Peru | GDP growth rebounded due to the recovery of extractive activities

Summary

Economic activity grew 3.4% year-on-year in June. On the positive side, the primary component of GDP stands out. On the non-primary side, however, a moderation in the growth rate was observed.

Key points

• Key points:
• On the positive side, the recovery of the primary component of GDP in June stands out. Metal mining production grew 1.1% due to the resumption of operations at an important deposit, while fishing extraction increased 15.1% due to the greater catch of anchoveta.
• However, a moderation was observed in the growth rate of Non-Primary GDP. It should be noted that the Accommodation and Restaurants and Transportation sectors were the most dynamic. The expansion of these two sectors explains 26% of GDP growth in June. On the other hand, the items of Telecommunications and Financial Services registered setbacks.
• With this June result, GDP grew 3.1% in the second quarter and 3.5% year-on-year in the first half.
• On the other hand, the seasonally adjusted GDP analysis shows that the economy expanded 0.7% month-on-month (according to the series published by the INEI). Despite this improvement for the second consecutive month, the level of seasonally adjusted GDP is still below that reached at the beginning of 2022.
• • The indicators available for July indicate, in balance, that in year-on-year terms growth will be somewhat higher than 3.0% and for the second half of the year, we estimate that activity will advance around 1.5% year-on-year.

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