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LatinNews Daily - 24 May 2021

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In brief: Peru’s GDP grows after falling for four consecutive quarters

* Peru’s national statistics institute (Inei) has released the latest GDP figures, showing that the economy grew by 3.8% year-on-year in the first quarter of 2021, after contracting for four consecutive quarters. Inei highlighted that the growth was driven by a 30.4% increase in fixed gross investment, a 6.5% rise in internal demand, and a 2.1% increase in private consumer spending, as the economy bounced back from restrictions put in place to limit the spread of the coronavirus (Covid-19). The sectors with strongest year-on-year growth were construction (41.9%); fishing and agriculture (38.7%); financial services, insurance & pensions (18%); and manufacturing (16.1%). However, the hospitality sector contracted by 30.6% and the transport, storage & postal sector fell by 14.6%.