Business

Reuters: Peru economy grows 1.68% in January

By Agnes Rivera

A 0.5% expansion as compared to December is also reported.

Reuters: Peru economy grows 1.68% in January

(Photo: Andina/Carlos Lezama)

Compared to the same month last year, Peru’s economy grew 1.68% during January 2015. As well, there was a 0.5% seasonally-adjusted expansion in economy measured between December 2014 and January 2015.

Previously, analysts took a poll on Reuters and predicted a 2.1% growth for the Andean nation’s economy, proving the current figure to be below expectations.

Peru’s economy has been slow to pickup, experiencing poor performances in various sectors. Recently the Ministry of Finance lowered the predicted growth for 2015.

The sector with the furthest drop has been that of the fishing industry. Due to weather conditions affecting anchovy population and thus decrease in fishmeal, the fishing sector experienced a 23.5% drop, as reported by the National Statistics Institute (INEI).

Other sectors hit include telecommunications (down 9.63%), mining (5.60%), manufacturing (5.54%), and construction (2.98%).

Meanwhile, INEI reports that electricity, trade, transport and messaging, finance and insurance sectors posted positively in January.

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