Skip to main content

Macroeconomic outlook report: Peru

Third quarter of 2019

During 3Q19, Peru's Gross Domestic Product grew at a year-over-year rate of 2.98%, accelerating by 1.79 p.p. compared to the previous quarter. This performance was mainly due to the behavior of internal demand, as there was an increment in the year-over-year growth of 2.24 p.p. with respect to the previous quarter, standing at a year-on-year growth rate of 4.14 %, accompanied by an increase in the year-on-year growth rate of private consumption of 0.82 p.p., up to a rate of 3.29 %. In the labor market, the unemployment rate decreased by 0.56 p.p. with respect to 2T19, reaching 5.75 %. The year-over-year growth rate of employment creation in Peru decelerated by 0.53 p.p. from the previous quarter to 0.23%. The Peruvian Sol depreciated against the dollar when compared to the previous quarter, at an exchange rate of 3.34 S/$. The inflation rate decreased in 3Q19 to 2.00%.

Macroeconomic overview

  • The year-over-year growth rate of the Peruvian GDP registered during 3Q19 an acceleration of 1.79 p.p. compared to 2Q19, to a rate of 2.98 % in 3Q19.
  • This acceleration in GDP growth was mainly due to the internal demand, as the year-on-year growth rate grew by 2.24 percentage points to a growth rate of 4.14 %.This wasaccompanied by an increase in the year-on-year growth rate of private consumption of 0.82 p.p. to reach a growth rate of 3.29 %. Growth rate of exports experienced an acceleration of 0.45 p.p. reaching a rate of -1.51%, and imports grew by 1.96 p.p., experiencing a growth rate of 2.42%.
  • In the labor market, the unemployment rate stood at 5.75%, down 0.56 percentage points from 2Q19. The year-on-year growth rate of employment in Peru decelerated by 0.53 percentage points from the previous quarter to 0.23%.
  • The average exchange rate of the Peruvian nuevo sol against the US dollar depreciated in the third quarter as compared to the one observed in the second quarter, with an exchange rate of 3.34 S/$.
  • The inflation rate decreased in 3Q19 to 2.00%, 0.54 percentage points lower than in 2Q19.

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

© GMS Management Solutions, S.L., 2020. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.