Peru's economy grows slower than expected in March

LIMA: 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.