Last January, the Peruvian economy decreased 1.12% compared to the same month in 2022, after 22 consecutive months of growth, which was explained by the negative evolution in five of the most important economic sectors (mining and hydrocarbons; construction; transportation, storage, and courier service; finance; and telecommunications), the
National Institute of Statistics and Informatics (INEI) reported on Wednesday.
In its National Production technical report, the INEI revealed that national production grew 2.35% between February 2022 and January 2023.
Farming
In the month of analysis, the farming sector increased 1.89%, driven by the positive performance in the agriculture sub-sector (4.93%), due to higher production volumes of oil palm (15.3%), cacao (11.5%), alfalfa (10.1%), grapes (8.6%), mangoes (7.9%), paddy rice (5.0%), and bananas (4.1%).
Fishing
In the first month of this year, the production of the fishing sector rose 32.96%, explained by higher extraction of species of maritime origin (37.27%), mainly for indirect human consumption (anchovy for fishmeal and fish oil).
Mining and Hydrocarbons
This sector dropped 3.61%, as a result of the negative performance of the metallic mining activity (-3.63%), due to lower production volumes of tin (-62.5%), silver (-19.9%), molybdenum (-12.4%), zinc (-6.9%), gold (-6.8%), lead (-6, 7%) and copper (-1.6%); while iron production rose 51.7%.
Manufacturing
The INEI reported that the manufacturing sector's production grew 1.08%, boosted by the primary subsector (13.56%). However, the production saw a decline in the non-primary subsector (-3.16%).
Electricity, gas, and water sector
In the month of analysis, the electricity, gas and water sector increased 3.30% because of the increased production of electricity; however, a contraction was seen in gas distribution and water production.
Construction
On the other hand, the production of the construction sector decreased 11.7% as a result of lower domestic cement consumption (-15.12%), whereas the report shows increased physical progress of public works (24.55%).
Trade
The trade sector rose 1.24% in January due to the positive performance of the wholesale trade (1.35%) of electronic and telecommunications equipment; machinery and equipment; fuel and derived products; household goods; as well as school and office supplies; among others.
Transportation, storage, and courier service
The institute reported that the transportation, storage, and courier service sector declined 2.94% due to the negative performance of the storage and courier service subsector (-15.35), which was offset by the increase in the transportation subsector (3.46%).
Accommodation and Restaurants
The production in the accommodation and restaurants sector grew 7.99% due to the progress in the restaurants (9.3%) subsector; nevertheless, the accommodation subsector saw a decline of 4.3%.
Telecommunications and Other Information Services
The INEI reported that the telecommunications and other information services sector declined 9.26% due to the negative performance of the telecommunications (-10.27%) and other information services subsectors (-0.42%).
Financial and Insurance sector
The financial and insurance sector saw a reduction of 5.95%, as a result of a decrease in loans (-5.6%) and deposits (-6.5%) across multiple banks.
Published: 3/15/2023