With key inputs from the mining and construction sectors, the aggregate output of the Peruvian economy increased 2.28% interannual at the end of the eighth month of the year, according to the local statistics authority.
The National Institute of Statistics and Informatics (INEI, in Spanish) reported on Monday – through an official statement – that “due to an increase in mining production and the sustained push of construction”, the GDP had a positive performance in August; between January and August 2017, the so-called income indicator increased 2.20% interannual according to the authority.
By the 12 month at the end of August, the GDP grew 2.60% compared to the same period in 2017 against 2016.
When we talk about mining and hydrocarbons, where the greater weight is measured by the evolution of the country’s economy, they had a 3.6% increase during August, adding to the three months it expanded consecutive way, according to what INEI reported.
Reuters conducted a survey that reflected the expectations of economic players about the increase in the GDP in August. In addition, the agency reported that the expansion during August will go hand in hand with the forecasts that were made of the 2.2% that was also obtained by the agency.
Specialists indicate that it is one of the sectors that generates more employment in the Peruvian economy.
The construction sector of the country had a closing of the eighth month with a performance of 4.78%, this happened during its third consecutive month and it is due to the Government’s investment in public works and in the development of different projects in the private sector and mining.
The INEI also said that this sector would grow by a remarkable 8.94% in September according to its preliminary analysis as a result of the physical progress of public works. Likewise, the state authority via its chief Aníbal Sánchez did not give details of what works or public capital expenditure would be after this push.
On the other hand, according to Reuters, the government has been working on implementing an investment plan for the next three years of approximately $7,925 million, this is practically 4.0% of the Gross Domestic Product, with the reconstruction of the areas most affected by floods in the country.
INEI also mentioned that manufacturing and fishing registered some interannual corrections during August of 1.46% and 40.48% respectively. On the other hand, it was announced that the drop in fishing was related to the few catches from the base to make fish meal, with Peru being the largest producer in the world.
On the other hand, the Government plans to finish with 2.8% the increase of the product or the income. Natural disasters and corruption scandals slowed investments, which affected the growth of some of the region’s most dynamic economies.