Peru's economy grows 3.54% year-on-year in January

LIMA, March 15 (Reuters) - Peru's economy expanded 3.54% year-on-year in January, data from the nation's INEI statistics agency showed on Sunday, driven by growth in most of its economic sectors including construction, commerce, mining and hydrocarbons.

The figure was roughly in line with the 3.5% estimated by the Central Bank's chief economist on Friday.

In a report, the National Institute of Statistics and Informatics (INEI) said the mining and hydrocarbons sector grew 3.08% year-on-year in January after two consecutive months of declines.

January's rise was due to increased production of copper, zinc, gold and silver. Peru is the world's third-largest copper producer.

The statistics office said that the construction sector also stood out in January, rising 15.63% year-on-year largely driven by domestic cement consumption.

The fishing sector fell by 9.56% year-on-year in January, its third consecutive monthly decline due to lower catches.

The Ministry of Economy and Finance of the Andean country has estimated economic growth of at least 3.2% for 2026, compared to the 3.44% growth projected for 2025.

Peru, which has experienced constant political instability with eight presidents since 2018, will hold elections on April 12, and a new president will assume power at the end of July.