Peru’s GDP expands by 7.35 percent in April

Peru’s gross domestic product expanded by 7.35 percent in April compared to the same month last year, national statistics and information bureau INEI reported.

Peru’s economy has grown for 20 consecutive months and climbed 8.31 percent higher in the first four months of 2011 compared to the year-ago period, state news agency Andina reported.

The fishing industry led growth with an expansion of 93.8 percent in April, over April 2010.  This increase, the fourth increase this year, is largely due to maritime fishing, with a greater anchovy landing for indirect human consumption, fishmeal and fish oil – the landing in April this year was 1.68 million tonnes.

The restaurant and hotel  industry increased 10.6 percent year-on-year, while manufacturing was up 9.2 percent.

The electricity and water sector grew by 7.01 percent, but the construction sector was up only 0.10 percent.

“It is clear that the construction industry is decelerating,” INEI head Anibal Sanchez said. “Last year it grew at monthly levels above 20 percent, compared to 0.1 percent last April.”

The mining and hydrocarbon industry also declined, by 4 percent.

In April, the IMF projected Peru’s GDP to expand by 7.5 percent this year.

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