By Marco Aquino
LIMA (Reuters) -Peru’s economic growth this year should surpass the 3.1% rate previously estimated, President Dina Boluarte said in a speech on Sunday, another sign of improvement as the country recovers from a recession last year.
Peru’s central bank in June forecast gross domestic product growth at 3.1% for this year, after the economy contracted 0.6% in 2023.
“This solid performance reflects the resilience of the Peruvian economy. We committed to recovering our growth capacity and we are on that path,” Boluarte said in a speech to Congress.
For years one of South America’s top performers, Peru’s economy struggled last year in the aftermath of adverse weather events, lower private investment and anti-government protests that hampered the Andean country’s mining industry.
The government of one of the world’s top suppliers of has since spent millions of dollars to boost the mining sector.
Peru’s GDP expanded by 5% in May, driven by stronger manufacturing, fishing and transport performance, and the central bank estimates that in the second quarter Peru will notch year-on-year growth of around 4%.
Boluarte also announced plans to boost the country’s infrastructure sector, by allocating 17 projects worth $3.2 billion in the remainder of the year.