Peru's Economy to Grow in 2010
11 June 2010
Peru's economy grew 1.3% in the first quarter of the current year compared with the last quarter of 2009, the National Statistics Institute (INEI) reported. The state agency also reported that the economy grew 8.76% in March compared to the same month in 2009. However, Walter Bayly of financial services company Credicorp in Peru has explained that this figure is partly due to fewer working days in March 2009, reports Bloomberg.
Economic growth has been driven by expansion in the construction and manufacturing sectors which rose by 24% and 15% respectively. Although the International Monetary Fund (IMF) said Peru's economy could grow by up to 6.3% this year, Peru’s government forecasts an increase closer to 5.5%.