Business

Peru’s September GDP growth second highest in 2010

Peru’s economy expanded by 10.41 percent in September, the second biggest growth so far this year, state news agency Andina reported.

Peru’s GDP was boosted by the construction and manufacturing sectors, which grew 22.97 percent and 16.68 percent in the month, respectively.

In the January-September period, construction has increased 18.22 percent, while manufacturing has climbed 14.32 percent.

The financial and insurance sector rose 16.58 percent in September and 11.56 percent in the first nine months of 2010.

The restaurant and hotel sector grew by 6.87 percent, while electricity and water services were up 6.82 percent, transportation 5.43 percent, agriculture 4.08 percent, and mining and hydrocarbons 2.74 percent.

In contrast, Peru’s fishing sector decreased 36.13 percent in September. It has contracted 14.29 percent in the first nine months.

Peru’s economy is expected to be among the fastest growing in Latin America this year. President Alan Garcia has recently said he expects it to rise 8.5 percent in 2010.

The strong montly growth this year was in June, when Peru’s GDP rose by 11.92 percent.

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