Peru’s GDP expands by 9.98 percent in November

Peru’s economy expanded by 9.98 percent in November, the 15th consecutive month of growth for the South American nation, state news agency Andina reported.

The construction sector led the monthly growth climbing 23.8 percent, followed by manufacturing at 14.4 percent, the report said.

In the first 11 months of 2010, construction grew by 18 percent compared to the same period in 2009 while manufacturing rose by 14.4 percent.

The financial and insurance sector was up 11.2 percent in November and transportation and communications rose 8.75 percent.

Electricity and water sector grew 7.47 percent, restaurant and hotel sector increased 6.33 percent and agriculture rose 5.89 percent.

Peru’s mining and hydrocarbons sector fell 3.86 percent on a 10.6 percent decline in the mining sub-sector. The fishing sector has fallen 35.8 percent in November, and 16.8 percent in the January-November period.

The overall economy has grown by 8.80 percent in the first 11 months of 2010.

Peru’s economy is expected to be among the fastest growing in Latin America in 2010, with GDP expanding above 8 percent.

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