Peru | Activity and employment continued to normalize in June

Summary

Economic activity grew 23.5% YoY in June, still a high rate due to a low base of comparison. In an analysis comparing GDP figures of 2021 with those of 2019 (a pre-health crisis situation), we observe that in June activity grew 1.1%.

Key points

• Key points:
• The situation is more positive on the non-primary GDP side. The growth of some services, such as financial services and telecommunications, and non-primary manufacturing linked to the production of construction materials, stands out.
• On the primary GDP side, there was a relatively sharp decline: hydrocarbon output contracted because some oil wells remain paralyzed, while metallic mining is still not operating at 100% capacity.
• The general tone of the indicators available for the second half of the year suggest a moderation in activity, particularly those related to investment spending.
• In the labor market, employment continues to recover. The wage bill in the city of Lima is also improving, although it is not at pre-crisis levels yet.

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