Peru’s economy grew by 1.78% in November from the same month a year earlier thanks to a surge in foreign demand for the country’s mineral exports, state statistics agency Inei said on Monday, Reuters reported. A Reuters poll had forecast a 2.55% year-over-year expansion. In the first 11 months of the year, Peru’s economy grew by 2.38%, Inei said. On Friday, the central bank said it expected that the Andean country’s economy grew slightly below 2.7% in 2017. Export activity grew 12.7% in November, driven primarily by greater demand for copper, zinc and gold. Mining activity grew 5%, driven by increases in zinc, lead and copper output. Peru is the world’s No. 2 exporter of the red metal. Strong mining activity was partly offset by a sharp 45.6% decline in the fishing sector and a 6.6% decline in manufacturing output.
