indicated that Peru's economy might have registered a growth of around 5% last May and might have increased by almost 4% in the second quarter (April-May-June).
Armas explained that a strong recovery is being observed in primary gross domestic product (GDP), considering that April saw a 10.5% growth rate, mainly due to fishing sector's expansion (+158%).
"Last May, primary GDP growth continued, expected to be above 13%; with that figure, we are projecting total economic growth of around 5% for May," the BCR official stated.
The official GDP growth data for May will be published on July 15 by the National Institute of Statistics and Informatics (INEI).
"Let's remember that all quarters of 2023 showed negative figures. However, in the first quarter of this year, we saw positive growth of 1.4%; in the second quarter, it might be close to a rate of 4%," he indicated.
Armas stressed that there is a strong recovery in primary sectors (agriculture, fishing, and mining) during the second quarter. He added and that non-primary GDP (commerce, construction, and manufacturing) has been recovering in a more moderate manner.
"(...) it is an economy that has ceased to experience negative growth rates, which was what we saw throughout 2023, resulting in a 0.6% decrease for the year. We are now observing growth rates in the first and second quarters," he indicated.