(Bloomberg) -- Peru’s economy grew significantly in July, resuming a recovery that had suddenly stalled a month earlier.
The economic activity index, a proxy for gross domestic product, rose 4.47% from a year earlier, the national statistics agency said on Sunday. The result was above the median forecast of 3.5% growth in a Bloomberg survey of eight economists.
The reading signals that the economy may be back on track to meet the government’s target of 3.2% growth in 2024. Peru’s economy is bouncing back from a rare recession in 2023 triggered by bad weather and political instability.
Peru’s central bank had forecast on Friday that the economy would grow 4% in July. The bank is scheduled to publish revised economic forecasts next week. Last week, it cut the benchmark interest rate by 0.25 basis points to 5.25%, the lowest among Latin America’s major economies.
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