Sun Sep 15 15:17:27 UTC 2024: ## Peru’s Economy Rebounds in July, Growing 4.47% Year-on-Year
**LIMA** – Peru’s economy showed continued resilience in July, expanding for the fourth consecutive month, fueled by strong performance across most sectors, according to official data released on Sunday. The 4.47% year-on-year growth surpassed the central bank’s estimate of around 4%, indicating a robust recovery following last year’s recession.
The growth was driven by significant increases in manufacturing (10.91%) and mining and hydrocarbons (3.10%), with metallic mining activities, including molybdenum concentrate and silver production, contributing to the gains. However, production of zinc, copper, and iron experienced declines.
The agriculture sector contracted by 3.93%, attributed to smaller planted areas, unfavorable weather conditions, and early harvesting, resulting in reduced volumes of olives, beans, paprika, potatoes, cocoa, and corn.
The July growth marks a significant improvement from the previous month’s 0.21% expansion. The robust performance aligns with the government’s target of 3.2% economic growth for the year, fueled by increased investment.
Peru, a leading copper producer, has historically been one of South America’s top economic performers. However, last year, the economy contracted by 0.6% due to adverse weather, lower private investment, and the impact of anti-government protests on the mining sector. The latest figures suggest a positive trajectory for the Peruvian economy, indicating a sustained recovery from the challenges of the past year.
First Piper 