Peru’s GDP grows 0.31% in April, misses expectations

LIMA (Reuters) – Peru’s gross domestic product (GDP) expanded 0.31% in April compared with the same month last year, the government’s INEI statistics agency said on Thursday, nevertheless landing below analysts’ expectations.

Analysts polled by Reuters had forecast growth of 1.5% increase, after a 0.22% rise recorded in March.

The increase marks the second consecutive month of gains for the economy of the world’s No. 2 producing nation, which is recovering from nationwide anti-government protests that hit its output earlier this year.

The April expansion was boosted by the country’s mining and hydrocarbon industry, up 17.41% from a year earlier, while its agricultural sector shrunk 14.21% over the same period.

Local manufacturing was slowed by heavy rainfall, INEI said, as floods and overflowing rivers hindered traffic and affected food supplies.

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