As announced by
, Peru's economy continues in recovery process.
According to information from the National Institute of Statistics and Informatics (INEI), GDP registered 4.5% growth in July, exceeding market expectations and accumulating four consecutive months of growth.
The rebound in Gross Domestic Product (GDP) last July is due to greater dynamism in primary and non-primary sectors.
In the case of primary sectors, fishing and primary manufacturing grew by 14.9% and 12.6%, respectively, favored by landing of anchovy primarily from the southern zone and the increased extraction of other species associated with direct human consumption.
Likewise, the hydrocarbon sector grew by 21.6%, the highest rate recorded since May 2022, mainly due to increased extraction of natural gas liquids and natural gas.
In this regard, non-primary sectors have remained dynamic, with notable increases in non-primary manufacturing (10.4%, the highest rate since September 2021), construction (7.1%, the highest rate since January 2024), services (4%, the highest rate since May 2022), and trade (3.4%, the highest rate since March 2022), favored by the improvement in domestic demand.
In the coming months, GDP will continue its recovery and consolidation process, as reflected in the favorable results of leading economic activity indicators.
For example, electricity production had grown by 3.6% as of September 12, and by 3.1% in August.
For their part, imports of capital goods grew by 10.8% in August (Jul-24: 13.6%).
Also, sales through electronic payment vouchers grew 20.1% in July, higher than the 2.7% recorded in June.
In this sense, BBVA's consumer big data index grew 13.2% in July 2024 (June 2024: 13.5%), registering a positive rate for eight consecutive months.
In addition, business expectations remain optimistic.
Last August,
all business expectations indicators of the Central Reserve Bank (12 indicators) were in the optimistic range for the third consecutive month, with several of them recording levels higher than those of previous years.
Expectations
Thus, expectations for hiring personnel over the next 3 months were at 53.6 points, the highest level since September 2016, after nearly eight years.
Expectations for investing in the next 3 months registered 52.3 pts, the highest level since January 2020.
Expectations for the economy in 3 months were at 51.9 pts, the highest level since November 2020.
Lastly, expectations for the sector in 3 months registered 52.5 pts, the highest level since March 2021.