Peru Growth Falls

Peru’s economy grew by 2.1% in the first quarter versus the same 2016 period, its lowest rate in two years due to floods that weighed on construction activity, according to data released Saturday by the country’s official statistics office, Reuters reported. The government had warned that growth was negatively affected by severe flooding during the first three months of the year, which led to a 5.3% decline in construction. Growth was supported during the quarter by a 2.2% rise in private consumption and a 13.1% increase in export demand, according to the INEI statistics office. The country’s gross domestic product expansion for the quarter was the lowest since 1.9% growth was registered in the first three months of 2015. Economic growth was 4.4% in the first three months of 2016 and 3% in the fourth quarter, according to INEI.