Copper giant Peru sees economy expand for eighth straight month
2025.01.15 11:13
(Reuters) – Peru’s gross domestic product expanded 3.93% in November compared with the same month of 2023, marking the eighth-consecutive month of economic expansion, the South American government’s INEI statistics agency said on Wednesday.
November’s economic expansion in the world’s second-largest copper-exporting nation landed comfortably above the 3.1% forecast of analysts polled by Reuters, and topped October’s growth rate of 3.38%.
Peru saw double-digit growth in its farming and fishing sectors, growing 12.4% and 17.6% respectively. Peru is a top producer of fishmeal, a fertilizer made using anchovies. The manufacturing sector also grew 6.7%.
Peru’s key mining and hydrocarbon sector, however, dipped 2.2% while its construction sector shrunk 2.4%.
INEI attributed the lower mining output to less production of metals such as , zinc, gold, lead and molybdenum, even as Peru increased its hydrocarbon output.
November’s GDP growth marks the biggest monthly expansion since July.
Peru’s central bank has predicted growth of 3.2% through 2024, after the country fell into a recession the previous year due to challenging climate, lower private investment and lingering impacts from anti-government protests.
For 2025, the central bank forecasts GDP growth of 3.0%.
