Key facts
- Peru's economy grew 3.73% in April year-on-year.
- This growth rate surpassed the 3.55% expected by analysts.
- Construction and trade sectors were key drivers of growth.
- Mining and hydrocarbons sector contracted by 3.24%.
Peru's economy expanded by 3.73% in April compared to the previous year, according to data released by the INEI statistics agency. This figure exceeded the 3.55% growth anticipated by analysts polled by Reuters and represents an acceleration from the 3.21% expansion recorded in March. The growth was largely propelled by robust performances in the construction and trade sectors, which saw increases of 12.88% and 7.31% respectively. These sectors have been consistently supported by domestic demand in recent months. Fishing also experienced gains, despite central bank warnings about potential El Niño-related weather risks impacting the sector. Electricity generation also increased. Conversely, the crucial mining and hydrocarbons sector contracted by 3.24% year-on-year, and the agriculture sector shrank by 1.64%. The country is also navigating political uncertainty following a close presidential election, with contested ballots still under review and a final result pending.