Peru GDP rises 7.10% in May

Peru’s economy climbed 7.10% higher in May compared to the same month last year, national statistics and information bureau INEI reported on Friday.

The growth in the gross domestic product was led by the finance and insurance sector, which was up 14.21% in May.

The transport and communications sector expanded 11.77%, while the electricity and water utilities rose 7.99%.

The restaurant and hotel sector jumped 7.65% in May, while government services were up 5.10%. Manufacturing followed (5.06%), as well as construction (3.70%), mining and hydrocarbons (2.69%) and agriculture (0.61%).

The only sector that contracted was fishing, which was down 4.64% year-on-year.

Peru’s economy expanded by 8.8% in 2010. Finance Minister Ismael Benavides has said the economy should grow by about 7.5% in the first half of this year. The government has forecast full year growth to be 6.5%.

INEI chief Alejandro Vilchez said that preliminary data from June shows that Peru’s economy will continue strong growth, state news agency Andina reported.

In June, petroleum production fell 0.43%, however natural gas production rose 52.02%, Vilchez said. Electricity production was up 8.55%, he added.

Sharing is caring!

Leave a Reply

Your email address will not be published. Required fields are marked *