Peru’s gross domestic product grew by 5.28% in April compared to the previous year, marking the highest rate in 32 months, according to the government’s INEI statistics agency. The expansion was driven by a nearly 24% increase in agriculture and livestock production, as well as an 11.4% growth in the manufacturing sector. Despite a decline of 4.34% in the mining and hydrocarbons sector, primarily due to a contraction in metallic mining activity, Peru’s overall economic growth remains strong with the highest growth rate recorded since September 2021. The economy ministry expects continued momentum in economic activity in May, particularly in fishing and primary manufacturing. The government’s efforts to increase public spending have contributed to the country’s economic recovery, with Economy Minister Jose Arista stating that the economy likely grew by 4% in April and May. This positive trend signals progress as Peru works to emerge from the recession that began last year.
