UPDATE 1-Peru posts worst-ever drop in GDP as mine output falls sharply – by Marco Aquino (Reuters U.S. – June 15, 2020)

https://www.reuters.com/

LIMA, June 15 (Reuters) – Peru´s economic activity sank 40.49% year-on-year in April, its worst-ever percentage drop in output, as a national lockdown to combat the coronavirus slammed the brakes on industry across the South American nation, the government said on Monday.

Key industries such as mining, fishing, construction and manufacturing all plunged in April, statistics agency INEI said in its monthly economic activity report. Since January, Peru´s economy has shriveled by 13.10%, INEI said.

The drop in output in April was far more severe than anticipated by analysts, who had put the contraction at 33%, a Reuters poll showed.

The world´s No. 2 copper producer was among the first in Latin America to impose draconian lockdown measures to slow the advance of the coronavirus. Many of the country´s sprawling mines drastically scaled back output amid the outbreak, ravaging the economy.

For the rest of this article: https://www.reuters.com/article/peru-economy-gdp/update-1-peru-posts-worst-ever-drop-in-gdp-as-mine-output-falls-sharply-idUSL1N2DS1IG

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