Peru’s Economic Growth in November 2023

(Reuters) – Peru’s gross domestic product expanded 3.93% in November compared to the same month of 2023, marking the eighth consecutive month of economic expansion, according to the South American government’s INEI statistics agency on Wednesday.

November’s economic growth in the world’s second-largest copper-exporting nation exceeded the 3.1% forecast by analysts polled by Reuters and surpassed October’s growth rate of 3.38%.

Peru witnessed double-digit growth in its farming and fishing sectors, increasing 12.4% and 17.6% respectively. The country is a leading producer of fishmeal, a fertilizer made from anchovies. The manufacturing sector also grew by 6.7%.

However, Peru’s key mining and hydrocarbon sector experienced a decline of 2.2%, and the construction sector shrank by 2.4%. INEI attributed the lower mining output to reduced production of metals like copper, zinc, gold, lead, and molybdenum, despite an increase in hydrocarbon output.

November’s GDP growth marks the largest monthly expansion since July. Peru’s central bank has projected a growth rate of 3.2% through 2024, following the recession experienced last year due to adverse climate conditions, decreased private investment, and ongoing effects of anti-government protests. For 2025, the central bank forecasts GDP growth of 3.0%.