Peru economic growth slows to 2.43% in September

Peru's ​economy expanded 2.43% in September ​compared to the ‌same month ​last year, data from the South American nation's INEI statistics agency showed on Sunday, slowing ‌down from the prior month when the economy grew some 3.23%.

Growth was dragged down by the country's key mining and hydrocarbons industry, which ‌shrank 6.32%, while the farming sector, which continued to be affected ‌by the coastal El Niño weather pattern, also declined some 5.44%. Copper output in the world's third-largest producer shrank 9.04%, INEI said, citing lower grades at major ⁠mining operations, ​while production ⁠of zinc, gold, silver and lead also fell.

Commercial and construction activities, however, logged strong growth, ⁠expanding 6.29% and 8.84% respectively. The data comes as Peru's central bank ​looks to tame rising inflation, which last month logged its ⁠biggest monthly increase in over four years, driven by higher food and energy ⁠prices.

On ​Thursday, the bank hiked its benchmark interest rate by 25 basis points to 4.5%. The publication also comes as Pope Leo, ⁠who spent some two decades as a missionary and bishop in Peru ⁠and holds ⁠Peruvian citizenship, comes towards the end of a South American tour which has drawn massive crowds and ‌celebrations.