INEI: GDP grows by 7.87 percent in March, 8.8 percent in Q1

Peru’s economy expanded by 7.87 percent in March compared to the same month last year, according to national statistics and information bureau INEI.

The result is the lowest GDP growth Peru has seen in 13 months and is down from an increase of 8.4 percent in February and 10.1 percent in January, Radioprogramas reported.

Nevertheless, INEI chief Anibal Sanchez said the growth is still significant and pointed to Peru’s economic expansion of 8.8 percent in the first quarter of this year.

“The result obtained in the month of March is explained by the financial and insurance sector (up 11.24 percent), transportation and communications (up 10.49 percent), manufacturing (up 10.30 percent), and commerce (up 9.19 percent),” Sanchez said.

The construction industry expanded by only 3.6 percent in March. It was one of the fastest growing sectors in 2010 when it increased by 24 percent.

Other industries that saw growth were restaurants and hotels (9.76 percent), electricity and water (6.50 percent), and fishing (4.61 percent). The hydrocarbons sector grew by 24.75 percent, while mining fell by 0.86 percent.

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