Peru: Economic activity slows down in November
January 15, 2014
In November 2013, economic activity expanded 4.8% over the same month of the previous year, which marked a deceleration over the 5.4% expansion tallied in November. According to the statistical institute, manufacturing was the only category among the 13 that make up the index in which economic activity decelerated. However, given the importance of this sector, the deceleration was enough to drag the indicator down slightly.
A month-on-month comparison corroborates the deceleration suggested by the annual data. Economic activity contracted a seasonally-adjusted 0.30% in November, which contrasted the 0.89% expansion registered in October and marked the lowest result since December 2012.
As a consequence of the annual deceleration, the trend continues to point downward with annual average growth in economic activity inching down from 5.0% in October to 4.9% in November. The annual average now sits at its lowest level since June 2010.
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%.