Peru’s gross domestic product expanded by 5.28% in April compared to the previous year, according to data from the government’s INEI statistics agency. This growth rate was the highest in 32 months and exceeded both analyst predictions and government expectations. The increase in GDP was mainly driven by a significant rise in agriculture and livestock production, as well as growth in the manufacturing sector.
However, the mining and hydrocarbons sector saw a decrease of 4.34% in April, ending over a year of continuous growth. This decline was primarily due to a 4.5% contraction in metallic mining activity. Despite this, overall economic activity in Peru is expected to remain dynamic in May, with a focus on fishing and primary manufacturing.
The Peruvian government increased public spending by 29% between January and May, which contributed to the country’s economic growth. Economy Minister Jose Arista stated that the economy grew by 4% in April and is expected to continue growing in May as well. This growth is part of Peru’s efforts to recover from the recession that began last year.