Non-primary sectors may have boosted Peruvian GDP in August 2018, thus the economy might have grown at a similar rate as in July (2.31%), Scotiabank estimated Tuesday.
"The sectors related to domestic demand may register
expansion (rates) similar to July's (…)," Chief of Real Economy at Scotiabank's Department of Economic Studies Pablo Nano informed.
However, Scotiabank indicated primary sectors might have continued their negative trend in August, since the
mining and hydrocarbons segment may register a decrease akin to July's (-5.18%).
"(…) This time the slowdown (of mining and hydrocarbons) might be explained by the hydrocarbon sub-sector, as a result of lower natural gas production due to Camisea Plant's scheduled maintenance," the officer indicated.
He went on to add August GDP may register an increase similar to July's, thus the
third quarter may record an approximately 2.5% expansion.
July
According to Scotiabank, July's GDP growth (2.31%) was slightly lower than the one expected by the market (2.6%). Therefore, Peruvian economy rose 4% between January and July.
"It should be noted July's outcome was similar to the one of
June, but far from the ones reported in
April (7.81%) and
May (6.43%). The main difference was primary sectors' development," Nano said.
"Between April and July, the
fishery sector benefited from an increase in anchovy captures, its highest level since 2011," the officer expressed.
"On the other hand,
farming production's figures grew double digits (…)," he added.
The financial institution pointed out these positive factors have been fading since June. Mining and hydrocarbon segment's negative development prevailed, thus decreasing 5.2% in the seventh month.
However, non-primary sectors linked to domestic demand —such as construction (5%), services (4.4%), and non-primary manufacture (3.4%)— led economic activity growth.
(END) CNA/DTK/MVB
Published: 9/18/2018