During 4Q21, Peru's Gross Domestic Product slowed down its recovery, presenting, however, a positive rate for the fourth consecutive quarter, reaching a year-on-year growth of 3.20%. Economic activity moderated its pace of growth, affected by problems in the supply chain and the outbreak of the COVID-19 cases. On the labour market, the unemployment rate declined from the previous quarter to 8.83%, while the year-on-year rate of employment growth was 16.69%. The Peruvian Sol appreciated against the dollar compared to the previous quarter, registering an exchange rate of 4.03 S/$. The inflation rate increased in 4Q21 to 5.97%.


Macroeconomic outlook report: Peru 4Q21

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Macroeconomic overview

  • During 4Q21, the year-on-year growth rate of the Peruvian GDP slowed down by 8.24 p.p. compared to 3Q21, to 3.20%.
  • Private consumption continued to lead the economic recovery, despite suffering a reduction with respect to the previous quarter, standing at 5.46%.
  • Regarding the labour market, the unemployment rate decreased by 0.80 p.p. from the previous quarter to 8.83%. The year-on-year rate of change of job creation in Peru stood at 16.69%, a slowdown of 33.71 p.p. compared to the previous quarter.
  • The average exchange rate of the Peruvian sol against the US dollar appreciated compared to the third quarter, to register an exchange rate of 4.03 S/$.
  • The inflation rate increased in 4Q21 to 5.97%, 1.31 p.p. higher than in 3Q21.

For more information, click here to access the executive executive document in pdf (only avalaible in Spanish).