GDP Expanded 5.72% in February
By RYAN DUBE AND ROBERT KOZAK
LIMA, Peru—After a slight slowdown last year, Peru’s economy is rebounding, leading to forecasts that it could be a star performer in Latin America this year.
Peru’s government said Tuesday that gross domestic product expanded 5.72% in February, led by strong gains in mining, fishing, banking, and construction.
Finance Minister Luis Miguel Castilla forecasts 2014 growth between 5.5% and 6.0%, with the pace picking up during the year as various base metals mines boost output.
The World Bank says Peru will be the second-best-performing economy in Latin America this year, following only Panama, even as growth weakens in neighboring nations such as Brazil and Chile.
“The macroeconomics in Peru have been very well managed, and fiscal policy has been very good,” said Andrew Powell, Inter-American Development Bank’s principal adviser in the research department.