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Peru: Mining, electricity and services lead growth in 2013-2017 period


Producción de cobre. Foto: MEM.

Producción de cobre. Foto: MEM.

15:33 | Lima, Dec. 29.

Mining, services, as well as electricity and water sectors led Peru's economic growth over the past five years, Lima Chamber of Commerce (CCL) reported on Friday.

"Growth in each sector surpassed the global GDP, which accumulated a 19.5% expansion in the analyzed period," CCL Institute of Economics and Business Development (IEDEP) Director Cesar Peñaranda was quoted as saying.

Mining and hydrocarbons

Between 2013 and 2017, the mining and hydrocarbons sector saw an accumulated growth of 37.5%, due to the contribution of large mining projects, the start of operations at Las Bambas and Constancia, as well as Cerro Verde's expansion.

The rise was also boosted by higher copper extraction from Antamina and Toromocho deposits, thus enabling mining GDP to grow 9.5% and 16.3% in 2015 and 2016, respectively.

Electricity

On the other hand, the electricity and water sector expanded 28.1% between 2013 and 2017, mainly due to greater electricity production demanded by the mining industry.

Services

For its part, the services segment posted a 24.7% growth rate, underpinned by an improvement in telecommunications and financial services.

In the 2008-2012 period, GDP saw a 34.9% expansion, driven by construction (76.4%) and trade (45.1%) sectors.

(END) MMG/MMG/RMB/MVB

Published: 12/29/2017
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