Peru’s gross domestic product expanded 3.93% in November compared with the same month of 2023, marking the eighth-consecutive month of economic expansion, the South American government’s INEI statistics agency said on Wednesday.
November’s economic expansion in the world’s second-largest copper-exporting nation landed comfortably above the 3.1% forecast of analysts polled by Reuters, and topped October’s growth rate of 3.38%.
Peru saw double-digit growth in its farming and fishing sectors, growing 12.4% and 17.6% respectively. Peru is a top producer of fishmeal, a fertilizer made using anchovies. The manufacturing sector also grew 6.7%.
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Peru’s key mining and hydrocarbon sector, however, dipped 2.2% while its construction sector shrunk 2.4%.
INEI attributed the lower mining output to less production of metals such as copper, zinc, gold, lead and molybdenum, even as Peru increased its hydrocarbon output.
November’s GDP growth marks the biggest monthly expansion since July.
Peru’s central bank has predicted growth of 3.2% through 2024, after the country fell into a recession the previous year due to challenging climate, lower private investment and lingering impacts from anti-government protests.
For 2025, the central bank forecasts GDP growth of 3.0%.
(Reporting by Sarah Morland; Editing by Kylie Madry)
