Peru | The economy showed a better performance in September

Summary

In September, economic activity grew by 3.9% year-on-year, surpassing Bloomberg’s consensus forecast of 3.5%. The primary sector expanded by 5.2%, driven by mining and fishing, while the non-primary component grew by 3.5%, with notable contributions from construction, trade, and services.

Key points

• Key points:
• With September’s result, GDP is estimated to have grown by 3.4% year-on-year in the third quarter, above the previous 2.6%. The primary component accelerated from 2.2% to 4.6%, driven by export-oriented agriculture and the recovery of metallic mining following the normalization of operations. The non-primary component maintained a pace close to 3.0%, reflecting the dynamism of domestic demand, especially household and business spending.
• GDP accumulated a growth of 3.3% as of the third quarter, which was better than expected thanks to stronger momentum in non-primary sectors and more robust domestic demand. With the start of pension fund withdrawals in November, the fourth quarter is expected to exceed 3.0%, so the annual projection (3.1%) maintains an upward bias.

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