Peru’s gross domestic product expanded by 5.28% in April from a year earlier, marking the highest rate in 32 months, according to the government’s INEI statistics agency. This figure surpassed analyst predictions of 1.4% growth and government expectations of a 4% increase. The growth was driven by a significant increase in agriculture and livestock production, as well as growth in the manufacturing sector. However, the mining and hydrocarbons sector saw a decrease due to a contraction in metallic mining activity.
The increase in the growth rate, the highest since September 2021, was attributed to a 29% boost in public spending by Peru’s government between January and May. The economy ministry expects economic activity to remain dynamic in May, particularly in fishing and primary manufacturing. Economy Minister Jose Arista stated that Peru’s economy likely grew by 4% in April and may continue to grow in May as the country aims to recover from a recession that began last year.
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