GDP in Peru

Peru GDP | Economic News & Forecasts

Peru - GDP

Growth sinks to four-and-a-half-year low in Q2

Economic growth halved to 1.2% year-on-year in the second quarter, from a revised 2.4% expansion in the first quarter (previously reported: +2.3% year-on-year), marking the slowest expansion since Q4 2014. According to the data released by the Central Bank on 22 August, faltering external demand drove the slowdown.

Despite the weaker expansion, domestic activity accelerated in the second quarter. Notably, fixed investment growth sped up to 5.3% year-on-year (Q1: +1.1% yoy), amid upbeat mining investment, while government spending rebounded by 1.7%, after falling 2.7% in the first quarter. Less encouraging, however, household spending lost stride in the second quarter (Q2: +2.5% yoy; Q1: +3.2% yoy), despite a fall in unemployment.

The external sector subtracted 0.8 percentage points from growth in Q2, following the revised 0.8 percentage-points contribution made in Q1 (previously reported: +0.6 percentage points). Exports contracted 2.9% in Q2 (Q1: +2.6% yoy), while imports rebounded by 0.2% (Q1: -0.4% yoy).

Growth should pick up in the second half of 2019, following a weak H1. That said, 2019 as a whole will mark a significant cooling in growth, due to feebler fixed investment, especially in public infrastructure, and amid a sharp slowdown in merchandise exports. Lingering political uncertainties at home and persistent global trade tensions cloud the outlook.

FocusEconomics panelists see GDP expanding 3.8% in 2019, which is unchanged from last month’s forecast, and 3.7% in 2020.

Peru - GDP Data

2013  2014  2015  2016  2017  
Economic Growth (GDP, annual variation in %)5.8  2.4  3.3  4.0  2.5  

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Peru GDP Chart

Peru GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Peru Central Bank and FocusEconomics calculations.

Peru Facts

Bond Yield5.43-0.60 %Oct 15
Exchange Rate3.38-0.06 %Sep 04
Stock Market19,242-0.23 %Sep 04

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