Peru’s economy rebounded strongly in April after weak growth in the first quarter, according to the National Statistics and Information Bureau, INEI.
Peru’s gross domestic product in April expanded 7.65 percent against the same period last year, the agency said. The growth was the fastest monthly increase in two years.
The economy was expected to see strong growth in the month, but the expansion in April was, in fact, slightly better than forecast by private and public sector economists. Higher growth was expected on more working days in April than the year-earlier month.
The robust expansion in April follows weak growth in the first quarter, particularly in March. March’s economic activity gained just 3 percent versus the year-earlier month.
In April, growth was the strongest in the construction sector, which increased 26.48 percent. The mining and hydrocarbon sector expanded at its fastest rate since 2009, gaining 7.79 percent.
Retail was up 7.46 percent, while transport and communication was up 8.08 percent.