LIMA - Peru's economy grew at a better-than-expected rate of 3.26% last year, rebounding from a sharp slowdown in 2014, thanks to a December surge in copper output and anchovy catches, data from the state statistics agency showed Monday.
The official reading for December, 6.39%, marked the fastest monthly expansion in two years and came in above the 5.4% rate forecast in a Reuters poll.
The market and central bank had expected growth of about 3% in all of 2015, while the finance ministry estimated a 2.8% expansion.
Soaring copper production from new mines and a rebound in anchovy fishing continued to drive a year-end recovery that had stalled for more than a year as investments and exports tumbled at the end of a decade-long mining boom.
Last year was the first since 2010 that economic growth quickened rather than slowed in the Andean country as prices for its key mineral exports fell from record highs.
Peru is the world's third top supplier of copper and zinc.
Despite slumping copper prices, growth in Peru is expected to continue to accelerate this year, thanks to mining as the huge Las Bambas project starts commercial production and the Cerro Verde deposit expands output.
The new growth data could help shore up tepid business and consumer confidence that has dragged on sectors linked to domestic demand.
Edited by: Reuters
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
