off-the-wire

UPDATE 1-Peru's GDP grows 0.22% in March, reversing two months of declines

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds detail from statement, background on economy) LIMA, May 15 (Reuters) - Peru's gross domestic product (GDP) expanded 0.22% in March compared with the same month last year, the government's INEI statistics agency said on Monday.


The growth follows two consecutive months of contraction this year as the economy of the world's No. 2 copper producing nation was hurt by nationwide anti-government protests, after 22 months of growth. The March growth was helped by the country's mining and hydrocarbon industry, which expanded 9.28% from a year earlier as the country's mines


resumed operations and increased their output after stoppages caused by blockades.


For the quarter, however, GDP contracted 0.43%. Peru's central bank had earlier predicted that the figure may be "close to zero" or negative over this period.


The central bank forecasts economic growth of 2.6% for this year, rising to 3.0% in 2024.




(Reporting by Marco Aquino and Sarah Morland; Editing by Brendan O'Boyle)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.