Peru's economic activity grew 2.3% year-on-year in July, above June's 2.0% rise but still well below April's annual growth rate of 7.8%, the latest FocusEconomics' LatinFocus Consensus Forecast report highlighted.
in the January–July period, meanwhile, rose by 4.3% from the same period in 2017.
According to FocusEconomics, an acceleration in export expansion and resilient domestic demand drove growth in July
"The acceleration in exports growth benefited from stronger sales of traditional products, including sugar, cotton, iron, zinc, and gold," it pointed out.
"On the domestic demand side, retail sales expanded
at a decent albeit decelerating pace, while consumer credit growth gathered steam," it added.
In terms of productive sectors, almost all sectors continued to expand. In particular, the trade, telecommunications, and agricultural sectors continued to expand solidly.
Moreover, accelerations were recorded in the transport and construction sectors. However, both the mining and hydrocarbons, and fishing sectors continued to contract.
Meanwhile, annual average variation in economic activity came in at 3.3% in July, marginally up from June's 3.2%.
Panelists surveyed for this month's LatinFocus report expect GDP to expand 3.9% in 2018
, which is unchanged from last month's projection.
For 2019, the panel expects the economy to grow 3.8%, also unchanged from last month's estimate.