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Economic Activity, Unemployment Rate Data Scheduled

PERU
  • Economic activity is expected to have fallen 0.7% Y/y in June, according to the surveyed median on Bloomberg. This forecast implies overall activity partially improved from a -1.4% reading in May. The latest central bank statement highlighted that shocks derived from social conflicts and the coastal El Niño have had a greater than expected impact on economic activity and domestic demand.
  • Activity has been losing momentum after recovering earlier this year from disruptions caused by protests and floods. Tight monetary conditions, waning stimulus measures and eroding sentiment from protracted political uncertainty are all drags.
  • The July unemployment rate is expected to have fallen to 6.4% from 6.6% in June.
  • Later today, Finance Minister Alex Contreras is expected to speak about country’s economic outlook. Contreras originally stated that the finance ministry expected another contraction in the June data but has since indicated the data should come in close to flat. Either way, the depressed activity level for the economy confirms the latest assessment within the August BCRP statement that the majority of indicators remain in “pessimistic territory”.
  • Contreras recently highlighted a positive outlook for businesses in the coming six to 12 months, indicating that the country's economy is gradually rebounding.
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