Peru's national productive activity continued to recover
in July, driven by the start of Phase 3 of the economic reopening —stipulated by the Government— the National Institute of Statistics and Informatics (INEI) reported on Tuesday.
Although the GDP fell 11.7% in July, it is a less pronounced drop than June's 18.06% decrease, which shows the national production activity has recovered month after month, according to INEI's figures.
Even September's 11.7% decline is less than the 12% contraction projected by the market.
It must be borne in mind that the economy contracted 16.3% in March and 40.49% in April (the worst fall of the year). But the fourth month of the year marked a turning point in Peru's economic growth because negative GDP rates have been steadily reversed after April.
In May, the economic activity registered a drop of 32.75%, thus marking a trend that continued until July.
The implementation of Phase 3 included the resumption of 60 economic activities, in addition to the ones restarted in Phase 2 and Phase 1, following the cessation of activities decreed in the second half of March due to the health emergency caused by the COVID-19 pandemic.
According to INEI, the national productive activity fell 16.53% between January and July this year, as well as 8.53% between August 2019 and July 2020.