(Bloomberg) -- Peru's economy contracted less than expected in October as the government ramped up pandemic stimulus spending, spurring construction activity.
Economic activity fell 3.8% in October from a year earlier, the slowest pace of decline in eight months, the national statistics agency said Tuesday in an emailed report. The median estimate of analysts surveyed by Bloomberg was for a 5% drop.
Key Insights
- Economic activity rose 3.2% from September
- Construction activity rose 8.8% from a year ago, while agriculture, telecommunications and banking also posted annual growth
- Mining/hydrocarbons fell 2.8% from a year ago, less than the 12.2% decline in September
- Lima's unemployment rate fell to 15.1% in November from 16.4% in October, the agency said in a separate report Tuesday
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- Public works investment increased in October after eight consecutive monthly declines and surged in November
- A central bank official last week said that while the economy is recovering more quickly than expected, additional monetary stimulus measures will be announced as an emergency business loan program wraps up
- Exports rose in October, the first increase this year, after a surge in copper prices, the agency said last week
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