Peru Expected To See Strong Growth In January,

Economic indicators in Peru show that the country’s economy will continue to post solid growth in the first month of this year, although at a slower rate than in prior months, according to Scotiabank Peru.

Scotiabank Peru’s senior analyst, Pablo Nano, said that Peru’s electricity production, a sign of economic growth, increased 5.7 percent in January, down from 7.9 percent in December, state news agency Andina reported.

Cement sales totaled 716,000 tons in January, which is 11 percent higher than the same month in 2011, Nano said.

“As well, cement imports totaled 31,000 tons (59 percent less), so the gross domestic product in construction registered in January a growth of around 5 percent,” he said.

Imports for the month totaled $3.37 billion, which is 21 percent higher than the year-ago month and 17 percent higher than December. It is also the second highest month since August 2011.

New vehicle sales in January reached 13,454 units, up 41 percent from the same months last year.

“This rate of expansion is0 the highest since October 2011,” Nano said.

Scotiabank expects Peru’s economy to grow by 5 percent, compared to 5.5 percent in the fourth quarter of 2011, and 6.7 percent in the third quarter.

In 2011, Peru’s GDP increased by 6.9 percent, after expanding by 8.8 percent in 2010.

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