Peru’s August GDP Rising 7.49 Percent, Higher than Expected

Peru’s economy expanded by 7.49 percent in August, led by the fishing sector which grew 82.6 percent in the month, the government said on Monday. The growth was higher than expected by many economists.

According to the National Statistics and Information Bureau,  INEI, Peru’s economy grew by 7.51 percent in the first eight months of 2011, state news agency Andina reported.

INEI said in August, agriculture expanded by 5.83 percent, while the mining and hydrocarbons sector grew by 3.19 percent.

Manufacturing was up 5.09 percent, while electricity and water sector grew by 8.10 percent. Construction rose by 6.66 percent and commerce expanded by 8.51 percent in August.

Transportation and communications grew by 10.46 percent, finance and insurance was up by 14.16 percent and restaurants and hotels increased by 9.31 percent, the INEI said.

BBVA Banco Continental, Peru’s second largest bank, said the strong growth is expected to have continued in September. “The expectations of consumers and businesses show positive tendencies and electricity production maintained a growth rhythm of around 9 percent,” BBVA said.

“The rhythm of expansion continues to be high, particularly in the sectors that are linked to family consumption, such as services and commerce,” the bank said.

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