Peru | Economic activity continued to slow down in December

Summary

Economic activity grew 1.7% year-on-year in December. The main support of activity was the Non-Primary component of GDP. With the December result, economic activity continued to show a slowdown. Indicators available at the beginning of 2022 suggest that GDP continues to lose momentum.

Key points

• Key points:
• The main support for activity in December was the Non-Primary component of GDP. On the other hand, the primary component of the GDP accentuated its decline in December. In particular, the Primary Manufacturing and mining sectors due to the fact that social conflicts have not allowed the normal development of activities in the mining units and have even led to the temporary halt of operations.
• With the December result, economic activity continued to show a slowdown and in seasonally adjusted terms, the economy showed a partial recovery in December (+0.4% compared to the previous month), but this was not enough to offset the contractions observed in the previous two months.
• Available indicators for the beginning of 2022 indicate that private spending shows lower growth rates. This is consistent with persistent weakness in consumer and business confidence.

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