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Fourth Quarter GDP In Line With Expectations At -0.4% Y/y

PERU
  • Growth data in Peru was released late Thursday, ahead of the scheduled release time. GDP contracted 0.4% in the final quarter of 2023, in line with the surveyed median forecast. Compared to the previous quarter, the economy grew 0.4%, INEI said.
  • Analysts have noted that the economy posted its second-worst contraction in more than 30 years in 2023 (-0.6%), mainly citing political turmoil and extreme weather conditions as key impacting drivers. As a reminder, the central bank said that in January, the leading indicators of economic activity showed mixed results while expectations indicators reflected a recovery. However, most of the indicators remain in pessimistic territory.
  • Focus turns to next week’s CPI data where further improvement may see the headline data fall below the upper limit of the target range. The BCRP is broadly expected to continue with its consistent 25bp easing pace on March 07, reducing the rate to 6.00%.
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