The INEI National Production technical report specifies that during the last twelve months, February 2023-January 2024, it decreased by 0.38%.
The National Institute of Statistics and Informatics (INEI) reported today, Friday, that in January 2024 the Peruvian economy grew 1.37%, due to the contribution of the Construction sectors; Mining and Hydrocarbons; Transportation, Storage, Mail and Courier; Trade; Accommodation and Restaurants; Electricity, Gas and Water; Services Provided to Companies and Other Services. While Manufacturing, Financial and Insurance, Agriculture, Fishing and Telecommunications decreased.
The INEI National Production technical report states that the Peruvian economy during the last twelve months, February 2023-January 2024, decreased by 0.38%.
Mining and Hydrocarbons
The Mining and Hydrocarbons sector grew by 3.96% due to the expansion of metallic mining activity by 4.58%, explained by the greater volume of production of gold (25.9%), silver (16.6%). and molybdenum (8.8%), mainly.
It was also supported by the advance of the hydrocarbons subsector by 0.57% associated with the greater volume of crude oil exploitation (21.5%).
Agricultural sector
Production in the agricultural sector was reduced by 2.84% as a result of the contraction of the agricultural (-4.10%) and livestock (-0.95%) subsectors.
Thus, in the agricultural subsector, lower volumes of mango (-83.2%), onion (-25.9%), asparagus (-15.2%), hard yellow corn (-13.7%), grapes were reported. (-12.6%), oil palm (-9.1%) and potatoes (-4.6%), linked to the lower planted area of the main crops.
The result of the livestock subsector was influenced by the lower volume of production of fresh milk (-2.6%), alpaca fiber (-1.8%), poultry (-1.6%) and eggs (-1.1%). .
Fishing
The Fishing sector contracted by 26.75% due to lower extraction of species of maritime origin (-28.59%), destined for indirect human consumption (anchovy for fishmeal and fish oil), reaching 122,976 tons that, compared to The 546,831 tons registered in January 2023 showed a decrease of 77.51%.
The anchovy extraction corresponded to the last section of the Second Fishing Season 2023 of the resource, in the North-Central Zone of the Peruvian coast and which concluded on January 12, 2024.
This negative behavior was mitigated by the greater landing for direct human consumption (29.99%), of species intended for canning (127%), for consumption in fresh state (28.9%) and for frozen consumption (26.4%). %); while, it decreased for curing preparation (-26.7%).
Fishing of continental origin contracted 7.26% due to lower extraction of fresh species and for curing preparation.
Manufacture
In January 2024, the manufacturing sector contracted by 4.23% and maintained a downward trajectory for 12 consecutive months. The result of the month was determined by the lower activity of the primary manufacturing subsector (-18.74%); However, the non-primary manufacturing subsector grew (1.54%).
The unfavorable performance of the primary manufacturing subsector was supported by the lower processing and conservation of fish, crustaceans and mollusks (-54.4%), followed by the manufacture of primary products of precious metals and other non-ferrous metals (-3.1% ), the manufacture of petroleum refining products (-5.8%), the production of sugar (-12%); as well as the preparation and preservation of meat (-0.4%).
The growth of the non-primary manufacturing subsector was influenced by consumer goods activity (7.12%); while intermediate goods (-3.44%) and capital goods (-7.78%) fell.
Electricity, Gas and Water
The Electricity, Gas and Water sector grew 3.73% due to the greater generation of electrical energy (3.99%) and water production (2.44%); meanwhile, gas distribution decreased (-0.04%).
The electricity subsector increased due to the greater generation of hydroelectric energy (17.4%) and non-conventional renewable energy (55.7%); On the other hand, thermoelectric energy was reduced (-21.3%).
The rising result of water production was linked to the higher generation reported by the companies Sedalib (8.4%), EPS Grau (7.4%), Sedapar (6.5%) and Sedapal (3.1%). .
Gas distribution decreased due to lower demand from Companies (-3.2%) and Electric Generators (-1.4%); meanwhile, distribution to Vehicular Natural Gas dispensing establishments grew (9.3%).
Construction
The Construction sector grew by 13.16%, reflected by the increase in domestic cement consumption (9.25%) and the physical progress of public works (47.25%). Domestic cement consumption presented a positive variation, after 16 months of contractionary evolution, the result of the month was based on the continuity of private works.
The dynamism of the physical progress of public works was observed in the three levels of government: Local (274.6%), Regional (177.7%) and National (0.4%). Depending on the type of work, risk prevention stood out; road infrastructure; basic service works; and construction projects for non-residential buildings (hospitals, health centers and basic education institutions).
Commerce Sector
During the first month of 2024, the Commerce sector grew by 2.38% due to the favorable performance of wholesale sales (2.42%), mainly fuel for the mining sector, retail service stations and domestic gas distributors. .
In addition, he highlighted the commercialization of machinery and equipment for the mining, industry and health sectors; the sale of biochemical and agrochemical products; the trade of household goods such as pharmaceutical products, household appliances, highlighting fans and similar products, and stationery for the school campaign.
The performance of retail sales (2.81%) was influenced by the sale of agrochemicals, fertilizers, watches and jewelry; computers for equipment renewal before the start of the academic year campaign; and taps and self-services due to greater demand. Likewise, the sale and repair of vehicles contributed 0.13%, due to the sale of vehicle parts and accessories.
Transportation, Storage and Courier
The Transportation, Storage and Courier sector increased by 5.12% due to the positive result of the transportation subsector (7.86%); However, the storage and messaging subsector decreased (-1.26%).
In the transport subsector, the positive development of land transport and pipelines (2.93%) was observed, where road traffic for passengers (4.9%) and cargo (0.2%) was greater. Likewise, rail transport grew (66.9%) due to the greater movement of passengers and cargo.
Air transport (18.68%) increased due to the greater flow of passengers and cargo. Additionally, water transport grew by 19.79% due to the dynamism of sea and river transport.
On the contrary, the storage and courier subsector decreased explained by the negative result of the storage service and transportation support activities (-1.32%); as well as postal and courier activities (-0.13%).
Accommodation and Restaurants
The production of the Accommodation and Restaurants sector grew by 2.62% due to the advance of the restaurants (1.45%) and accommodation (15.42%) subsectors. The positive variation in the restaurant subsector was based on promotions through mobile applications, extension of opening hours due to the summer season and variety of dishes and cocktails.
The restaurant businesses (1.32%) that showed the greatest dynamism were tourist restaurants, coffee restaurants, restaurants, fast food, pizzerias and chicken shops, among others. Likewise, beverage services (5.03%) and concessionaire services (0.37%) obtained positive results. On the other hand, the catering service contracted (-4.69%).
The advance of the accommodation subsector was driven by the increase in tourism trips during the summer season.
Telecommunications and other information services
The INEI reported that the Telecommunications and Other Information Services sector decreased by 2.87%, due to the negative behavior of the telecommunications subsector (-3.47%); However, other information services grew (1.80%).
In the telecommunications subsector, data transmission services (-17.1%) and telephone services (-5.6%) were affected. On the contrary, Internet and subscription television services grew (1.6%).
The behavior of the other information services subsector was influenced by the increase in publishing activities (4.5%), television and radio programming (2.9%) and computer programming (2.5%). In addition, the production and exhibition activities of films and television programs contracted (-8.2%).
Financial and Insurance Sector
During January 2024, the Financial and Insurance sector decreased by 3.34% due to lower loans (-4.82%) and deposits (-0.87%) from commercial banks.
The negative variation in loans granted by commercial banks, according to type of loans, reduced loans directed to corporations and companies (-9.0%); On the other hand, consumer loans (2.6%) and mortgage loans (2.1%) increased.
According to economic sectors, the credits were allocated to commercial activities; manufacturing industry; financial intermediation; agriculture, livestock, hunting and forestry; electricity, gas and water; real estate, business, rental and construction activities.
On the other hand, commercial banking deposits presented a negative result in the segment of deposits for compensation for time of service (-17.7%), savings deposits (-8.9%) and demand deposits (- 3.9%); On the other hand, time deposits increased (12.8%).
Services Provided to Companies
The Business Services sector grew by 1.81% due to the positive results of travel agencies and tour operators (44.0%), advertising and market research (5.6%) and professional, scientific and technical activities ( 2.9%). However, administrative and business support services activities were reduced (-2.7%).
Government Services
In the first month of this year, Government Services grew 3.61% due to the greater activities carried out by Public Administration entities (3.6%), Defense (4.1%) and Other government services ( 3.9%).
