LIMA, Feb 12 (Reuters) - Peru’s mining-powered economy likely grew by 5.4 percent in December year-on-year and 3 percent in all of 2015 thanks to a surge in copper production, a Reuters poll showed Friday.
The estimates of 11 economists ranged from 3.0 to 6.4 percent for December and 2.8 to 3.1 percent for 2015.
The median forecasts were in line with the central bank’s revised estimates on Friday for growth of at least 5 percent in December and at least 2.9 percent in 2015.
A 3 percent expansion last year would mark a rebound from 2.4 percent in 2014, but would still be under the 4 percent pace that the central bank considers the economy’s potential rate.
Growth in Peru slowed sharply in 2014 on tumbling mineral prices. It has been steadily accelerating as new copper projects ramp up production and output rebounds at the country’s biggest mine.
A surge in fishing and solid growth of retail and services also underpinned last year’s rebound, analysts said, but domestic demand in general remained weak.
“Taken together, non-primary sectors showed slow and stable growth throughout the year, with strong contractions in construction and manufacturing,” said Francisco Grippa with BBVA.
The forecast for a 5.4 percent expansion in December, when copper output shot up 68 percent, would mark the fastest monthly pace in all of 2015.
Primary sectory activity surged 18.6 percent on the year in December, while electrical output rose 11.7 percent, according to official data. (Reporting By Ursula Scollo, Writing by Mitra Taj; Editing by David Gregorio)