Peru’s February GDP up 8.53 percent

Peru’s economy rose by 8.53 percent in February, the 18th consecutive month of growth, according to the national statistics and information bureau, INEI.

In the first two months of 2011, Peru’s GDP expanded by 9.28 percent, state news agency Andina reported.

The economic growth was led by the restaurant and hotel sector, which grew 11.6 percent in February compared to the same month last year.

The finance and insurance sector climbed 11.0 percent, while transportation and communications expanded by 10.9 percent.

The fishing sector increased by 9.09 percent and the electricity and water sector rose 7.66 percent.

Agriculture grew by 5.07 percent and construction was up 4.90 percent. The mining and hydrocarbon sector fell 3.90 percent year-on-year.

Peru was one of the world’s fastest growing economies in 2010 at over 8 percent. The International Monetary Fund has projected the GDP will increase by 7.5 percent this year.

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