January 15, 2020 / 5:01 AM / a month ago

Peru economy grows 1.86% in November, slowest since May

LIMA, Jan 15 (Reuters) - Peru’s economic activity grew 1.86% year-on-year in November, the government said on Wednesday, its lowest rate since May, as an uptick in the key mining sector failed to counteract a slump in manufacturing and construction.

The expansion was below forecasts from a Reuters survey, which estimated 2.0% growth for the month. It was also slower than October’s 2.09% growth and a 5.18% expansion in November last year.

The state statistics agency INEI said in a statement the economy grew 2.14% in the first 11 months of the year and 2.37% in the twelve-month period to November.

The critical mining and hydrocarbons sectors grew 4.01% year-on-year, boosted by higher extraction volumes of molybdenum, iron, lead, zinc, silver and crude oil.

Peru is the world’s no. 2 producer of copper and zinc. Mining accounts for 60% of its exports. (Reporting by Marco Aquino; Writing by David Sherwood; Editing by Clarence Fernandez)

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