Peru: Economic activity records quickest growth since September 2021 in April
Economic activity expanded 5.3% in year-on-year terms in April, which contrasted March’s 0.3% decrease. The figure marked the best reading since September 2021, though was flattered by the timing of Easter, which fell in March this year but April in 2023.
Looking at the details of the release, April’s pickup was broad-based, with the commerce, agricultural, manufacturing and construction sectors all gaining steam. In particular, agricultural output rose by nearly a quarter, buoyed by more normal rainfall patterns compared to last year. Moreover, fishing output more than doubled as the end of the El Niño weather phenomenon led to cooler sea temperatures.
On a monthly basis, economic activity grew 1.7% in April, rebounding from March’s 0.3% fall and marking the best result since May 2021. Meanwhile, the trend improved, with the annual average variation of economic activity coming in at 0.3% in April, contrasting March’s minus 0.1% reading.