Peru’s GDP Rises 7.18 Percent In February

Peru’s economy grew by 7.18 percent in February, its fastest rate of growth since last August, the government said.

The National Institute for Statistics and Information (INEI) said that construction led growth for the month, rising 14.03 percent, as domestic demand was boosted among an increase in public-sector investments, state news agency Andina reported.

The retail sector grew 8.89 percent amid higher vehicle sales, while electricity and water activity increased 7.46 percent.

Transportation and communications rose 9.94 percent, while the finance and insurance sectors advanced 13.72 percent.

Activity in restaurants and hotels grew 10.12 percent, while agriculture rose 3.2 percent and the mining and hydrocarbon sectors climbed 2.53 percent.

The fishing sector was the only sector to decline, posting a decrease of 1.08 percent.

Peru’s gross domestic product expanded by 5.4 percent in January and in 2011 it grew by 6.9 percent.

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