Peru's economy likely grew more than 7 pct in July-minister
LIMA Aug 30te (Reuters) - Peru's economy likely expanded more than 7 percent in July as domestic consumption continued to offset weaker exports, Economy Minister Luis Castilla said in remarks published on Thursday by local media.
The July estimate surpasses the 6.82 percent growth registered in the same month a year ago. Peru posted interannual growth of 7.07 percent in June, and 6.1 percent growth in the second quarter over a year ago.
Castilla said domestic consumption and private investment have been driving growth recently and will continue to do so in the coming months, despite economic trouble abroad.
"We believe that growth in private investment will continue through the second half of the year," El Comercio newspaper quoted Castilla as saying.
Other local media carried similar reports.
He also said Peru, one of the world's leading metals exporters, will keep drawing foreign investment despite the recent suspension of a high-profile mining project amid intractable local opposition.
Castilla said investor trust is strong and mining will continue to be an important part of Peru's economy. "There is no reason to be pessimistic. Mining investments that some said would stop, continue to grow."
Mining makes up 60 percent of Peru's exports. Peru's economy grew 6.9 percent last year and is on track to post growth of around 6 percent this year, one of Latin America's fastest expansions.
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