World Economy

Peru Reports Economic Growth

Peru Reports Economic GrowthPeru Reports Economic Growth

Peru’s economy accelerated 4.88% in May on a year-on-year basis, the country’s national statistics institute reported on Friday, suggesting one of the world’s top copper producers is recovering from a slowdown, Reuters reported. The country’s economy expanded 4.02% in the 12-month period through May. Growth was led by a 33.2% jump in mining activity–the fastest monthly expansion since December 2001. This was thanks to a whopping 63.9% boost in copper production on the back of big mines coming back online. Peru’s economy grew an impressive average 6.4% until mineral prices started sliding, dragging economic growth down. It grew 2.4% in 2014 and 3.3% last year.