The MEF explained that the rebound in economic activity last October was driven by the boost from non-primary sectors, which rose by 4.2% (as a whole), the highest growth rate since July 2024.
In this regard, the greater dynamism in non-primary manufacturing (6.6%, the highest since July 2024) stood out, associated with increased production of goods aimed at domestic demand such as mass consumption, inputs, and investment.
It said that, along the same lines, there was significant growth in the trade and services sectors, both showing a 3.8% increase (which, in the case of trade, represents the highest rate since March 2022), linked to the recovery of employment that is contributing to the improvement in family consumption.
Meanwhile, primary sectors fell by 0.6%, affected by the deterioration of the fishing (-48.5%), mining and hydrocarbons (-2.2%) sectors.
These declines were offset by higher agricultural production (13.4%, the highest since April 2024), explained by the surge in agricultural production aimed at the external market, primarily due to the historically high blueberry harvests in La Libertad and Lambayeque regions.
Recovery Process
The
Ministry of Economy and Finance (MEF) indicated that
GDP will continue to consolidate its recovery process in the coming months, in line with the improvement of leading indicators. For example, electricity production grew 4.6% in November and 2.7% in October, thus remaining in positive territory for the fifth consecutive month.
Likewise, BBVA's consumer big data index grew by 10.1% on average between October and November (September 2024: 6.4%), registering a positive rate for 12 consecutive months.
Furthermore, the MEF noted that sales through electronic payment vouchers grew 14.9% in November (October 2024: 7.3%), and have accumulated eight consecutive months of growth.
Also, imports of consumer goods in FOB values grew 17.8% (October 2024: 13%), the highest rate since May 2023.
Lastly, the MEF indicated that all macroeconomic expectations for 3 and 12 months have remained in the optimistic range for six consecutive months, reflecting a favorable context for investments.
"In this scenario, GDP is expected to reach a 3.2% growth by the end of 2024, as projected since August in the Multiannual Macroeconomic Framework 2025-2028, which will position us as one of the countries with the highest economic growth at the level of economies in the region," it pointed out.