Peru GDP Grew 11.83% in August vs August 2020

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Peru's gross domestic product expanded 11.83% in August compared with August 2020, marking six straight months of economic growth for the South American country, the government's INEI statistics agency said in a statement on Friday, Reuters reported. The expansion in August was principally driven by the construction and manufacturing sectors, the agency said. In the first eight months of 2021, Peru's economy grew 18.59%, the INEI statement said. In the 12-month period through August, the country's GDP expanded 10.46%, it added. The copper-producing country has been through turbulent political waters as new President Pedro Castillo, a leftist former school teacher, sets a new policy course. Prior to Castillo's election in June, the country had been racked by one political corruption scandal after another. Fitch said on Friday it downgraded Peru's long-term foreign currency bond rating to BBB from BBB-Plus. "Peru's medium-term investment and economic outlook has weakened as a result of political volatility in recent years," Fitch said in a statement. Read more.