A total of 13 regions witnessed growth in their gross domestic product (GDP), despite
the 0.55% decline of the Peruvian Economy in 2023, Scotiabank stated in its weekly report.
However, three of them: Madre de Dios (0.1%), Ucayali (0.2%), and Ica (0.4%) showed marginal expansion.
Last year, Moquegua's growth (27%) stood out due to Quellaveco's superlative contribution to the Peruvian economy in 2023.
Likewise, then bank highlighted the growth of Apurimac (6.4%), which was driven by increased mining production.
Indeed, after the second quarter of 2022, Las Bambas' copper and molybdenum production was affected by social conflicts with communities adjacent to the Southern Mining Corridor.
As of the second quarter of 2023, after social protests were overcome following the change of government, said production improved, benefiting the economic activity across the region.
Cusco (3.7%) was favored by the recovery of the mining sector, particularly by the increase in copper production from Constancia (Hudbay) and Antapaccay mines.
In addition, Scotiabank highlighted the growth of the Transportation and Other Services sectors —including Accommodation and Restaurants— as a result of the gradual recovery of tourism activity, although not reaching pre-pandemic levels.
Piura (3.3%) was driven by the growth of the manufacturing sector, which benefited both from the start of operations at the new Talara oil refinery and from greater production of the frozen industry due to increased availability of squid, especially in the first quarter of 2023.
Such growth was partially offset by lower agricultural production, especially of mango, which was affected by El Niño Phenomenon.
(END) JJN/JJN/RMB/MVB
Publicado: 2/4/2024