Economy: Peru registers its lowest GDP drop during the pandemic

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Although the fifth consecutive decrease in the Gross Domestic Product (GDP) was registered in July, with a decline of 11.71%, a slowdown in the fall of the peruvian economy.

The contraction is the smallest so far in the pandemic, after the GDP hit bottom in April when it decreased 40% against the health crisis that hits the country and the world and the strict quarantine imposed by the Executive.

With the results of July, the economy accumulates in the first seven months of the year a fall of 16.53%, according to the National Institute of Statistics and Informatics (INEI).

INEI revealed that, in July, the worst hit sector was accommodation and restaurants, with a drop of 71.82%, followed by transportation, warehousing, mail and messaging, which fell 31.41%. The fishing outlook was different, which advanced 33.34%.

Miguel Vega Alvear, member of the Multisectoral Commission for the Resumption of Economic Activities, considered that the phase 4 of reactivation to help growth.

“On July 31, phase 4 should have been approved because it is the one with the greatest impact on employment,” he told Peru21.

In the same way, he considered that it does not help the reactivation Sunday immobilization or that there are people who are not allowed to go out, such as those over 65.

“We want it to be sustained because the capacity is 40% in restaurants, what the curfew on Sundays is based on. The economy does not recover immediately, people are starving ”, highlighted Vega Alvear.

For his part, the economist Elmer Cuba He explained to this newspaper that the July result does not reflect the impact of phase 3, for which he considered that more encouraging figures would be seen in August, but specified that without stage 4 the recovery would stagnate.

“A fiscal impulse is needed, but accompanied by phase 4, because that impulse alone will not generate the reactivation”, He detailed.

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On the other hand, the INEI reported that in the mobile quarter June, July and August, the economically active employed population fell by more than 1.3 million people in Metropolitan Lima, compared to the same period in 2019.

The biggest drop was recorded in the service sector, with 765,000 jobs lost.

On the other hand, the unemployment rate, which still remains high (15.6%), registers a lower figure than that observed in the previous moving quarter, when it stood at 16.4%. Last year in the analysis period it was at 5.8%.

Average income decreased S / 154.4 and reached S / 1,562.7 in the June-July-August period.

Keep in mind

-The head of Produce, Jose Salardi, pointed out that more than two million informal entrepreneurs have been hit by the pandemic, for which he indicated that the government, authorities and industry must “row” together.

-Carlos Canales, president of Canatur, said that in order to boost tourism, new promotion standards are needed for the sector.

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