May 16, 2016 / 3:48 PM / 2 years ago

UPDATE 1-Peru's economy grows slower than expected in March

(Adds breakdown of sectors, further figures)

LIMA, May 16 (Reuters) - Peru’s economy grew at a slower-than-expected 3.7 percent in March from the same month a year ago, state statistics agency INEI said on Monday, curbed by two fewer working days.

The reading was at the bottom end of the range of estimates in a Reuters poll of 14 economists, which had a 4.1 percent median forecast.

On a seasonally adjusted basis, the economy contracted 0.6 percent in March from February, Inei said, while the annualized growth rate stayed a steady 3.86 percent.

Peru’s mining-fueled economy has been recovering from a sharp slowdown in 2014 on rising output from new copper projects, a trend expected to continue through next year.

Copper output grew 48 percent in March, INEI said, below last month’s 74 percent growth. The hydrocarbons, manufacturing and fishing sectors all contracted.

Reporting by Teresa Cespedes; Editing by Bernadette Baum

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