Peru economy grows in January below expectations

Peru's economy grew in January, the government's INEI statistics agency said on Friday, fueling hopes the country can emerge from a stubborn recession this year. Gross domestic product (GDP) expanded 1.37% in January compared to the same month last year, when the Andean nation's economy was impacted by protests and social upheaval. Anchovy is critical in making fertilizer fishmeal, of which Peru is a top producer.

Peru's economy grew in January, the government's INEI statistics agency said on Friday, fueling hopes the country can emerge from a stubborn recession this year.

Gross domestic product (GDP) expanded 1.37% in January compared to the same month last year, when the Andean nation's economy was impacted by protests and social upheaval. The positive figure, however, came in under the 1.70% growth forecast predicted by analysts polled by Reuters.

January's expansion was led by the construction sector, which grew 13.16%, as well as the critical mining and hydrocarbons sector, which was up 3.96%. Peru is the world's No. 2 copper producer. The country's important fishing sector contracted 26.75%, hurt by a drop in anchovy volumes. Anchovy is critical in making fertilizer fishmeal, of which Peru is a top producer.