Peru's Economic Rebound: A 4% Growth Surge in April and May

Peru's economy grew by 4% in April and is projected to maintain this rate in May, according to Economy Minister Jose Arista. This growth signals recovery from last year's recession, supported by increased public and private spending. The government aims to sustain this growth, particularly by investing in the mining sector.

Reuters | Updated: 14-06-2024 21:35 IST | Created: 14-06-2024 21:35 IST
Peru's Economic Rebound: A 4% Growth Surge in April and May
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Peru's economy grew 4% in April and possibly in May as well, the South American country's economy minister said in a speech to Congress on Friday, putting the country on track to recover from a recession amid a boost in public and private spending.

"In April we grew 4% and our projections show that in the month of May we are going to repeat with a statistic close to 4%," said Economy Minister Jose Arista, adding that the figures put Peru on track to grow 3.1% this year. Peru, a top global copper producer, fell into recession last year due to the El Nino weather phenomenon, lower private investment and lingering effects from earlier social conflicts, returning to growth in the first quarter.

"What we want is to enhance this growth," said Arista. "That is why we propose measures that allow us to make this reactivation sustainable." Peru's government has spent millions of dollars to boost the critical mining sector.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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