Peru’s economy will grow by almost 5% next year, the Lima Chamber of Commerce said Tuesday, pointing to improved outlook for the mining and manufacturing industries.
“Next year, we hope that the mining and manufacturing sectors recover their growth dynamic to grow at rates of 5.1% and 4.7%, respectively,” the business group’s top economist, Cesar Peñaranda, said, according to daily La Republica.
The mining and hydrocarbons sector is expected to contract 0.9% this year, while manufacturing is seen declining 1%.
The chamber of commerce said that it sees Peru’s gross domestic product expanding 4.8%, which would be stronger than the approximately 2.5% to 3% growth expected for this year but still below some earlier estimates from economists.
Growth next year is expected to recover thanks to new mining production and new infrastructure projects that will require billions of dollars in investments.
The Lima Chamber of Commerce, one of Peru’s main business groups, said the construction sector will expand 7.6% in 2015, while retail will grow 5.2% and services will expand 5.5%.
Peru’s GDP is expected to grow 5.2% in 2016, the chamber said.