Peru's economic activity slows in September
Peru's economic activity index - a GDP proxy - rose 4.13% in September compared to the same month of 2015, its 86 consecutive monthly increase, according to statistics agency Inei.
The result was in line with analysts' expectations.
The greatest growth in economic activity was seen in the fishing sector, up 20.9% year-on-year, and in the mining sector, which saw a 14.2% increase due to the "dynamism of metallic mining (16.6%) explained mostly by the 35.9% increase in copper production due to the contribution of Las Bambas, Cerro Verde, Sociedad Minera El Brocal y Minera Chinalco Perú," Inei stated in a release.
Despite the positive growth in activity, September marked a slowdown from the previous month when the index grew 5.52%. "The breakdown showed that the slowdown in September was broad-based. It partly reflected weaker growth in the mining sector, which eased to 14.2% year-on-year in September from 19.1% year-on-year in August," according to UK-based analyst Capital Economics.
Construction activity declined 3.81% in September compared to an increase of 1.33% the previous month.
An exception was the manufacturing sector where activity accelerated to 2.7% in September from 2.0% in August.
"Looking ahead, growth may drop back slightly in Q4. In particular, protests have disrupted transport in and out of a major new copper mine over recent weeks and this is likely to have hit growth in the mining sector. But provided this dispute doesn't drag on, copper output should rise rapidly for much of the next year," conclude Capital Economics.
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