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Peru’s Recession Continues, Defying Government’s Recovery Promises
Peru’s economy contracted more than all forecasts in July, boosting the chance that the central bank will extend the monetary easing it began this week. The economy shrank 1.3% from a year earlier, the national statistics agency said Friday. The median expectation of nine analysts surveyed by Bloomberg was for the economy to remain flat. Manufacturing output fell 14%, while construction activity dropped 8.8%. Mining was a bright spot, registering an 11% expansion. The result extends the recession the economy is in, and throws into doubt the finance ministry’s prediction that a recovery was imminent. On Thursday, ... (full story)