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Peru’s economy moderates slowdown with a 3.2% drop in November, construction recovers

Illustrative file photo of the La Pampilla refinery in Callao Nov 14, 2018. REUTERS / Mariana Bazo

By Maria Cervantes

LIMA, Jan 13 (Reuters) – The economy of Peru, the world’s second largest copper producer, would have fallen 3.2% year-on-year in November, its best rate since the start of the pandemic due to the recovery of the construction sector, according to a Reuters poll on Wednesday.

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The projections of nine local and foreign economists consulted fluctuated between a contraction of 0.5% and 4.5% year-on-year. The calculation is based on the median of the estimates, while the average was -3.1%.

The estimate compares with a 3.79% drop in October and a 2.07% growth in November last year.

“The construction sector would have registered a growth of around 15%. It is one of the few that has been recovering in the shape of a ‘V’ thanks to higher spending on self-construction and the recovery of public investment,” said Pablo Nano, Deputy Manager of Studies Scotiabank Peru Economics.

According to advanced data from the National Institute of Statistics (INEI), in the month of study, internal cement consumption grew 17.72% and accumulated four consecutive months of positive results.

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Meanwhile, the key mining and hydrocarbons sector fell 4.75%, due to lower gold, lead and silver production in November.

The INEI will release the October growth data on January 15.

(Reporting by Maria Cervantes. Editing by Javier Leira)

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