The Peruvian economy rose 2.85% in February 2024, compared to the same month in 2023, due to the positive performance of most economic sectors, the
National Institute of Statistics and Informatics (INEI) reported on Monday.
In its National Production technical report, the INEI stated that the sectors with the best performance were Mining and Hydrocarbons; Trade; Construction; Transportation; Electricity, Gas, and Water; Services Provided to Companies; Telecommunications and Other Information Services; Accommodation and Restaurants; and Other Services.
While Manufacturing; Financial and Insurance; Farming; and Fishing saw a contraction.
According to the country's statistics institute, the Peruvian economy showed an accumulated growth of 2.10% between January and February this year and decreased 0.12% over the last 12 months (March 2023-February 2024).
Farming
In the month of analysis, the Farming sector fell 1.95% as a result of the contraction in the agricultural (-2.53%) and livestock (-1.16%) production.
Fishing
The Fishing sector contracted 31.26% due to lower extraction of species of maritime origin (-35.17%).
Mining and Hydrocarbons
The Mining and Hydrocarbons sector grew 15.94%, due to the expansion in the metallic mining activity (17.10%), driven by higher volumes of production mainly of copper (13.6%), molybdenum (59%), and gold (29%).
Manufacturing
The INEI reported that the production of the Manufacturing sector decreased 4.68% in February 2024, and maintained a downward trend for 13 consecutive months.
Electricity, Gas, and Water
In February 2024, the Electricity, Gas and Water sector rose 8.09%, supported by an increase in generation of electricity (8.44%), production of water (6.43%), and gas distribution (3.11%).
Construction
On the other hand, the Construction sector grew 6.41%, explained by higher physical progress of public works (39.61%); however, domestic cement consumption decreased 0.72%, due to the lower execution of works by the private sector.
Trade
During the second month of 2024, the Trade sector rose 3.02% due to the positive performance of the wholesale (3.08%) subsector.
Transportation, Storage, and Courier Service
The institute reported that this sector saw an increase of 5.18%, underpinned by the rise in the transportation subsector (7.67%). However, the storage and courier service subsector dropped 0.50%.
Accommodation and Restaurants
The production in the Accommodation and Restaurants sector expanded 2.70%, due to the performance of the restaurants (2.57%) and accommodation (9.08%) subsectors.
Telecommunications and Other Information Services
The INEI reported that this sector grew 2.01%, after having shown a negative variation since June 2022. This growth was explained by the increase in the telecommunications (1.79%) and other information services (4.05%) sub-sectors.
Financial and Insurance
In February, the Financial and Insurance sector saw a drop of 5.12%, due to lower loans (-4.99%) and deposits (-0.82%) across multiple banks.
Services Provided to Companies
According to the country's statistics institute, the Services Provided to Companies sector increased 2.89% due to the positive result of travel agencies and tour operators (51.3%); advertising and market research (6.1%); professional, scientific, and technical activities (2.9%); as well as administrative and business support services activities (0.8%).
Government Services
Finally, the Government Services grew 3.71%, in response to increased activities carried out by public administration entities (3.7%), Defense (4%) and other government services (4%).
(END) NDP/CNA/RMB
Published: 4/15/2024