Peru's Economic Recovery: May GDP Growth Driven by Manufacturing and Mining

Peru's economy grew by 5.04% in May 2023, with significant boosts in manufacturing, fishing, and transportation. This recovery follows last year's recession caused by adverse weather and anti-government protests. The mining and hydrocarbons sector also saw growth after previous contractions.

Peru's economy expanded by 5.04% in May 2023, compared to the same month last year, according to INEI, the country's national statistics agency. The growth aligns with a forecast from Peru's central bank, emphasizing the Andean nation's recovery from a recession.

The surge in economic activity was largely driven by an 18.59% increase in manufacturing output. Fishing and transportation sectors also showed remarkable growth, expanding by 329.16% and 7.03%, respectively. Additionally, the vital mining and hydrocarbons sector grew by 1.83% in May, following a contraction in April.

Peru, a leading global copper producer, faced economic challenges last year due to adverse weather and protests. In response, the government has invested heavily in the mining sector to facilitate recovery. The central bank anticipates a 4% economic growth in the second quarter of 2023 compared to the same period last year.

(With inputs from agencies.)