Andina

Peru: GDP contracts 18.06% in June 2020

12:42 | Lima, Aug. 15.

Peru's national production decreased by 18.06% in June 2020, following the rates registered last April (-40.49%) and May (-32.75%), the National Institute of Statistics and Informatics (INEI) reported on Saturday.

This was due to the start of the economic reactivation's first phase in May, to which a second was added, in two tranches starting on June 5 and 22, respectively.

According to the State-run institution, the second stage included the resumption of operations of about 56 economic activities, after being paralyzed since the second half of March due to the national health emergency aimed at fighting the COVID-19 pandemic in the country.

As is known, the nationwide quarantine came to an end on June 30. However, there is currently localized quarantine in some regions and provinces of the country.

The economic result was influenced by the unfavorable behavior of the main components of domestic demand, such as household consumption reflected in the drop in retail sales (-31.76%), as well as the reduction in construction investment (-44.64%).

Additionally, the external demand declined by 30.54%, both for traditional and non-traditional products.

In the January-June period, the national production declined by 17.37% and by 7.25% in the annualized period (July 2019-June 2020).

By sectors

According to INEI, the fisheries sector grew 48.05% due to the higher capture of species of maritime origin (51.07%) reflected in fishing for indirect human consumption (fishmeal and fish oil) whose catches in June 2020 totaled 1.331 million tons compared to those registered in June last year (679,000) with a positive variation of 95.9%.

(END) MVB

Published: 8/15/2020