Peru’s Economy on the Upswing: GDP Grows by 5.28% in April, Exceeding Expectations

Peru’s economy is showing strong signs of recovery as its 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. These factors have contributed to a positive outlook for Peru’s economy in May, with a focus on fishing and primary manufacturing.

Despite this, 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. However, overall economic activity in Peru is expected to remain dynamic, with public spending increasing by 29% between January and May contributing significantly to this 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. With positive indicators like these, it looks like Peru’s economy is on track for continued growth and prosperity in the coming months.