Peru: Decline in economic activity softens in September
Economic activity decreased 7.0% year-on-year in September (August: -9.7% yoy) marking the smallest drop since February. Looking at the details of the release, September’s improvement was broad-based with the commercial, agricultural, manufacturing and construction sectors all improving. However, mining and hydrocarbons production fell at a sharper pace in September, weighing on the overall improvement somewhat.
On a monthly basis, growth in economic activity moderated to 1.9% in September (August: +3.8% mom), the lowest result since April. Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at minus 10.1%, down from August’s minus 9.4% reading.