LIMA (Reuters) – Peru’s economic growth should surpass the 3.1% rate previously estimated, President Dina Boluarte said on Sunday in a speech to the South American nation’s Congress on its independence day.

Peru’s central bank in June forecast gross domestic product growth at 3.1% for this year, after the economy contracted 0.6% in 2023.

“This solid performance reflects the resilience of the Peruvian economy. We committed to recovering our growth capacity and we are on that path,” Boluarte told Congress.

For years one of South America’s top performers, Peru’s economy struggled last year in the aftermath of adverse weather events, lower private investment and anti-government protests that hampered the Andean country’s mining industry.

The government of one of the world’s top suppliers of has since spent millions of dollars to boost the mining sector.