The Peruvian economy perked up in the third quarter of the year, with a growth rate of 3%, faster than in the first and second quarters. Growth for the year as a whole is likely to be lower than 3%, possibly around 2.5%. In 2018, the economy grew by 4%. The mining sector stagnated in the third quarter with 0.3% growth. Domestic demand was up 4.1% while exports were down 1.5% on the previous quarter.
The current account deficit in the third quarter was equivalent to 2% of GDP, up from 1.6% for 2018 as a whole. Exports for the first three quarters were down 6% on the same three quarters of 2018, with traditional exports particularly hit. Mining exports were down 7%, with copper down 10.1% (reflecting lower prices) and gold down 4.2% (reflecting decreased volumes produced). Overall, mining exports accounted for 58.4% of total exports in the first three quarters.