Peru’s economy expanded 2.67% in May, data from the nation’s INEI statistics agency showed on Tuesday, exceeding estimates as most sectors logged growth.
May’s data landed above the 1.9% growth predicted by analysts polled by Reuters, despite a decline in its key mining sector.
Peru, the world’s third-largest copper producer, saw its mining and energy sector shrink 6.92% year-over-year, with the smaller fishing sector also declining.
The farming sector expanded 9.26%, while construction and commerce logged increases of 6.04% and 3.1%, respectively.
The Andean nation is bouncing back from a recession that marked the start of President Dina Boluarte’s term in office, as anti-government protests weighed on the country’s mining sector as well as foreign investment.
Its economy is expected to grow more than 4% in June, central bank chief economist Adrian Armas said last week, but warned that the July figure is estimated to have taken a 0.2% hit due to protests by informal miners blocking a key copper corridor.
The economy is expected to grow around 3.1% this year, while in 2026 GDP growth should ease to 2.9%, according to central bank estimates.