The Peruvian economy continues in a recovery processAccording to the National Institute of Statistics and Informatics (INEI), national production registered a growth of 4.5% in July, exceeding market expectations and accumulating four consecutive months of growth.
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According to the Ministry of Economy (MEF), the upturn in economic activity in July is due to the greater dynamism of the primary and non-primary sectors. In the case of the primary sectors, fishing and primary manufacturing grew by 14.9% and 12.6%, respectively, favoured by the landing of anchovy, mainly from the southern zone, and the greater extraction of other species associated with direct human consumption (CHD).
Likewise, the hydrocarbon sector grew 21.6%, the highest rate recorded since May 2022, mainly due to increased extraction of natural gas liquid and natural gas.
Along the same lines, non-primary sectors have remained dynamic, highlighting the rebound in non-primary manufacturing by 10.4%, the highest rate since September 2021, construction 7.1%, the highest rate since January 2024, services 4.0%, the highest rate since May 2022 and trade 3.4%, the highest rate since March 2022, favored by the improvement in domestic demand.
“In the coming months, GDP will continue its recovery and consolidation process, which is reflected in the favorable results of the leading indicators of economic activity. For example, electricity production grew 3.6% as of September 12 and 3.1% in August,” the MEF said in a statement.
“Imports of capital goods grew 10.8% in August (Jul-24: 13.6%). Also, sales through electronic payment vouchers grew 20.1% in July, higher than that recorded in June (2.7%). Along the same lines, BBVA’s consumer big data index grew 13.2% in July 2024 (June 2024: 13.5%), registering a positive rate for eight consecutive months,” he added.
The Ministry of Economy also indicated that business expectations remain optimistic. It said that in August, all the BCRP business expectations indicators (12 indicators) were in the optimistic range for the third consecutive month, with several of them recording levels higher than those of previous years.
