Peru: Economic activity loses momentum in November
Latest reading: Economic activity rose 1.5% in annual terms in November, following a 4.0% rise in the prior month. November’s reading was the weakest since April 2025.
Relative to the previous month’s figures, readings in November softened for agriculture (-1.0% in annual terms vs +1.9% in October), mining and hydrocarbons (-6.5% vs +6.8% in October) and manufacturing (-2.1% vs +5.0% in October). In contrast, readings improved for commerce (+4.2% vs +4.1% in October) and construction (+9.8% vs +4.4% in October).
In month-on-month terms, economic activity declined 0.4% in November, following 0.2% growth in the prior month.
Panelist insight: Regarding the December reading, BBVA analysts said:
“The balance of the available activity indicators for December 2025 suggests that the year-on-year growth rate would have been higher in that month, despite the high comparison base. It should be noted that in December the bulk of the pension fund withdrawals corresponding to the first disbursement took place, which is expected to be the largest of the four scheduled. This would give an additional boost to private spending in that month. On the other hand, however, anchoveta landings fell by almost 30% when compared with the figures for December 2024.”