Peru's Economy Expands In April, The Highest Growth In Over 30 Months

• Peru's gross domestic product expanded 5.28% in April from a year earlier, the government's INEI (Peru's National Institute of Statistics and Information; INEI, for its acronym in Spanish) statistics agency noted, the highest rate in 32 months.
• The figure reversed the contraction logged in the prior month and was well above the 1.4% growth predicted by analysts polled by Reuters, also coming above government expectations of a 4% increase.
• April's expansion was supported mainly by a year-on-year increase of nearly 24% in agriculture and livestock production and an expansion of 11.4% in the manufacturing sector, official data showed.
• The growth rate increase, the highest since September 2021, comes as Peru's government boosted its public spending by 29% between January and May, the economy ministry said in a press release explaining the GDP data.
• "Economic activity is expected to remain dynamic in May, mainly driven by fishing and primary manufacturing given the extraordinary anchovy capture in the north-central zone," the document added.

 (Source: Reuters)