Andina

Peru's GDP increases 5.0% in May

Photo: ANDINA/Archive.

Photo: ANDINA/Archive.

11:03 | Lima, Jul. 16 (ANDINA).

Peru's gross domestic product expanded a lower-than-expected 5.0% in May compared with the same period a year earlier, the government said Monday.

National statistics agency INEI said Peru's economy has grown 45 consecutive months, Dow Jones Newswires reported.

Economists were expecting Peru's GDP to expand between 5.5% and 6.0% in May. Peru's economy has slowed in recent months, impacted by weaker growth in China and a decrease in metal prices.

The Central Reserve Bank of Peru said last week that Peru posted a trade deficit of $465 million in May, as exports fell 9% on lower metal prices, while imports rose slightly. Peru is a major global producer of copper, gold, silver and other minerals.

The INEI said in a statement that the construction sector gained 10.54% in May, while the financial services sector rose 11.04%.

Retail sector activity increased 6.56% in May, while transportation and communications increased 6.43%.

The mining and hydrocarbons sector gained 5.91%, while manufacturing increased 0.98%.

In May, agriculture sector activity declined 0.68%, and the fishing sector declined 19.75%.

The agency said in a separate statement that unemployment in Lima in the April-to-June period was 5.8%, compared to 5.7% in the March-to-May period.

(END) INT/EEP


Published: 7/16/2013