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Peru GDP growth 0.31% y-o-y in Apr-23

- Peru's GDP grew by 0.31% year-on-year in April 2023, marking the highest growth rate since December 2022.
- However, this growth rate falls significantly below both the one-year average and the long-run average, indicating a slower pace of economic expansion in comparison.

Peru unemployment rate 6.8% in May-23

- Peru's unemployment rate in May-23 decreased to 6.8%, its lowest level since January 2020 and lower than the previous month's rate of 7.1%.
- The current unemployment rate in Peru is also lower than both the 1-year average by 0.47 percentage points and the long-run average by 1.38 percentage points.

Peru GDP growth 2.58% y-o-y in May-23

- Peru's GDP growth in May-23 registered a year-on-year increase of 2.58%, reflecting an improvement from the previous period.
- The growth rate is the highest recorded since June-22 and is 1.22 percentage points above the one-year average, showing signs of economic recovery. However, it still remains 1.54 percentage points below the long-run average, indicating room for further improvement.

Central Reserve Bank of Peru: Jun-23

• The BCRP's decision to maintain the reference rate at 7.75 percent reflects ongoing concerns about inflation, which remains above the target range, driven by global food and fuel prices as well as persistent inflationary expectations.
• Despite some recovery in economic activity indicators for May, overall expectations remain in pessimistic territory, combined with global risks due to monetary tightening in advanced economies and international conflicts.
• Future monetary policy decisions will be conditional on new information about inflation and its determinants, underlining the bank's commitment to achieving its inflation target range.