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Q1 GDP Data Expected At 1600BST

PERU
  • Q1 GDP data will be released at 1600BST(1100ET), with the market looking for a pick-up in growth to +1.4% y/y, from -0.4% in Q4.
    • 1Q GDP YoY, est. 1.4%, prior -0.4%
  • JP Morgan note that the monthly activity data point to seasonally adjusted growth of 4.3% q/q ar in Q1, confirming the good above-potential sequential performance over the quarter. They thus maintain their view that the mediocre performance observed in the post-Covid recovery is behind, although they note that activity was still only 4.0% above pre-pandemic levels as of March.
  • However, soft March data leaving a negative carryover for Q2. JPM expect monetary easing to help some sectors to regain momentum ahead, but see Q2 growth moderating to +2.8%q/q ar, consistent with full-year growth of 2.8%.

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