Economic growth in Peru

This week, various Peruvian governmental entities released reports on the country’s economic performance for the last quarter. The Peruvian Banco de Crédito estimates that, driven by the mining sector, the Peruvian economy grew by 3% year-over-year. The BCP predicts that GDP growth in 2016 will be increase slightly, to 3.2%, as new large mining projects in the country are brought online.

The Peruvian National Institute of Statistics and Informatics noted that the double-digit growth in the mining sector makes it 73 straight months of mining growth for Peru. In August alone, GDP growth was 2.57%.

Peruvian oil production also increased sharply in August, up 8.9% to an average daily production of 60,700 barrels of oil. Andina noted that Pluspetrol Norte was responsible for 31% of Peruvian oil production in August, while CNPC Peru produced 18% of the country’s total.

In other mining news, El Comercio interviewed Peruvian presidential candidate Nano Guerra Garcia, discussing his views on the Peruvian economy. Garcia believes that the state’s role in the economy needs to be completely reimagined, and he argued that all of the mining concessions in the country should be reviewed.