Peru posts another month of lukewarm growth
The performance of the Peruvian economy in October was similar to that of September and failed to impress international analysts.
Economic activity expanded 3% year-on-year, said the country's statistics agency Inei in a release.
This was just below the consensus forecast of 3.1% and in line with September's growth rate of 2.95%.
The expansion in October was led by growth in the mining, IT and telecom and retail sectors while the manufacturing and construction sectors contracted.
On a month-on-month basis, the economy advanced a seasonally adjusted 0.6% in October.
Goldman Sachs described October's performance as "moderate" while Capital Economics said weaker-than-expected growth suggested the recovery is "still struggling to gain momentum."
A STRONGER FINISH?
The Peruvian economy picked up speed in the last quarter of the year and the upcoming 4Q15 figures will show an economic expansion of close to 3.5%, state news agency Andina reported economy and finance minister Alonso Segura (pictured) as saying.
Segura expects the economy to then continue to gain strength and grow faster than 3.5% in the first quarter of next year.
The important thing is that economic activity in Peru keeps gaining momentum at a time when the global economy remains weak, said Segura.
Goldman Sachs and Capital Economics predict that upcoming economic data for the rest of the year will be similar to that of recent months and that an acceleration will come next year on the back of increased mining activity and infrastructure projects.
After several years of growing above or around 6%, the Peruvian economy slowed sharply to 2.4% last year mainly because of the sharp drop in international commodity prices. This, in turn, affected both investment and business and consumer confidence levels.
Read BNamericas' 2016 outlook for the Peruvian banking sector and the rest of Latin America.
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News in: Political Risk & Macro (Peru)
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