While checking out a different dataset this morning for purposes of The IKN Weekly, your humble scribe’s eyes fell upon this interesting post in Peru bizmedia Gestión that shows how the GDP growth of 3.3% in the first half of 2014 (1H14), a figure that was a mile away form the 6+% forecasts at the beginning of the year, breaks down into its component sectors. So after a quick check of the baseline data at Peru’s Central Bank here, I think this table of numbers interesting enough to stick up on the blog today (then I can get back on subject and finish the note I was writing for the weekly):
| Percentage Change in Peru GDP per Industrial Sector, 1H14 |
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| SECTOR | WEIGHTING ON OVERALL COUNTRY GDP CALC |
CHANGE IN 1H14 |
| Agriculture | 5.30% | 0% |
| Fishing | 0.50% | -4.20% |
| Mining/Hydrocarbons | 12.10% | 0.10% |
| Manufacturing | 15.10% | 0.40% |
| Construction | 6.90% | 2.40% |
| Commerce | 11% | 4.80% |
| Service | 38.70% | 6.10% |
| SOURCE: BCRP/ Gestión |
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As overall GDP growth in Peru in 1H14 was 3.3%, this means that overall number was heavily propped by the 6.1% growth in the service sector (thanks also due to its 38.7% weighting). Fishing dropped for both regulatory and weather reasons. But the one that most concerns the government (or darn well should) is the drop in construction activity to just +2.4%, as that has been a big driver of growth the last ten years.