Peruvian economy grows 2.85% due to “recovery” in February, but four sectors remain “in the red” | INEI | GDP | GDP | Gross Domestic Product | mining | Agriculture | Fishing Construction | Production | economy

After 2023, Peru entered recession, with a fall of 0.6% – its worst result in more than 20 years (except for 2020 due to the Covid pandemic) -, National Product It gains momentum due to the “rebound” effect. In February, growth was 2.85% compared to the same month last year, according to the National Institute of Statistics and Information (Here)

According to the INEI technical report, the Peruvian economy continues its upward trend since January of this year (1.37%) as a result of the growth recorded in the sectors: Mining and Hydrocarbons (15.94%), Trade (10.18%), Construction (6.41%), Transportation (5.18%), Electricity, gas and water (8.09%), Services provided to companies (2.89%), Telecommunication and other information services (2.01%), Accommodation and restaurants (2.70%) Y Other services (2.66%).

However, four production areas have declined Production (-4.68), Finance and Insurance (-5.12%), Fishing (-31.26%) Y Agriculture (-1.95)

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“National production shows signs of recovery in February 2024. However, the result for the month is achieved by comparing the base month affected by communal clashes in some parts of the country. During the month under analysis, due to leap year, an extra day of operation was recorded” the report says.

It is also reported that the Gross Domestic Product (GDP) increased by 2.1% during January-February 2024. Whereas, over the last twelve months, March 2023-February 2024, it provided a variation of -0.12%.

The seasonally adjusted index of national production for February 2024 recorded a variation of 1.19% compared to the previous month.

Agriculture

Type Agriculture Decreased by 1.95% The output of the agriculture sub-sector contracted by 2.53% and the fall in the livestock sector was explained by 1.16%.

Products affected by this negative result include grapes (-44.8%), mango (-38.3%), coffee (-16.3%), asparagus (-13.4%), oil palm (-8.5%), cocoa (-7.7%). ) and paddy rice (-6.4%). This is a result of low levels of cultivated area.

Additionally, among livestock products that showed lower production levels, eggs (-2.6%), poultry (-2.3%), wool (-2%) and fresh milk (-0.4%) stood out.

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Fishing

In the second month of this year, the Fisheries Department 31.26% deal Due to the effect of low extraction of species of marine origin (-35.17%). Thus, the catch destined for indirect human consumption (anchovy resource for fishmeal and fish oil) shrank, extracting 318 tonnes, a decrease of 99.27% ​​compared to the 43,864 tonnes reported in February 2023.

Landing of varieties for direct human consumption (-30.06%), canning (-54.9%), freezing (-47.1%) and curative preparation (-8.4%) was low; However, extraction for fresh consumption increased (9.2%). On the other hand, continental fishing shrank by 6.71% due to lower extraction of new species.

Production

In the second month of the year, He Manufacturing sector It fell 4.68% and maintained a downward trajectory for 13 consecutive months.Determined by the low performance of the primary manufacturing sub-sector (-23.21%), while the non-primary manufacturing sub-sector grew (2.32%).

The contraction of the primary manufacturing subsector was linked to lower processing and preservation of fish, crustaceans and molluscs (-76.2%), followed by manufacturing of primary products of precious metals and other non-ferrous metals (-10.7%) and processing and meat preservation (-0.2%).

The positive result of the non-primary manufacturing sub-sector was supported by an increase in consumer goods activity (7.40%). However, the performance of intermediate goods (-4.28%) and capital goods (-6.64%) declined.

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Mining and Hydrocarbons

He The mining and hydrocarbon sector grew by 15.94% due to expansion of operations Metal mining 17.10%As a result of high production volume, mainly copper (13.6%), molybdenum (59%) and gold (29%).

Likewise, hydrocarbons increased by 8.85% due to higher exploitation levels of crude oil (28.7%) and natural gas liquids (5.1%). Crude oil production was supported by higher volumes taken by Petrodel Peru (Lot 95); Petrober (Lot VI and Lot Z-69) and the Olympic Institute (Lot VII) are important.

Construction

He Dept Construction 6.41% increase due to physical development activity of public works (39.61%); However, the domestic cement consumption component declined by 0.72% due to lower activity in the private sector.

Conversely, the physical progress in public works announced in all three areas of government was associated with an increase in construction projects for disaster prevention projects, road infrastructure, basic service works and non-residential buildings. Notably, in February 2023, the move was marred by social clashes in some parts of the country, including road blockades.