Peru’s Gross Domestic Product (GDP) grew by 4.4% in the first quarter of this year, somewhat higher than the 3.3% achieved for the whole of last year. The main factor behind this performance is the sharp increase in mining output (copper in particular) following the start-up of new operations like Toromocho (in Junín) and Las Bambas (in Apurímac). Mining output increased 25% in the first quarter. While domestic demand remains relatively depressed (up only 1.9%), the export sector saw an expansion of 7.8%. Imports were down 2.1%.

http://www.bcrp.gob.pe/docs/Estadisticas/Cuadros-Estadisticos/2016/cuadros-estadisticos-19-2016.pdf.

Mining exports in the first quarter totalled $4.4 billion, compared with $4.5 billion in the first quarter of 2015, with the sharp increase in output offsetting the downward movement of mineral prices.