Peru’s economy grows 5.33 percent in June, 7.68 percent in first half of 2011

Peru’s gross domestic product grew by 5.33 percent in June, the slowest rate in 17 months, the government said on Monday.

Peru’s economy has grown for 22 consecutive months and 7.68 percent in the first half of 2011, according to the National Statistics and Information Bureau, INEI.

In June, the agricultural sector rose 3.66 percent and manufacturing 2.21 percent. The electricity and water sector expanded by 7.22 percent compared to the same month lasat year. Transport and communications sector was up 10.86 percent, finance and insurance 9.07 percent and restaurants and hotels 9.28 percent.

Sectors that declined included fishing, which was down 15.78 percent in June. The mining and hydrocarbon sector fell 6.17 percent on lower mineral production, while construction dropped 2.75 percent.

Peru’s economy has slowed in the second quarter of 2011 after expanding by 8.8 percent last year. The lower rates of growth have been due to uncertainty about Peru’s presidential election.

President Ollanta Humala, a left-leaning former army officer, was elected on June 5 and took office July 28. He has worked to reassure investors that he will continue to maintain Peru’s economic growth while also improving social inclusion for  some 30 percent of the population that still lives in poverty.

The economy is expected to grow by more than 6 percent this year amid uncertainty about how the economic woes in the United States and Europe could affect the region.

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