FX.co ★ Peruvian GDP Plummets to -0.28% in March 2024 Amidst Economic Uncertainties

In a surprising turn of events, Peru's Gross Domestic Product (GDP) sharply contracted to -0.28% in March 2024, marking a significant decline from the previous month’s figure of 2.85% recorded in February 2024. This economic downturn highlights severe challenges facing the South American nation amidst a backdrop of global uncertainties.

As per the updated data released on May 15, 2024, this March figure depicts a year-over-year comparison, analyzing economic performance against the same month in the previous year. This latest indicator reverses the positive trend seen in February, which was also gauged on a year-over-year basis, indicating an abrupt and marked shift in economic conditions.

The data suggests that Peru may be grappling with underlying issues such as inflation, supply chain disruptions, or diminished consumer confidence, which have all contributed to this sudden GDP contraction. Economists and policymakers will now need to scrutinize these factors closely and develop robust strategies to avert a prolonged economic slowdown. This development calls for swift and decisive action to stabilize the Peruvian economy in the face of such startling negative growth.