INEI: Peruvian economy shrinks 0.63% in August, deepens contraction in 2023

Here He pointed out that the production activities of the country have been affected by the conditions Beach Boy Additionally, they note that the country’s economy shrank by 0.58% in the January-August 2023 period.

He National Institute of Statistics and Information (INEI) In August 2023, the national production showed a slowdown of 0.63%, which was caused by the decrease recorded in the agricultural sectors; manufacturing; construction; Transport, Storage and Courier; Accommodation and restaurants; Telecommunication and Finance.

According to the system, El Nino costero conditions disrupted the normal development of primary sectors Economy like agriculture and transformation like construction and manufacturing.

He Here He also pointed out that in other fields such as Fishing; Mining and Hydrocarbons; Electricity, gas and water; trade; It is reported that the services provided to the companies have increased.

INEI, through its National Manufacturing Technology Report, also noted that the country’s economy shrank by 0.58% in the January-August 2023 period; It grew by 0.25% during the annual period (September 2022-August 2023).

Situation in manufacturing sectors

One of the developed sectors is fishing, driven by 49.14% species of marine origin (66.02%), with a catch volume of 182,785 tonnes destined for indirect human consumption, such as anchovies, compared to 35,295 tonnes. In August 2022.

The other side of the coin Department of Agriculture Agriculture (-6.52%) and Livestock (-0.45%) sub-sectors declined by 4.05% due to unfavorable performance.

Affected crops are olive (-70.8%), pepper (-61.1%), strawberry (-60.6%), maize (-42.4%), oil palm (-21.7%), asparagus (-20.4%). and avocado (-6.9%). This is due to the small area under cultivation of major crops and the adverse effects of Cyclone Yaku recorded earlier in the year; The “El Nino Costero” event affected the blooming process along the coast with temperatures above its average value, and less availability of fertilizers during the production process of some crops.

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Worrying statistics

For its part, the Peruvian Institute of Economics (IPE) previously warned In a few days, the Peruvian economy will close in the red in 2023 And will reach the worst result in 25 years.

The agency had expected GDP to grow by 0.8%, but after the latest results, GDP is expected to close in the red in 2023.

“In July, GDP recorded the second worst decline of the year (-1.3%) and indicators available in August and September expect the growth of economic activity to have ended in negative territory in the third quarter,” they explain.

Growth of 2.1% is expected by 2024, which is lower than previously predicted, related to expectations generated by the next El NiƱo event.

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