Expect 3.5% growth for Peru, thanks to the mining sector's recovery

Fernando Iberico, a senior analyst with Intéligo, predicted that the Peruvian economy would grow by 3 to 3.5 % in the second quarter of 2015. He explained that this growth has been fueled by the rebound in the mining and fishing sectors. Increased mining production and a gradual acceleration in the global economy will help Peru consolidate its recovery for the rest of 2015.

Other experts have settled on similar predictions for Peruvian GDP growth in 2015. The Central Reserve Bank of Peru lowered its estimate to 3.2%, while the UN-affiliated Economic Commission for Latin America and the Caribbean estimates that Peru will grow by 3.6% this year.

In related news, international consulting company IHS published a report highlighting the long-term growth potential of Chile and Peru, the two mining leaders in South America. IHS predicted that Chile would grow at 4.4% per year over the next 30 years, just below China at 4.5% and Peru at 4.3%.

In other news, Peruvian economist and director of Macroconsult Elmer Cuba criticized Peruvian president Ollanta Humala for supporting policies that favor rural Peruvians at the expense of city dwellers. He faulted Humala for not sufficiently supporting mining and the role that it can play in Peru’s economic growth.