Peru’s economy continued to show a more tepid growth during the first quarter, according to government data released on Monday.
The national statistics institute, INEI, said the Peruvian economy expanded 4.8 percent in the first quarter, compared to the same period last year, daily Peru. 21 reported.
While economic activity is still strong, it is a far from the growth that Peru has been posting in recent years. It is also below the fourth-quarter 2013 growth of 6.9 percent.
It is also way below the full-year forecast made by the government and Central Bank, which is about 5.5 percent, raising questions as to whether Peru will be able to meet that target.
Peru’s economy grew around 5 percent in 2013, down from 6.3 percent in 2012, 6.9 percent in 2011 and 8.8 percent in 2010. The recent slower growth is in part due to lower prices for metals, which make up more than half of Peru’s total exports.
In the first quarter, growth was hurt by mining and the manufacturing industry.