Peru economy up 7.81% in April, posts highest growth in 60 months

Peruvian economy grew 7.81% in April this year, above expectations of analysts and the Economy and Finance Ministry (MEF), posting the highest expansion rate in the last 60 months, according to the National Institute of Statistics and Informatics (INEI).

This way national production expanded 4.40% in Jan-Apr and 3.31% in the last 12-month period (May 2017-April 2018), thus marking 105 months of sustained growth, as stated by INEI’s National Production Technical Report.

April’s GDP figures mark the biggest expansion in the last 60 months, or five years, after national economy grew 8.7% in April 2013.

It is worth noting MEF’s estimate for April was 6%, whereas Peru’s Central Bank projected a 7% growth.

As claimed by INEI, the economic activity’s positive evolution was supported by the favorable external demand for traditional products (14.05%) such as copper, zinc, silver, coffee, and natural gas.

Meanwhile, the external demand for non-traditional products went up 27.5%, of note are those of fishery, farming, iron-steel, non-metallic mining, chemical, and textile sectors.

The growth was also influenced by the domestic demand recovery associated with higher imports of non-durable consumer goods (14.03%), retail sales (3.15%), and consumer loans (7.49%).

It must be noted that April 2017 contained two working days less due to Holy Week holidays.

All productive sectors contributed to Peru’s GDP growth in April 2018. In fact, six contributed 65% to the overall growth: manufacture, farming, trade, construction, fishery, as well as transport, storage, and communications.


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