According to INEI, the mining and hydrocarbons, construction and agricultural sectors were the ones that contracted the most. At the end of the first half of 2024, the Peruvian GDP accumulated an expansion of 2.49%.
In June, Peru's national production slowed down significantly and grew by only 0.21%, after having registered increases of 5.38% and 5.15% in April and May, respectively, the National Institute of Statistics and Informatics (INEI) reported today. Meanwhile, the country's productive activity, during the first half of this year, accumulated a growth of 2.49%.
According to INEI, the production of most economic sectors in June was affected by one less day of productive activity, given that June 7 was a national holiday this year, while in 2023 it was a working day.
In addition, he highlighted the positive performance of the other services sectors; transportation, storage and messaging; trade; government services; telecommunications; services provided to companies; fishing; accommodation and restaurants, among others. Meanwhile, the mining and hydrocarbons; construction and agriculture sectors had a contractive performance, which influenced the pronounced deceleration of the Peruvian GDP.
In the case of mining and hydrocarbons, according to the National Production technical report, during June 2024, the sector fell by 7.47% due to the reduction in metallic mining activity (-8.08%), associated with the low production of zinc (-20.9%), iron (-14.7%), copper (-12%), gold (-2.5%) and lead (-0.3%). However, the production of molybdenum (24.6%), silver (6.1%) and tin (5.8%) increased.
Production in the hydrocarbons subsector also fell by 3.51% as a result of lower production of natural gas (-10.2%) and natural gas liquids (-1.2%). Crude oil production, on the other hand, grew by 1.5%.
The INEI reported that the construction sector contracted by 2.40%, reflected in the lower domestic consumption of cement (-5.20%). While the physical progress of public works increased (4.77%).
The negative result in domestic cement consumption was influenced by the low level of progress of various types of private sector construction projects, as well as fewer self-construction projects.
The increase in physical progress of public works was observed at the national and regional levels. By type of work, risk prevention and basic services projects increased. However, investment in the construction of non-residential buildings and road infrastructure decreased.
During the month of analysis, agricultural production fell by 1.62% due to the negative result of the agricultural subsector (-3.06%), with a lower production volume of olives (-79.9%), cotton seed (-69.4%), dry cowpea beans (-61.8%), potatoes (-13.3%), avocado (-10%), cocoa (-7.2%) and coffee (-3.4%), given the smaller planted area of the main crops.
