Peru's primary GDP —including farming, fishery,
mining and hydrocarbon, as well as manufacturing— registered a cumulative growth of 35.8% between 2009 and 2018, Lima Chamber of Commerce's (CCL) Institute of Economics and Business Development (IEDEP) has reported.
"During this period, except for 2009 (-0.7%) and 2014 (-1.8%), primary GDP registered positive rates year after year, and the
mining sector was the most dynamic activity, with an average annual growth rate of 3.7% over the decade, followed by farming with 3.5%," IEDEP-CCL Executive Director Cesar Peñaranda stated.
It must be noted growth in the primary sector as a whole sped up in the second five-year period (2014-2018) compared to the first, going from an average annual expansion rate of 2.1% to 4.1%.
Fishery, mining, and manufacturing doubled their growth rate in the second five-year period to 1.9%, 5.2%, and 1.3%, respectively.
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Farming was the only sector with positive growth rates over the entire analysis period, reaching average rates of 3.6% and 3.4% in each five-year period," the economist commented.
The dynamics described made mining participation —in primary GDP— rise from 57.5% in 2009 to 59.6% in 2018, at the expense of lower manufacturing participation, which dropped from 15.8% to 13.6% in the same years.
Recovery
Finally, the primary sector lost participation in total GDP during the past decade but has recovered over the last years.
(END) CNA/RMB/MVB
Published: 1/31/2019