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Peru’s economy grows 3.47% in November but mining contracts amid protests

LIMA, Jan 15 (Reuters) – Peru’s economy grew 3.47% year on year in November, the lowest rate since March, the government said on Saturday, citing an increase in consumption offset by a fall in the key The country’s mining sector has been hit by environmental protests.

In November 2020, the economy of the world’s second largest copper producer collapsed 2.08% as Peru felt the ravages of a coronavirus lockdown.

In 2021, some mining operations have been seriously disrupted by protests by citizens who have claimed that communities near the mines are suffering environmental damage without adequate benefit from the sector.

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INEI, the official statistics agency, said in a statement that the economy grew by 14.68% in the first 11 months of 2021.

The mining and hydrocarbon sector, which is vital to Peru’s economy as it accounts for 60% of its exports, fell 5.29% yoy in November, mainly due to lower production of copper, zinc, iron and lead, according to the statistics agency.

Peru’s economy shrank 11.1% in 2020, one of the worst contractions in Latin America due to tight restrictions imposed to combat the pandemic. According to official estimates, the economy grew by 13.2% in 2021 as a whole.

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Reporting by Marco Aquino, writing by Hugh Bronstein; Editing by Diane Craft

Our standards: The Thomson Reuters Trust Principles.

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