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Peru sees 5th consecutive GDP drop in 2014

Xinhua, February 17, 2015 Adjust font size:

Peru's gross domestic product (GDP) grew 2.35 percent in 2014, sliding for the fifth year in a row, the National Institute of Statistics and Informatics (INEI) said on Monday.

The country saw a slight growth of 0.54 percent in January, reflecting a slowing down of the productive sector, state news agency Andina quoted the INEI as saying.

The institute blamed the slowdown on less demand for raw materials and Peruvian fish products.

Impacted by the global financial crisis, the fishing sector shrank 27.94 percent last year, while the mining sector contracted 2.1 percent, the institute said, adding those two sectors alone account for a 90-percent drop in manufacturing.

Mining was affected "by lower international prices, lower demand for mining exports, especially from China, and a decreased output in metals, such as gold ... and zinc," Andina said.

Other sectors saw an uptick in activity. Financial and insurance services grew 12.6 percent, followed by telecommunications with 6.5 percent and trade with 4.4 percent.

According to the World Bank figures, the Peruvian economy has been gradually losing steam since 2010 when it grew 8.5 percent. The economy dropped two percentage points in 2011 and half a point in 2012, and registered 5.8 percent growth in 2013. Endi