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Peru's economy recovers in June after lethargic April, May

Peru's economy recovered in June after suffering setbacks in April and May, Reuters reported, citing figures from statistics agency INEI.

The economy grew 2.62% yearly in June from a growth of 0.02% in April and 0.63% in May, as strong performance from the construction and fisheries sectors offset a further decline in mining.

Peru's construction sector grew 13.63% annually in June, while the fishing sector bounced back from a five-month decline to grow 14.18%.

On the other hand, lower production of copper, gold, zinc and silver led to the country's mining and hydrocarbons sector shrinking 3.01% annually in June.

On a seasonally adjusted basis, the economy for the month of June was up 0.30% from May. Meanwhile, first-half growth figures clocked in at 1.73%.

In a presentation before Congress, Economy Minister Carlos Oliva expects July's figures to exceed that of June. "We have figures that give us some light [saying] this could improve this month and it would be confirmed that the worst is over," the official said.

In July, the country's central bank decided to lower its 2019 growth estimate to 3.4% from 4.0%, citing weaker-than-expected performance in the primary sector. Later that month, President Martin Vizcarra said the country's economy will grow a slower-than-expected 3.5% this year, lower than April's forecast of 4.2% growth.