Peru’s Economy Grows 7.07 Percent In June, Better Than Expected

Peru’s economy grew a strong 7.07 percent in June, marking the 34th consecutive month of growth, according to the National Institute of Statistics and Information (INEI).

The government statistics agency said that Peru’s gross domestic product expanded 6.11 percent in the first six months of 2012, state news agency Andina reported.

The construction sector was the fastest growing activity in June, expanding 20.6 percent, the INEI said.

Other sectors that reported strong growth include fishing, which was up 17.9 percent, finance and insurance, up 9.1 percent, agriculture, which gained 8.1 percent, and commerce, up 6.69 percent.

The mining sector rose 4.76 percent in June, while manufacturing gained 1.31 percent. Electricity and water increased 4.7 percent, and restaurant and hotels jumped 9.76 percent.

Most economists had expected Peru’s GDP to grow between 6 percent and 7 percent in June. The country’s economy is expected to grow a total 6 percent in 2012.

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