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Peru:GDP rises to 9.1% in December, Fastest in 33 Months |
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2005-2-17
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In the past 33 months Peru''s economy has grown at the fastest pace in December, propelled by copper, fishmeal and textiles, the National Statistics Institute annoounced.
According to the release, gross domestic product grew 9.1 percent in December from a year earlier, compared with growth of 8.4 percent in November, 2.05 percent in October and 4.05 percent in September. December growth was the fastest since April 2002.
Fritz Du Bois, director of the Peruvian Institute of Economy said, “Growth is solid in the manufacturing sector. Textile producers in particular are importing machinery to expand installed capacity as exports increase,'''' he added.
Manufacturing rose 10.7 percent on chemical production, which nearly doubled, cotton garments, which rose 17.8 percent and cement production, which rose 7.6 percent.
Fishing rose 38.3 percent as fishmeal production quadrupled. Agriculture and livestock expanded 3.4 percent as cotton harvests nearly quadrupled and coffee harvests rose by one-third.
Peru''s economy grew 5 percent in 2004, the biggest annual expansion since 2001, outstripping the central bank''s original forecast of 4.5 percent for the year as the pace of growth accelerated beyond metals and fishmeal to include manufacturing, hydrocarbons and electricity.
Economy and Finance Minister Pedro-Pablo Kuczynski said today that at current growth rates the economy will expand 6 percent this year.
``Five percent economic growth would be acceptable, but 6 percent would be a major success,'''' Kuczynski told reporters.
Textiles and chemicals rose 6.7 percent while agriculture dropped 3.2 percent as a drought led to lower harvests in the first half.
The unemployment rate rose to 13 percent in January from 8.8 percent in December and 8.3 percent in November, the agency said. The rate of underemployment rose to 17.9 percent in January from 17.4 percent in December and 16.2 percent in November.
“Per capita income fell in real terms over the past 12 months as the workday has grown faster than wages,'''' Farid Matuk, director of the National Statistics Institute, said at a news conference. The number of hours Peruvians worked rose by 3.9 percent, while the average monthly wage rose 1.9 percent, he said. |
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