UPDATE 1-Peru’s economy grows in Oct at weakest pace in more than a year

(Adds context, breakdown of growth by sectors)

LIMA Dec 15 Peru’s economy grew by a
weaker-than-expected 2.12 percent in October from a year ago,
the slowest expansion in more than a year as a sharp drop in
construction activity dragged on a mining-powered recovery,
government data showed Thursday.

A Reuters poll had forecast a 3 percent expansion for
October. In September the economy grew 4.1 percent.

Construction shrunk 16.51 percent year on year in October on
stalled public works, state statistics agency Inei said.
Another sector vital to job growth, manufacturing, slumped 3.31
percent.

Mining grew 21.56 percent on the back of an ongoing surge in
copper production from new and expanded mines commissioned
during the commodities boom of the previous decade.

The annualized economic growth rate was 4.22 percent in
October, Inei said. In the first 10 months of the year the
economy grew 3.98 percent from the same period a year ago.

(Reporting By Teresa Cespedes; Writing by Mitra Taj; Editing by
Chizu Nomiyama and Jeffrey Benkoe)

Source: Reuters

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