Peru | With the support of Quellaveco, GDP starts the fourth quarter somewhat better

Summary

GDP grew 2.0% year-on-year in October, a figure somewhat higher than the previous month, with the performance of mining standing out. The non-primary component of GDP, however, continued to moderate in an environment that is less favorable for spending

Key points

• Key points:
• By sector, there was an improvement in the primary component of GDP, supported mainly by mining, that reflected the start of the commercial operations of the Quellaveco copper unit.
• The non-primary component of GDP, however, continued to moderate in an environment that is less favorable for private spending and in which the "rebound effect" in some sectors continues to dissipate after the sanitary isolation measures were relaxed.
• The start of operations of Quellaveco and the good performance exhibited by public investment are consistent with GDP growth in the fourth quarter between 2.0% and 2.5% in YoY terms, so that in the year as a whole activity would advance around 2.7%.
• We have been monitoring the impact that the recent escalation of social unrest may have on growth, which will naturally depend on the duration and intensity of the heightened tensions that we have been observing.

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