Peru Economy Grew 9.71% Year-on-Year in September

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The Peruvian economy grew 9.71% year-on-year in September, slightly above a recent central bank projection, but its slowest pace of expansion since March as it recovers from the COVID-19 pandemic, the government reported on Monday, Reuters reported. Three days earlier, the central bank estimated that the economy had grown between 8.5% and 9.5% in September. In September last year, the economy of the world's second-largest copper producer fell 6.10% year-on-year, when Peru closed large swathes of its economy due to the pandemic. The National Institute of Statistics and Information (INEI) said in a statement that the economy grew 17.49% in the first nine months of the year, while in the 12 months through September it expanded 11.95%. The mining and hydrocarbons sector, the engine that drives 60% of Peru's exports, grew 11.07% in September, its highest increase in four months, a statement from the INEI said. The economy sank 11.1% in 2020, one of the worst contractions in Latin America, due to strict lockdown measures and other restrictions. Read more.