The construction sector would be the main reason for this growth. However, statistics show a slow down compared to previous months.
The slow down was caused by the fall of key sectors such as mining. According to the projections of twelve analysts, the Peruvian economy will grow between 1.5% and 4.0%, with an average forecast of 2.90%.
The figure compares with the expansion of 2.27% in October of last year and of 3.18% in September. The advance in construction was mainly due to the growth of domestic cement consumption by 6.59% year-on-year in October due to the continuity of private works in mining units, according to official data.
However, the mining sector fell by 1.60% year-on-year in October due to lower copper production. The hydrocarbons subsector also lost 0.88% due to a reduction in the production of natural gas liquids.
The fishing production also contracted 12.43% year-on-year in October, adding four consecutive monthly falls due to a lower catch of species for direct human consumption. However, the extraction of anchovies used to make fishmeal increased, which Peru is currently the world’s largest producer.
Finally, the Government expects the economy to grow 2.8% this year and 4% in 2018. The boom expected for next year is becoming more of a reality as the end of the year approaches. Exports are expected to keep growing along with the most important sectors of the economy. Which will be the best-paid sector in 2018?
(Cover Photo Archive)