Peru | GDP growth accelerated in November and positively surprised

Activity advanced 3.9% year-on-year in November. By productive sectors, the primary component stood out, and within this the growth of the fishing sector stands out, which is due to the greater extraction of anchovy. This also had a significant positive impact on primary manufacturing, which processes this resource.

Key points

• Key points:
• On the non-primary component, it grew 3.1% (4.5% in October), and internally the sustained progress of some services, as well as commercial activity, stands out. The construction sector, on the contrary, fell due to the lower dynamism of public investment.
• In the sequential analysis and taking as a reference the seasonally corrected GDP published by the INEI, production grew 1.1% compared to the level reached the previous month.
• In the balance of the first indicators for December, they suggest that activity would have registered higher interannual growth than the previous month. Taking this into account and the positive surprise in November, our growth estimates for the fourth quarter of 2024 (3.6%) and for the year 2024 as a whole (3.1%) have an upward bias.

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