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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Peru economy up 3.64% in June 2017

Thursday, August 17, 2017 > 09:20:18
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Andina

Peruvian economy saw a 3.64% rise in June 2017 and marked 95 straight months of growth, the National Institute of Statistics and Informatics (INEI) reported Tuesday.

Said result was underpinned by mining and fishing sectors, as well as by a rebound in non-primary sectors like construction. 

INEI head Anibal Sanchez informed productive activity has thus expanded 2.30% so far this year and 3.07% in the last 12 months (July 2016 – June 2017). 

The reading is in line with Economy and Finance Minister Fernando Zavala's 3.6% forecast for the sixth month of the year and consequent 2.4% GDP rise in the second quarter of 2017. 

In addition, Peruvian GDP beat analysts' forecasts, projected at 3.55% last June.

Sanchez also noted deseasonalized GDP inched up 0.9% in the analyzed month, a rise from May's (+0.79%) and April's (+0.47%) results. 

This way, deseasonalized GDP remains on the upswing for the third month in a row —bouncing back from the -0.4% posted in March— and is likely to favor the national economy in coming months.  

Growth drivers 

The INEI chief explained June's growth was driven by greater foreign demand. 

This increased Peruvian exports by 31.5%, particularly shipments of traditional products (33.6%): fishmeal, fish oil, coffee, copper, iron, zinc, oil and natural gas.

"The [3.64%] growth in national production in June was determined by the positive evolution of all productive sectors," Sanchez said.

These included mining and hydrocarbons (+6.24%), farming (+6.40%), telecommunications (+6.72%), manufacturing (+2.02%), fishing (+52.02%), trade (+1.73%) and construction (+3.49%), which together contribute 68% of the month's result. 


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