Peru Economy Grows 9%

Peru’s economy expanded by 9.22% in January, the strongest year-on-year growth for this month in the past 11 years, according to national statistics agency INEI. Retail and manufacturing led growth, expanding 13.8% and 11.5% respectively. Construction was up by 11%. However, the mining and hydrocarbons sector contracted by 1%, largely due to a drop in output of gold as well as a lesser fall-off in copper and tin production.