UPDATE 1-Peru May economic growth weakest in nearly 5 years
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LIMA, July 15 (Reuters) - Peru's economy grew 1.84 percent in May compared with the same month in 2013, the slowest monthly expansion in nearly five years, as mining fell for the third month in a row, the government said on Tuesday.
The economy grew 3.57 percent in January through May from the same period in 2013, dragged down by May's unusually weak expansion.
In the 12 months through May the economy grew by 5.07 percent from the same period a year prior, the state statistics agency Inei said.
The official result for May was largely in line with the central bank's expectation that growth in May and June would continue to expand at roughly the same sluggish pace as it did in April, when the economy rose just 2 percent.
The last time Peru's usually fast-paced economy expanded so slowly was in October 2009, when the Andean country was still reeling from the global financial crisis.
In May last year, the economy expanded 4.3 percent year-on-year.
The central bank cut the benchmark interest rate last week to counter the economic lull and said it would lower it further if growth does not pick up.
The monetary authority has said it considers Peru's potential growth rate to be 6 percent. Continuación...