Peru’s economy rose 2.09% year-on-year in October, said the country’s government on Sunday.
The expansion was boosted by improving domestic demand and a slight rebound in the mining sector.
The growth failed to reach forecasts in a Reuters poll however, which had expected a 2.6% rise for the month. October’s data was also slowed than the 2.22% increase recorded the previous month, and was far below the 4.12% expansion posted in October last year.
The state statistics agency INEI said in a statement that the domestic economy climbed 2.16% during the first 10 months of the year, and 2.64% in the twelve months ending October.
Economic growth was boosted by commerce, construction and agriculture, while increased volumes in zinc, iron, lead and silver supported the key mining and hydrocarbons sector, which edged higher following a downbeat performance the month prior. The South American nation is the world’s second-largest producer of copper and zinc.
The country’s economic and finance minister said: “The recovery of the advanced indicators of economic activity anticipates higher growth rates in November and December.”
The government and central bank estimate Peru’s economy to surge 2.6% in 2019, below expectations at the beginning of the year, as the global economic slowdown impacted most countries.
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