During 3Q21, Peru's Gross Domestic Product slowed down its recovery, however, showing a positive rate for the third consecutive quarter, reaching a year-on-year growth of 11.45%. Economic activity moderated its pace of expansion affected by supply chain problems and the resurgence of COVID-19 cases. Concerning the labor market, the unemployment rate fell compared to the previous quarter, down to a rate of 9.63%. The year-over-year variation rate of employment creation in Peru declined and stood at a rate of 35.65%. The Peruvian Sol depreciated against the dollar compared to the previous quarter, registering an exchange rate of 4.05 S/$. Moreover, the inflation rate increased in 3Q21 up to 4.67%.


Macroeconomic outlook report: Peru 3Q21

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Macroeconomic overview

  • During 3Q21, the year-on-year GDP variation rate slowed down by 30.43 p.p. compared to 2Q21, down to a growth rate of 11.45%.
  • Private consumption continued to lead the economic recovery despite a decline from the previous quarter.
  • Regarding the labor market, the unemployment rate decreased by 2.85 p.p. compared to the previous quarter, down to a rate of 9.63%. The year-on-year variation rate of employment in Peru stood at 35.65%, after registering a decrease of 20.18 p.p. with respect to the previous quarter.
  • The average exchange rate of the Peruvian Nuevo Sol against the US dollar depreciated compared to the second quarter, and recorded an exchange rate of 4.05 S/$.
  • Finally, the inflation rate increased by 1.97 p.p. when compared to 2Q21, up to a rate of 4.67% in 3Q21.

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