Peru’s Economy Rose 6.7 Percent in October, Faster Than Expected

Peru’s economy grew 6.7 percent in October, marking 38 consecutive months of growth in the Andean nation, state news agency Andina reported, citing government data.

The higher-than-expected growth was led by the fishing and construction sectors, which grew 20.2 percent and 16.3 percent, respectively.

Agricultural activity expanded 2.36 percent in October compared to the same month in 2011, while manufacturing rose 4.54 percent.

The electricity and water sector grew 4.04 percent in the month, and the retail sector posted growth of 5.92 percent.

Transportation and communications gained 7.63 percent, the finance sector grew 11.1 percent, and restaurants and hotels sector increased 7.64 percent.

The only sector to decline was the mining and hydrocarbon sector, which fell 3.33 percent in October. In the first 10 months of 2012, Peru’s economy grew 6.33 percent.

The release of the data came as the Central Bank increased its forecast for Peru’s full-year 2012 growth to 6.3 percent, from a previous estimate of 6 percent, citing domestic demand.

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