Andean Group - October 2012 (ISSN 1741-4466)

Peru’s economic growth rate in August as measured by the national statistics institute (Inei), which released its figures on 15 October, met all expectations. According to Inei, the local economy grew by 6.33% in August on the back of the still strong domestic demand and a favourable evolution of non-traditional exports. The figure is right within the range forecast by Peru’s central bank (BCRP), which at the beginning of the month predicted it would be between 6% and 6.5%. Moreover, Inei’s figures coincide with private banks' forecasts, which had put the figure at 6.3%. Inei has pointed out that throughout this year, the driving force has been the construction sector, which in August registered a 17.57% increase due to the continued infrastructure projects developed around the country, as well as the construction of new hospitals, commercial centres, and homes, once again highlighting that the current construction boom is not only being driven by public sector spending, but also by private investment. The second most important driver of the economy in the month was trade, which registered a healthy 6.48% increase.

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