Peru Economic Activity Increased 6.47 Percent In May

Peru’s economy grew by 6.47 percent in May, which was higher than economic growth a month earlier, as domestic demand remained strong and also the demand abroad for non-traditional products.

Peru’s national statistics bureau, INEI, said the construction sector rose 15.8 percent in May, boosted by domestic consumption of cement and progress in works in the mining sector, shopping malls, industrial units and road infrastructure.

The agriculture sector gained 7.75 percent in May, while the restaurant and hotel industry rose 8.8 percent.

Finance and insurance sector activity rose 6.83 percent, while transportation and communications increased 6.33 percent. Commerce grew by 6.47 percent and electricity and water rose 5.34 percent in May.

The manufacturing sector rose 2.69 percent in May, while mining and hydrocarbon activity gained 1.28 percent. Fishing activity was the only sector that saw declines, down 7.63 percent in May, according to the government.

In April, Peru’s economy expanded by 4.37 percent, while a number of economists expect it to grow 6 percent in 2012.

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