Peru’s economy is showing signs of recovery as its gross domestic product (GDP) expanded by 5.28% in April compared to the same time last year. This growth rate marks the highest increase in 32 months, according to data from the INEI statistics agency.
Peru’s agriculture and livestock production experienced a nearly 24% increase, while the manufacturing sector expanded by an impressive 11.4%. However, the mining and hydrocarbons sector saw a decline of 4.34%, breaking a streak of continuous growth over a year. This was primarily due to a decrease in metallic mining activity of 4.5%.
The surge in GDP growth can be attributed to the government’s public spending increase of 29% between January and May, as well as positive performance in key sectors like fishing and primary manufacturing. The exceptional anchovy capture in the north-central region is also contributing to economic activity.
Economy Minister Jose Arista mentioned that he expects Peru’s economy to grow by around 4% in both April and May as the country works towards recovering from the recession that began last year. The government’s efforts to boost economic activity are playing a significant role in Peru’s economic growth trajectory.
