Peru: Economic activity speeds up in September
Latest reading: Economic activity was up 3.9% on a year-on-year basis in September, following a 3.0% rise in the previous month and exceeding market expectations.
Relative to the prior month’s data, readings in September improved for commerce (+4.0% on a year-on-year basis vs +3.8% in August), agriculture (+12.1% vs +10.5% in August), construction (+10.2% vs +3.7% in August), mining and hydrocarbons (+2.1% vs +1.9% in August) and manufacturing (+1.7% vs -2.8% in August).
On a month-on-month basis, economic activity increased 0.2% in September, unchanged from the previous month’s reading.
Panelist insight: On the reading and the outlook, BBVA’s Yalina Crispin and Hugo Vega de la Cruz noted:
“GDP accumulated a growth of 3.3% as of the third quarter, which was better than expected thanks to stronger momentum in non-primary sectors and more robust domestic demand. With the start of pension fund withdrawals in November, the fourth quarter is expected to exceed 3.0%, so the annual projection (3.1%) maintains an upward bias.”