy). Meanwhile, fixed investment slid at a softer pace of 1.3% in Q1, from the 2.6% contraction in the previous quarter.

On the external front, exports of goods and services increased 8.2% on an annual basis in the first quarter, which was above the fourth quarter's 5.8% expansion. Conversely, imports of goods and services growth moderated to 2.6% in Q1 (Q4 2021: +7.0% yoy).

On a seasonally-adjusted quarter-on-quarter basis, GDP declined 0.5% in Q1, contrasting the previous period's 0.7% increase. Q1's reading marked the sharpest decrease since Q1 2021.

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.

Author: Massimo Bassetti, Senior Economist

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