Peru: Economic activity jumps to ten-month-high in February
April 17, 2014
In February, economic activity expanded 5.7% over the same month last year, which was up from the 4.2% rise tallied in January. February's result marked the largest increase since April 2013. According to the statistical institute, 12 of the 13 categories that make up the index expanded. The sectors that had the largest impact on the expansion were mining and oil and manufacturing.
A month-on-month comparison showed that economic activity increased a seasonally adjusted 1.0% in February, which contrasted the 0.3% expansion observed in January.
The annual acceleration caused the trend to turn around. It now points upward after having fallen for ten straight months. Annual average growth in economic activity edged up from 4.8% in January to 4.9% in February.
For 2014, the Central Bank sees the economy expanding 6.2%. LatinFocus Consensus Forecast panelists expect GDP to expand 5.5% in 2014, which is unchanged from last month's projection. For 2015, the panel expects the economy to increase 5.5%.
Author: Carl Kelly, Economist