GDP in Peru

Peru - GDP
Activity drops at a more moderate rate in the third quarter
GDP dropped at a softer pace of 9.4% year-on-year in the third quarter, above the 29.8% contraction recorded in the second quarter, as a phased easing of restrictions supported activity in the period.
The upturn reflected a broad-based improvement in private consumption, public spending, fixed investment and exports. Private consumption fell at a milder rate of 9.7% year-on-year in Q3 (Q2: -22.1% yoy), as the easing of social isolation measures bolstered household spending, despite the continued deterioration in labor market conditions. Fixed investment fell at a more moderate rate of 10.3% in Q3, compared to the 62.2% plunge logged in the previous quarter. Meanwhile, public consumption bounced back in the quarter, growing 4.3% (Q2: -8.8% yoy) as significant fiscal stimulus provided earlier in the year fed through to the wider economy.
On the external front, exports of goods and services fell 23.2% on an annual basis in the third quarter, which was above the second quarter's 41.6% tumble. In addition, imports of goods and services slid at a slower rate of 21.0% in Q3 (Q2: -30.4% yoy).
On a seasonally-adjusted quarter-on-quarter basis, economic growth bounced back with GDP jumping 30.1% in Q3, contrasting the previous quarter's 26.2% fall.
Despite the improvement in activity, Paulo Mateus, senior economist at Goldman Sachs, preached caution:
“Sequential growth slowed further in September and real GDP remains well below pre-Covid levels, suggesting that recovery towards pre-Covid levels will take place over an extended period (we expect full recovery only in 2022). The recent political turmoil, with President Vizcarra’s impeachment on November 9 followed by the resignation of President Merino on November 15, may further slow the recovery.”
FocusEconomics panelists project the economy to grow 9.3% in 2021, which is up 0.2 percentage points from last month’s forecast, and 4.2% in 2022.
Peru - GDP Data
2015 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|
Economic Growth (GDP, annual variation in %) | 3.3 | 4.1 | 2.5 | 4.0 | 2.2 |
Peru GDP Chart

Source: Peru Central Bank and FocusEconomics calculations.
Peru Facts
Value | Change | Date | |
---|---|---|---|
Bond Yield | 0.0 | -0.60 % | Nov 08 |
Exchange Rate | 3.31 | -0.06 % | Jan 01 |
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Economic News
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Peru: Central Bank keeps rates unchanged in January
January 14, 2021
At its first meeting of the year on 14 January, the Central Bank of Peru maintained its key policy interest rate at the record low of 0.25% for the ninth meeting in a row.
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Peru: Economic activity records softest contraction since February in November
January 14, 2021
Economic activity dropped 2.8% year-on-year in November (October: -3.8% yoy).
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Peru: Business sentiment falls into pessimistic territory in December
January 7, 2021
Business confidence dropped to 49.5 in December, down from November’s 52.8 and ending a run of seven consecutive months of improving sentiment.
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Peru: Merchandise exports increase at a softer rate in November
January 7, 2021
Merchandise exports edged up 2.4% in annual terms in November (October: +9.9% year-on-year) marking the third consecutive month of growth.
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Peru: Inflation drops slightly in December
January 4, 2021
Consumer prices in Metropolitan Lima increased 0.05% in December over the previous month, softening from November's 0.52% rise.