UPDATE 2-Peru economic growth sped up in July, expanding 1.16 pct

lunes 15 de septiembre de 2014 13:19 GYT
 

(Adds more details on growth in July, context on slowdown)

LIMA, Sept 15 (Reuters) - Peru's economy expanded 1.16 pct in July from the same month a year earlier, marking the start of an expected recovery from the Andean country's worst economic slowdown in five years, the government said on Monday.

The official result was below analysts' expectations of 1.95 percent expansion, but better than the 0.3 percent year-on-year rate in June.

In July of last year the global minerals exporter posted a 5.05 percent surge.

Lower mineral prices, tumbling gold output and ebbing private investment have since dampened growth, leading to 2.98 percent expansion so far this year.

Peru logged 6.4 percent average annual expansion in the past decade, thanks to high global commodity prices and strong mining activity.

As in previous months, growth in July was led by domestic demand but pulled down by contractions in Peru's key mining and manufacturing sectors, which together make up about 30 percent of gross domestic product.

The government said that the result for July shows economic growth picking up after June, when the economy logged its slowest growth rate since October of 2009.

"An inflection point is observed, with the lowest point in June," said Alejandro Vilchez with the state statistics agency Inei.   Continuación...