(Bloomberg) -- Peru’s economy expanded more than expected for the second straight month in May, cementing its recovery from a recession last year.
The economic activity index, a proxy for gross domestic product, rose 5% from a year prior, the national statistics agency reported on Monday. It matched the highest forecast in a Bloomberg survey of analysts that had a 4.4% median estimate.
The reading was in line with forecasts from both the central bank and the finance ministry, which see the economy growing around 3% in 2024. That outlook represents a turnaround from last year, when gross domestic product contracted 0.6% due to social turmoil and bad weather. Peru’s recovery has also eased pressure on the central bank to slash rates faster.
Growth in May was boosted by a more than 300% surge in fishing, which had been heavily disrupted by the El Nino weather pattern last year. Peru is a top supplier of fish meal worldwide, most notably of anchovy.
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