Macroeconomic outlook report: Peru

During 2Q22, Peru's Gross Domestic Product slowed down its recovery, although it presented a positive rate for the sixth consecutive quarter, thus reaching a year-on-year growth of 3.27%. This slowdown was due to inflationary pressures. On the labour market, the unemployment rate declined from the previous quarter to 7.42%, while the year-on-year rate of job creation grew by 16.48%, higher than in the previous quarter. The Peruvian Sol appreciated against the dollar compared to the previous quarter, registering an exchange rate of 3.75 S/$. The inflation rate increased in 2Q22 to 8.29%.

Macroeconomic overview

• During 2Q22, the year-on-year variation rate of the Peruvian GDP registered a deceleration in its growth of 0.54 p.p. with respect to 1Q22, reaching a rate of 3.27%.
• Regarding the labour market, the unemployment rate decreased by 1.55 p.p. with respect to the previous quarter, to 7.42%. The year-on-year rate of change of job creation in Peru stood at 16.48%, registering an increase in growth of 1.86 p.p. from the previous quarter.
• The average exchange rate of the Peruvian Sol against the US dollar appreciated compared to the first quarter, to an exchange rate of 3.75 S/$.
• The inflation rate increased in 2Q22 to 8.29%, 2.07 p.p. higher than in 1Q22.

For more information, access the Macroeconomic Outlook Report of Peru 2Q22 (only available in Spanish).