Industry

Like many Latin American countries, Peru is prioritising industrial development, moving away from primary product dependency and working to establish a healthy balance between manufacturing and commodity exports. One of the most important economic activities in Peru, the manufacturing sector contributed 15.98% to GDP in 2012, displaying year-on-year growth of 1.32%, and continued to expand at a rate of 1.42% during the first half of 2013. Despite unfavourable external conditions that have to some extent reduced demand for primary products, the steadiness of non-traditional manufacturing has helped keep overall growth on track, diversifying both products and markets. External trade has proven a successful formula, positioning the country on an international level, while it benefits from strong internal demand due mainly to large-scale development in areas such as construction, mining and energy. A growing middle class is also fuelling internal demand, reflected in the positive performance of fast-moving consumer goods in particular.