Peru’s GDP increased 7.3 percent in May accumulating 83 months of growth

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Peru’s Gross Domestioc Product (GDP) increased 7.30 percent in May 2008 and reported 83 consecutive months of sustained growth, accumulating an advance of 9.80 percent in the first five months of the year, the National Institute of Statistics and Informatics (INEI) announced Tuesday.

Thus, it accumulates a 9.37 percent rise in the past 12 months, that is, in the period between June 2007 and May 2008.

In May, the agricultural activity grew 3.61 percent led by the agricultural and livestock sub-sectors, which grew 3.75 percent and 3.28 percent, respectively.

In the first five months of the year the agricultural activity reported an advance of 3.71 percent, boosted by the agricultural (4.18 percent) and livestock (2.88 percent) sub-sectors.

Fishing fell 25.04 percent in May due to the negative outcome of the Sea Fisheries (-26 percent) and despite the positive outcome of the Inland Fisheries (2.44 percent).

Between January and May Fishing increased 0.34 percent led by the Inland Fisheries (10.33 percent) despite the fall of the Sea Fisheries (-0.10 percent).

In May the Mining and Hydrocarbons sector grew 9.66 percent thanks to the favorable evolution of the Metal Mining activity (10.77 percent) and the production of Hydrocarbons (0.23 percent).

In the first five months of the year the Mining and Hydrocarbons sector advanced 7.11 percent thanks to the favorable evolution of Metal Mining production (7.54 percent) and the Hydrocarbons activity (3.22 percent).

Manufacturing activity increased in May 4.58 percent by favorable development of Non-Primary Manufacturing sectors, which grew 8.16 percent, and despite the low performance of Primary Manufacturing sub-sector (-11.05 percent).

Between January and May Manufacture reported a growth of 10.03 percent led by Non-Primary Manufacturing sectors, which grew 10.61 percent; and Primary Manufacturing sector, 7.07 percent.

The electricity and water sector registered a growth of seven percent in May due, mainly, to Electricity sub-sector (8.17 percent) and despite the fall of Water sub-sector (-2.63 percent).

In the first five months of the year, electricity and water sector registered a growth of 8.84 percent thanks to Electricity sub-sector (10.16 percent) and despite the fall of Water sub-sector (-1.51 percent).

Construction, Trade and Other Services sectors advanced in May 14.31, 9.60 and 7.83 percent respectively, while in the first five months of the year these sectors accumulated a growth of 20.56, 11.03 and 9.56 percent, in each case.

News source: ANDINA

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