The peruvian economy registered a growth of 3.4% in October compared to the same month of the previous year, accumulating seven consecutive months of positive results. However, in seasonally adjusted terms, compared to September, national production remained unchanged (+0.02%).
Of the five sectors with the greatest participation in national production (without considering other services), agriculture registered a growth of 13.4%, followed by construction with 4.86% and commerce with 3.82%. In contrast, manufacturing grew just 1.7% and mining and hydrocarbons fell 2.2%.
The agricultural sector is subdivided into agricultural and livestock production. The agricultural sector is what drove the result of the activity with a growth rate of 21.4%.
According to the INEI, several crops increased their production by double digits, “associated with higher levels of harvested and planted area, and favorable weather conditions in some regions of the country.” This highlighted the production of dry grain pallar (+646.8%), raw cotton (+234%), potato (+10.7%), oregano (+116.8%), mango (+152.1%), lemon (+55.2% ), mandarin (+12.1%), carrot (+47.4%) and avocado (+10.7%).
Construction and commerce
On the construction sector’s side, its progress was associated with the greater investment in public works executed by the National Government (+25%) and Regional Government (14.3%). In contrast, at the Local Government level it decreased (-9.1%).
Regarding trade, according to the INEI, its growth was associated with the expansion of both retail and wholesale trade.
“Wholesale trade grew 3.85%, driven by the sale of other household goods due to the greater turnover of white and brown goods, pharmaceuticals and medicinal products, cosmetics, home and personal care products, perfumery items, of stationery and desk supplies,” stated the INEI.
On the retail side, he indicated that sales in supermarkets, hypermarkets and minimarkets evolved positively due to the greater demand for groceries, drinks, nougat, confectionery and meat products, in addition to the opening of establishments nationwide, the use of credit cards and corporate sales contracts.
Mining
The INEI explained that the production of the mining and hydrocarbons sector fell as a consequence of the negative performance of metallic mining activity (-1.9%), due to lower production volumes of zinc, copper, gold and tin; and the hydrocarbon subsector (-3.9%) due to the lower exploitation of natural gas liquids and natural gas.
With the October result, the gross domestic product (GDP) registered an annual growth of just 2.5%.
Recovery
On the other hand, the Ministry of Economy indicated that in the coming months the GDP will continue to consolidate its recovery process, in line with the improvement of leading indicators. For example, electricity production grew 4.6% in November and 2.7% in October, remaining in positive territory for the fifth consecutive month.
“In this scenario, the GDP is expected to reach a growth of 3.2% towards the end of 2024, as projected since August in the Multiannual Macroeconomic Framework 2025-2028, which will position us as one of the countries with the highest growth. economic at the level of the economies of the region,” he indicated.
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