Peru’s Economy Maintained Strong Growth in August

Peru’s economy continues to post strong growth, expanding 6.33 percent in August on robust domestic demand, state news agency Andina reported.

In the first eight months of 2012, Peru’s gross domestic product rose 6.28 percent compared to the same period in 2011, while in the 12-month period Peru’s economic activity expanded 6.09 percent.

Peru’s National Statistics and Information Bureau, INEI, said that the construction industry grew 17.6 percent in August, while the transport and communications activity gained 5.74 percent.

Electricity and water activity rose 5.57 percent, while manufacturing activity rose 4.11 percent compared to the year-earlier month.

Peru’s agricultural sector grew 4.04 percent in August, mining and hydrocarbons activity rose 0.56 percent, while fishing sector activity declined 13.7 percent, the INEI said.

Peru’s economy has been growing steadily – GDP gained more than 7 percent in July – despite a decline in its exports in recent months due to a weak global economy. The country is expected to have one of Latin America’s fastest growing economies in 2012.

A survey released by the Central Bank on Oct. 12 showed that economic analysts now expect Peru’s GDP to expand 6.1 percent in 2012, compared to a previous forecast of 5.8 percent. Last year, Peru’s economy rose 6.9 percent.

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