Peru's November GDP expanded 4.95%

Peru's gross domestic product (GDP) expanded 4.95% in November 2011, compared with the same month a year earlier, the government said.

The National Institute for Statistics and Information, or INEI, said Monday that Peru's economy has now expanded for 27 straight months.

In a statement the agency pointed to strong domestic demand as the reason for November's economic expansion.

The country's economy grew 6.5% in the first eleven months of 2011; while in the December 2010 to November 2011 period, GDP expanded by 7.13%, the agency added.

In November, the agriculture sector rose by 2.65%, while fishing sector activity expanded by 1.29% over the same month a year earlier.

Transportation and communications sector activity rose by 9.29%, while retail sector activity increased by 7.02% year on year.

The electricity and water sector expanded by 6.89% in November, while mining and hydrocarbons declined by 1.02%.

Meanwhile, growth in the construction sector, one of the drivers of Peru's economic growth, continued to ease in November, with the sector expanding by 3.23%, INEI said. (Andina)