👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

Peru economy expands for fourth straight month in July

Published 2024-09-15, 12:29 p/m
© Reuters. FILE PHOTO: A general View shows San Isidro financial district through a window, in Lima, Peru, November 21, 2017. REUTERS/Mariana Bazo/File Photo
HG
-
SI
-

LIMA (Reuters) -Peru's economy expanded for the fourth month in a row in July fueled by all sectors except agriculture, official data showed on Sunday, continuing the country's recovery following a recession last year.

The 4.47% year-on-year growth in the month, according to the INEI statistics agency, outdid an estimate from the chief economist of Peru's central bank last week, who expected expansion of around 4%.

He cited larger investments as expected to help the recovery, in line with a government target of 3.2% growth for the year in the country that is the world's third-largest copper producer.

The July growth marks a significant jump from the month before, when Peru logged an economic expansion of 0.21%.

Manufacturing in July rose 10.91% while the mining and hydrocarbons sector expanded 3.10%, driven by metallic mining activity including growth in molybdenum concentrate and silver.

However, production of zinc, copper and iron decreased.

© Reuters. FILE PHOTO: A general View shows San Isidro financial district through a window, in Lima, Peru, November 21, 2017. REUTERS/Mariana Bazo/File Photo

The agriculture sector shrank 3.93%, due to smaller planted areas, weather issues and some early harvesting, which led to lower volumes of olives, dry beans, paprika, potatoes, cocoa and hard yellow corn.

The Andean country has for years been one of South America's top economic performers. However, last year, the economy shrank 0.6%, affected by adverse weather, lower private investment and ripple effects from anti-government protests that hit mining.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.