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Peruvian GDP up 2.16% in 2019, accumulates 21 years of growth

18:47 | Lima, Feb. 14.

Peruvian economy increased by 2.16% in 2019 and registered more than two decades of positive results, the National Institute of Statistics and Informatics (INEI) reported on Friday.

According to INEI's National Production Technical Report, this result was based mainly on the favorable performance of the services sectors, which have been growing steadily for more than 15 years.

Sectors

In 2019, the farming sector's GDP increased by 3.17% supported by higher agricultural (2.60%) and livestock production (4.05%).

For its part, the fishery sector declined by 25.87% due to the lower capture of species for indirect human consumption (-44.36%). It registered 3.379 million tons of anchovy compared to the 6.072 million tons reported in 2018. However, fishing for direct human consumption increased 5.44%.

The mining and hydrocarbons sector decreased by 0.05% due to the lower production of the metal mining subsector (-0.84%); nevertheless, the hydrocarbon subsector production grew 4.60%.

The manufacturing sector declined by 1.68% due to lower production of the primary manufacturing subsector (-8.82%), while the non-primary manufacturing subsector rose by 0.97%.

The electricity, gas, and water sector increased by 3.92% underpinned by the higher production of electricity (3.96%), gas (15.23%), and water (1.90%) subsectors.

During 2019, the construction sector grew by 1.51%, driven by higher domestic cement consumption (4.65%). However, the physical progress of works contracted by 7.02%.

Likewise, the trade sector increased by 3% supported by the surge in wholesale (3.42%), retail sales (2.90%), as well as the sale and repair of vehicles (0.31%).

(END) MDV/MVB

Published: 2/14/2020
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