(Corrects to size of proposed budget in last paragraph)
LIMA, Aug 27 (Reuters) - Peru has cut the official estimate for economic growth this year to 4.2 percent from its previous view of 5.7 percent, the finance minister said late on Wednesday.
Stronger growth in the U.S. and better commodity prices will help economic growth quicken to 5.2 percent in the second half of 2014, Finance Minister Luis Miguel Castilla added in a televised press conference.
The economy grew by 3.3 percent year-on-year in the first half of 2014 from the same period a year ago - well under expectations and the weakest pace since 2009.
Castilla told Reuters in a July interview that the economy would likely grow between 4 and 4.5 percent this year.
Castilla also said the government is going to ask Congress to approve a 130.6 billion soles ($45.8 billion) budget for 2015 - a 12 percent increase over this year's budget.
$1 = 2.849 soles (Reporting By Marco Aquino; Editing by Shri Navaratnam)