Peru's economic growth maintains the upward trend and is likely to further pick up pace this year, National Institute of Statistics and Informatics (INEI) Head Anibal Sanchez affirmed on Monday.
"Peruvian economy has picked up in recent years: it grew 2.4% in 2014, 3.3% [2015] and 3.9% [2016]. So we see growth remains in the upswing," he told State-run TV Peru station.
On the other hand, private consumption remained latent in 2016, to the extent that household consumption closed the year at 3.55%.
"This is a relevant figure, as it makes up the bulk of domestic demand. It is complemented by investment —public and private— which unfortunately closed [2016] with negative figures. However, we expect this to turn around this year, particularly public investment," he pointed out.
Sanchez noted 2016 also saw a boost in external demand, as reflected in growing exports in the last months.
"This year, we expect mining to continue contributing to GDP. We also expect a rebound in manufacturing and construction, which is a major source of employment," he projected.
2016 GDP
It is worth noting the Inca nation's economy increased 3.9% in 2016, thus accumulating 18 years of continuous growth.
Likewise, domestic production expanded by 3.9% driven by mining and hydrocarbons; telecommunications, commerce and transport; and storage and messaging. These sectors contributed close to 69% of GDP growth.
INEI data revealed sectors posting the highest growth in 2016 were mining and hydrocarbons (16.29%); telecommunications and other information services (8.09%); electricity, gas and water (7.30%); finance and insurance (5.45%).
(END) RGP/RGP/DHT/MVB