Peru | Activity moderated in June due to the contraction of primary sectors

Summary

Peru's economic activity grew 1.8% year-on-year in June, moderating from the previous month. This slowdown was due to the contraction of primary sectors (-7.2%) because of climate anomalies and lower production. In contrast, non-primary sectors, driven by domestic demand, grew by 4.2%.

Key points

• Key points:
• The fishing sector plummeted by 51.9% in June due to lower anchovy extraction, which dropped from 462 thousand to 679 metric tons (-99%) due to a ban caused by sea warming.
• The agricultural subsector fell by 12.0% due to adverse weather conditions, while metallic mining decreased by 2.5%, highlighting lower copper production (-4.7%).
• Non-primary sectors advanced by 4.2%, driven by construction (9.0%) and commerce (7.8%). In contrast, non-primary manufacturing contracted by 1.6%.
• July indicators suggest an improvement, with electricity production growth at 7.8% and an acceleration of the Big Data consumption indicator to 8.9%.
• The GDP growth projection of 3.1% for 2026 is maintained, expecting non-primary sectors to continue growing above 4% and offset the drag from El Niño.

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