Peru’s GDP Increases 6.92 Percent In 2011

Peru’s economy grew by 6.92 percent in 2011, compared to 8.8 percent in the previous year, the national institute of statistics and information said.

Peru’s gross domestic product has grown for 28 consecutive months and it has expanded for the past 13 years, state news agency Andina reported.

In December, Peru’s GDP expanded by 5.96 percent, which was higher than many economists expected.

BBVA Banco Continental said it had forecast economic growth of 5.5 percent for the month. Peru’s second biggest bank said that the higher-than-expected growth  “reflects in part the transient acceleration of some primary sectors.”

“This effect will dissipate in January and, together with the observed temporary decrease in electricity production, leads us to anticipate that the pace of growth will be somewhat lower in the begining of the year,” the bank said.

In December, the agricultural sector expanded 1.28 percent, while fishing was up 74.5 percent. Mining and hydrocarbons rose 4.19 percent after falling in recent months, while manufacturing was up 3.69 percent. Manufacturing had also contracted in recent months.

Electricity and water increased 7.33 percent in December, while construction was up 3.8 percent. In December, transport and communications was up 9.29 percent, while the finance and insurance industry rose 12.16 percent, the government said.

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