Peruvian economy grew 3.44% in June and 3.54% in the year’s first half

Economic activity in Peru expanded by 3.44% in June over the same month last year, and accumulated a rise of 3.54% in the first half of the year, reported the state-run National Institute of Statistics and Informatics (INEI) on August 15.

“In June 2022, national production increased 3.44%, due to the favorable evolution of most economic sectors, except for agriculture and livestock, telecommunications and finance,” the institution highlighted in a monthly report.

INEI indicated that national production increased by 3.54% from January to June. This indicator foreshadows the GDP.

In the last 12 months, the growth of the Peruvian economy was 5.51%.

The Accommodation and Restaurants sector, which contributes three points to the GDP, remained the locomotive of the recovery, with an expansion of 25.10%, thanks to the elimination of restrictions imposed during the pandemic.

Among the most dynamic sectors, Transportation (10.86%), Construction (6.02%), and Manufacturing (5.69%) also stand out.

Mining, which contributes 14 points to the GDP and is one of the engines of Peruvian exports, grew by 2.99% in the month, leaving behind three months of negative results.

The positive performance of metals production, driven by higher production volumes of molybdenum (9.5%), copper (8.0%), iron (3.8%), and tin (2.3%), contributed to the reactivation.

The government maintains its annual growth expectations at 3.6%, despite the Central Bank’s June estimate of 3.1%.

This century’s highest growth rate was recorded in 2021, at 13.31%, in a rebound after the pandemic crisis. The opposite occurred in 2020 when the 107-day quarantine resulted in a historic contraction of 11.12%.

With information from AFP

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