News Daily Spot: Peru economy would have grown 3.30 in September supported by primary sector

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Peru economy would have grown 3.30 in September supported by primary sector

Peruvian economy grew 3.30 percent year on year in September, a recovery against the performance in previous months, due to a rebound in mining by increased copper production, a Reuters poll showed on Wednesday. 

The estimates of 11 analysts on productive activity in September ranged from an expansion of 4 percent and 3.02 percent, with a median of 3.30 percent. The average was 3.33 percent. The figure would be higher than the growth of 2.57 percent in August and exceed advancing 2.7 percent the same month last year. 

The estimate for September coincides with a recent projection of the head of the Central Bank, Julio Velarde, who announced an expansion of more than 3 percent. "We expect the mining subsector has contributed half of the growth of GDP in September, mainly due to increased copper production thanks to new mines as Toromocho and Constancia" said Pablo Nano, head of economic studies at the Scotiabank. 

The vital metal mining production climbed 19.91 percent year on year in September, according to data developed by the National Institute of Statistics and Information (INEI). Mining in Peru's third largest producer of copper and gold-seventh of one of the engines of the economy because their shipments account for 60 percent of its exports.

 In the non-primary sectors, services and trade areas they have expanded in September by 5 percent and 4 percent, respectively, agreed the experts. However, "the building would have fallen back between 3.5 percent and 4 percent in an environment where domestic consumption of cement and capital spending declined again," said Francisco Grippa chief economist at BBVA Banco Continental. 

At this juncture, the government expects economic growth of 3.0 percent this year, compared with growth of 2.4 percent in 2014. The INEI will release the official figure of economic growth September Friday 13 October.

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