Peru's GDP expanded 2.1% in the first quarter of the year, over the same period in 2016, underpinned by a rise in household consumption expenditure (2.2%) and higher exports (13.1%), National Institute of Statistics and Informatics (INEI) reported.
INEI latest report states that household final consumption expenditure increased by 2.2% during the analyzed quarter because of a rise in purchases of food (3.2%) and services (3.4%).
This was owed to a higher employment level (1.8%) and workers' income; however, purchases of long-lasting consumer goods saw a contraction (-1.9%).
Exports
Exports of goods and services grew 13.1%, explained by an increase in traditional exports (18.7), mainly mining products (13.1%) such as copper ore (35.2%) and zinc ore (4.5%).
Such growth was also powered by higher exports of fisheries (85.5%) and agricultural (4.5%) products. Non-traditional exports saw a 3.6% rise.
On the other hand, Peruvian imports climbed by 2.4%, mainly on more purchases of crude oil (33.2%), cars (16.8%), synthetic organic coloring matters and preparations, and other basic chemicals (13.1%), among others.
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Published: 5/20/2017