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LIMA, March 15 (Reuters) - Peru posted a weaker-than-expected 3.41 percent year-on-year economic expansion in January as soaring copper output offset a slump in manufacturing and construction, government data showed Tuesday.
A Reuters poll had forecast a 4 percent year-on-year expansion in January after the 6.39 percent surprise surge in December.
The economy contracted at a seasonally adjusted rate of 0.45 percent in January from December, state statistics agency Inei said. Growth in the past 12 months through January was 3.4 percent.
Manufacturing activity contracted 3.94 percent on the year in January because of weak domestic demand for goods, and construction fell 2.67 percent as public works by local governments stalled, Inei said.
Peru’s mining-fueled economy rebounded to expand 3.26 percent last year, beating expectations thanks to a year-end surge of copper output from new mines.
Copper output rose 43.8 percent in January on the year.
Growth is expected to continue quickening this year as a large copper project is set to ramp up production.
Reporting By Teresa Cespedes; Editing by Andrea Ricci