Macroeconomic outlook report: Peru

During 1Q22, Peru's Gross Domestic Product accelerated its recovery, presenting a positive rate for the fifth consecutive quarter, reaching a year-on-year growth of 3.80%. This performance is explained by a normalisation in the economic recovery together with the reestablishment in 2021 of pre-pandemic activity levels. On the labour market, the unemployment rate increased from the previous quarter to 8.97%, while the year-on-year rate of employment growth was 14.62%. The Peruvian Sol appreciated against the dollar compared to the previous quarter, registering an exchange rate of 3.81 S/$. The inflation rate increased in 1Q22 to 6.22%.

Macroeconomic outlook report: Peru 1Q22

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Macroeconomic overview

• During 1Q22, the year-on-year growth rate of the Peruvian GDP accelerated by 0.60 p.p. compared to 4Q21, up to 3.80%.
• Public consumption led the economic recovery, mainly due to the execution of construction projects, standing at 6.90%.
• Regarding the labour market, the unemployment rate increased by 0.14 p.p. from the previous quarter to 8.97%. The year-on-year rate of change of job creation in Peru stood at 14.62%, a slowdown of 2.07 p.p. compared to the previous quarter.
• The average exchange rate of the Peruvian sol against the US dollar appreciated compared to the fourth quarter, to register an exchange rate of 3.81 S/$.
• The inflation rate increased in 1Q22 to 6.22%, 0.25 p.p. higher than in 4Q21.

For more information, click here to access the executive executive document in pdf (only avalaible in Spanish).