LIMA, July 15 (Reuters) - Peru's economy grew a tepid 0.46 percent in May from the same month a year ago, official data showed on Wednesday as expansion slowed sharply from last year because of fallout from the global downturn.
The country's statistics institute said growth between January and May was 0.83 percent compared with a year earlier -- far slower than the government's revised estimate of 3 percent growth for this year.
Manufacturing was especially hard hit in May, contracting 8.59 percent as demand slipped for exports and imports. Mining grew 1.54 percent, fishing 26.09 percent and agriculture rose 6.69 percent.
Sectors that shrank included construction, down 0.59 percent, and retail, down 0.72 percent.
Peru's economy grew nearly 10 percent during each of the last two years on a global boom in commodities prices, but the metals exporter is now in the middle of a slowdown.
The central bank has slashed interest rates to take advantage of low inflation and boost demand. Its benchmark rate is at 2 percent.
The statistics institute said the unemployment rate for the April-to-June period rose to 8.5 percent from 7.9 percent in the same period a year ago.
At the same time, average monthly wages rose 7 percent to 1,056 soles ($350.80) from the same period a year earlier.
(Reporting by Teresa Cespedes; Writing by Terry Wade; Editing by Dan Grebler) Keywords: PERU ECONOMY/GROWTH (terry.wade@reuters.com; Tel: +51 1 221 2130; Reuters Messaging: terry.wade.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The country's statistics institute said growth between January and May was 0.83 percent compared with a year earlier -- far slower than the government's revised estimate of 3 percent growth for this year.
Manufacturing was especially hard hit in May, contracting 8.59 percent as demand slipped for exports and imports. Mining grew 1.54 percent, fishing 26.09 percent and agriculture rose 6.69 percent.
Sectors that shrank included construction, down 0.59 percent, and retail, down 0.72 percent.
Peru's economy grew nearly 10 percent during each of the last two years on a global boom in commodities prices, but the metals exporter is now in the middle of a slowdown.
The central bank has slashed interest rates to take advantage of low inflation and boost demand. Its benchmark rate is at 2 percent.
The statistics institute said the unemployment rate for the April-to-June period rose to 8.5 percent from 7.9 percent in the same period a year ago.
At the same time, average monthly wages rose 7 percent to 1,056 soles ($350.80) from the same period a year earlier.
(Reporting by Teresa Cespedes; Writing by Terry Wade; Editing by Dan Grebler) Keywords: PERU ECONOMY/GROWTH (terry.wade@reuters.com; Tel: +51 1 221 2130; Reuters Messaging: terry.wade.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.