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Peru economic activity growth cools in January

Staff Writer |
Economic activity expanded 1.6% year-on-year in January, decelerating sharply from December’s strong 4.7% increase and marking the weakest reading in over one year.

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Growth in Peru came on the back of resilient consumer spending, as well as a strong expansion in non-traditional exports.

Retail sales in Peru expanded albeit at a moderate pace in January, while consumer credit growth remained sustained.

In terms of productive sectors, the notable slowdown in Peru was prompted by a sharp contraction in the fishing sector as well as of a sizable drop in manufacturing production.

On the other hand, the electricity, gas and water, accommodations and restaurants, and telecommunication sectors in Peru recorded the fastest expansions.

Meanwhile, annual average variation in economic activity in Peru came in at 3.8% in January, down from December’s nearly two-year high of 3.9%.

LatinFocus Consensus Forecast panelists expect GDP will expand 3.8% in 2019, which is unchanged from last month’s projection.

For 2020, the panel sees the economy growing 3.7%.

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