Peru comes out of recession with a 9.7% jump in its economic activity in September

Economic activity in Peru grew 9.71% in September over the same month of 2020, due to a recovery in almost all sectors, after overcoming the recession caused by the pandemic, the government reported on Monday.

“National production in the month of September 2021 registered an increase of 9.71%, supported by the positive evolution of most sectors of the economy, with the exception of the fishing and financial sectors,” said the National Institute of Statistics and Informatics (INEI) in a report.

The basis for comparison is September 2020, when “a series of productive activities were suspended and others operated with high restrictions” due to the pandemic, the INEI recalled.

According to the result, Peruvian production increased from January to September by 17.49% compared to the same period of 2020. The growth in the past 12 months increased 11.95 percent.

The Central Bank foresees an increase in GDP of 13.2% for this year, after raising its initial estimate of 10.5 percent.

The sectors that showed the greatest dynamism in September were lodging and restaurants (85.05%), transportation (24.39%), construction (12.63%) and agriculture (11.49%), indicated the INEI.

Only the fishing (-38.18%) and finance (-1.55%) sectors had negative balances in September.

In the aftermath of the pandemic, Peruvian GDP contracted 11.12% last year, the worst performance in the last three decades.

Peru semi-paralyzed its economy for more than 100 days between March 15 and July 1, 2020 due to the coronavirus pandemic, which led to a recession. In September 2020, national production was reduced 6.5% over the same month of 2019.

The Andean country emerged from recession in the second quarter of this year.

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