Peruvian economy posted a 2.95% growth rate in September this year, underpinned by household consumption and sustained mining sector development, Peru’s National Institute of Statistics and Informatics (INEI) reported.
INEI head Anibal Sanchez affirmed the gross domestic product (GDP) reached 74 months of steady growth, and that most of economic sectors experienced a positive performance.
So far this year cumulative GDP growth has been 2.57%, while the 12 month cumulative growth rate reached 2.19%. The economy expanded by 2.9% in the third quarter of the year.
Sanchez went on to add that September deseasonalized growth stood at 0.6%.
This way GDP growth improved in September compared to August (2.57%).
The government official claimed that four economic activities —mining and hydrocarbons, trade, telecommunications, and services rendered to enterprises— accounted for 74% of September’s production.
Household Consumption
"The economic growth was underpinned by the favorable performance of household consumption reflected in higher retail sales to homes, which grew by 4.19% in September," Sanchez explained.
He also highlighted the increased imports of non-durable consumer goods (14.19%), including perishable goods, pharmaceuticals, among others.
Moreover, Sanchez noted the rise in credit card spending by families, which reached 23.79% in September and the Government spending (9.21%). Consumer goods production rose by 0.47% driven by the increased output of jewelry.
(END) SDD/JJN/RMB/MVB
Published: 11/13/2015