Peru says GDP grew 5.9pc in fourth quarter of 2012

LIMA: Peru's economy grew 5.9 percent in the fourth quarter last year compared to the same period in 2011, and 6.3 percent in all of 2012, one of the fastest rates in Latin America, official data showed on Friday.

The latest data from Peru's statistics agency matched previously released figures that show domestic demand offsetting weaker mineral exports.

In the fourth quarter of 2012 construction grew 12.5 percent, financial services 8.4 percent, retail 6.4 percent, while the hydrocarbon and mining sector - Peru's traditional engine of growth - fell 2 percent.

Finance Minister Luis Miguel Castilla said on Monday that Peru's economy this year should again expand 6.3 percent, with some "upside risks" for faster expansion.