Analysis by Region - Emerging Markets - Peru

Analysis by Region - Emerging Markets - Peru

We have kept our 2023 GDP growth forecast for Peru unchanged at 0.1% as economic activity rebounded by 0.8% m/m in August, in line with our expectations and partially offsetting the 1.08% m/m setback in July. However, we anticipate only mild economic growth in H2 as domestic demand remains weak. Additionally, we now expect the effects of El Niño to wane only after Q1 next year. In 2024, we think Peru's economy will expand by 2.9% as shocks fade and economic dynamism gains steam in H2.