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Peru's economy up 3.79% in March 2022, growth driven by most sectors

15:42 | Lima, May. 15.

National production rose by 3.79% in March 2022 over the same month last year due to the positive result of most economic sectors, with the exception of fisheries, mining-hydrocarbons, and finance, the National Institute of Statistics and Informatics (INEI) reported on Saturday.

In its National Production technical report, INEI revealed that the Peruvian economy grew 3.84% in the first quarter of this year.

Farming sector sees growth 

In the month of analysis, the farming sector rose by 2.93% due to an increase in harvest yields in the agricultural subsector (3.71%) related to the greater production of raw cotton (143.9%), potatoes (13.4%), grapes (11.6%), cacao (5.0%), asparagus (4.0%), bananas (3.9%), and paddy rice (1.9%).

The increase in harvest yields was driven by climatic conditions (normal to higher than normal temperatures), mainly on the coast.

The livestock subsector showed a similar trend, growing 1.82% due to higher production volumes of pork (4.5%), poultry (2.4%), meat (1.2%), and fresh milk (1%).

Sectors that experienced decline

The INEI reported that the fishing sector decreased by 25.10%, explained by lower landing of maritime origin species (-29.75%).

In the third month of the year, the mining and hydrocarbons sector contracted by 1.21% due to the negative performance of the metal mining activity (-3.21%), while production of the hydrocarbon subsector grew by 12.27%.

Manufacturing 

In March this year, the manufacturing sector grew by 4.67% due to increased activity in the non-primary subsector (9.99%); however, primary subsector production fell by 12.62%.

(END) NDP/JJN/RMB

Published: 5/15/2022
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