The economic activity in Peru grew 6.04% in February 2016 compared to February 2015, exceeding the experts’ estimations of a 5% growth rate.

The main causes are the growth of the mining sector and the recovery of the construction sector. The mining sector experienced a 23.6% year over year growth rate, reaching the highest rate in over 10 years thanks to the 74% increase in copper production.

In addition, the construction sector started recovering in February and had a 5.37% year over year growth rate, mostly due to large projects in mining and shopping malls.

Another cause that explains growth is the increase of households’ consumption rates, with rises in the retail industry (3.84%), credit cards’ consumption (22.99%) and import of consumption goods (17.24%).

Nevertheless, the fishing sector and manufacture experienced decrease rates.

The Peruvian government expects a growth rate close to 4% in 2016, which shall overpass the 3.3% growth rate of 2015.

Source: América Economía