INEI: Peru’s economy up 3.63 percent in January

Peru’s economy grew by 3.63 percent in January compared to the same month in 2009, the National Statistics and Information Institute, or INEI, said in a statement.

The increase in Peru’s gross domestic product was led by the country’s construction sector, which expanded by 10.17 percent.

Construction’s growth in January was due to a strong internal demand for cement for various projects in the mining sector as well as new shopping malls and a terminal in the seaport of Callao, the INEI said.

The country’s financial sector also saw strong growth in January with an expansion of 10.01 percent.

The agriculture sector was up by 6.04 percent due to increased production of fruits and vegetables including mango, potatoes, onion, corn, and bananas.

The mining and hydrocarbon sector increased by 1.26 percent led by growth in the extraction of oil and natural gas while manufacturing grew slightly by 0.24 percent.

The country’s fishing sector saw weak results with a drop of 27.14 percent. The INEI said the decrease was due to weather events.

The increase in January’s gross domestic product is the sixth consecutive month that Peru’s economy has expanded following a slow down last June and July.

Minister of Economy and Finance Mercedes Aráoz said last January that she expects the economy to grow by 5 percent in 2010.

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