Peru economy likely expanded by about 4% in July as inflation remains low
Updates with details from call, background
LIMA, Sept 13 (Reuters) -Peru's economy likely grew by around 4% in July, the chief economist of the country's central bank said on Friday, continuing a recovery following last year's recession when gross domestic product contracted by 0.6%.
In 2023, the Andean country's economy was hurt by adverse weather, lower private investment and ripple effects from anti-government protests that hit its key mining sector.
Speaking at a webcast press conference, the bank's chief economist Adrian Armas said the economy was recovering in line with expectations thanks to larger investments. The country's economy minister had earlier said July growth may even havetopped 4%.
The government expects a solid recovery this year, forecasting economic growth of 3.2% this year and a 3.1% expansion in 2025. The major copper-producing country has for years been one of South America's top economic performers.
On Thursday, the central bank trimmed its benchmark interest rate to 5.25% after annual inflation slowed to 2.03% in August - within the central bank's 1% to 3% target range.
The monetary authority has cut the rate by 250 basis points since it first lowered borrowing costs last September.
Peru has one of Latin America's lowest interest rates. The bank's board said in its decision that its outlook had improved in August and core inflation should keep declining, but that future rate changes will depend on how prices evolve.
Reporting by Marco Aquino; Writing by Sarah Morland; Editing by David Alire Garcia
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