Peruvian economy expanded by 3.7% in March and 4.4% in the first quarter of the year. March result was boosted by the increase in primary activities (8.5%), mainly in metaling mining (23.4%), Central Reserve Bank of Peru (BCR) reported.
The agriculture sector dropped 0.6% in March, since grape and mango harvest was brought forward in anticipation of a potential impact of El Nino event in 2015-2016.
This sluggish performance was also a result of lower production of poultry and tomatoes due to temperature anomalies, as well as potatoes due to a drought in the highlands, and sugarcane due to the reduction of working days by technical stops and internal labor problems at some sugar mills.
This result was offset by a recovery of rice and olive production, though.
Production in the mining and hydrocarbons sector increased 16.2% in March, due to higher production of copper, which for thirteenth consecutive month has been the main driver of this sector’s growth.
Manufacturing reduced 4.6% due to a fall in non-primary manufacturing, mainly oriented to investment (industrial services, metal products and transport equipment) and external markets (textiles); and primary manufacturing, due to lower fishing and sugar production.
Growth in the construction sector rose 3.4% as a result of the greater progress in public works.
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