Peru economy expands 5.28% in the first quarter

Worth celebrating: People gathering at the annual Peruvian clown event in Lima last month. The GDP figure is well above the 1.4% growth predicted by analysts and government expectations of a 4% increase. — AP

LIMA: Peru’s gross domestic product (GDP) in the first quarter expanded 5.28% in April from a year earlier, according to the government’s INEI statistics agency the highest rate in 32 months.

The figure reversed the contraction logged in the prior month and was well above the 1.4% growth predicted by analysts polled by Reuters, also coming above government expectations of a 4% increase.