Peru’s economy demonstrated robust recovery in July, marking its fourth consecutive month of growth. Official data from the National Institute of Statistics and Informatics (INEI) revealed a 4.47% year-on-year expansion, surpassing the central bank’s economist forecast of approximately 4%. This growth follows a challenging period last year, when the economy contracted by 0.6% due to adverse weather, reduced private investment, and anti-government protests affecting the mining sector.
The impressive growth in July was driven predominantly by significant gains in manufacturing and mining. Manufacturing surged by 10.91%, while the mining and hydrocarbons sector expanded by 3.10%, bolstered by increased activity in metallic mining, including molybdenum concentrate and silver. Despite this progress, production of key minerals like zinc, copper, and iron saw declines.
The agriculture sector, however, faced setbacks, shrinking by 3.93%. Contributing factors included reduced planted areas, adverse weather conditions, and premature harvesting, which led to lower production volumes of olives, dry beans, paprika, potatoes, cocoa, and hard yellow corn.
This positive economic trend aligns with the government’s target of 3.2% growth for the year and reflects ongoing recovery efforts in the aftermath of last year’s recession. Peru, known as the world’s third-largest copper producer, continues to navigate economic challenges while capitalizing on sectoral strengths to drive growth.
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