Peru: Economic activity shows strength in August
October 14, 2016
In August, economic activity expanded 5.5% over the same month last year, which was faster than the 3.8% increase seen in July and overshot market expectations of 5.0% growth. The sustained expansion of national production has been largely driven by solid external demand for traditional Peruvian goods, according to the Statistical Institute.
Growth in economic activity was supported by expansions in all sectors. The mining and hydrocarbon sectors contributed the most to the acceleration, with the hydrocarbon sector rebounding on the back of higher natural gas extraction. August marked a steep acceleration in output from fishing, which also contributed to a rebound in manufacturing, where the production of fishmeal buttressed output.
On average, in the 12 months up to August, economic activity increased 4.3%, which was above July’s 4.0% and the highest reading in over two years.