National production in October, one of the three components that allow measuring the GDP of the last quarter, advanced 3.62% compared to the same period of the previous year, with this economic activity accumulated 22 months of successive increases.
The growth recorded in the tenth month of the year responded mainly to the favorable evolution of most sectors, among which mining and hydrocarbons, fishing, construction and commerce stood out.
According to the INEI, an increase in the production of zinc and copper, as well as hydrocarbons, boosted the sector at a rate of 6.81%, the highest expansion in the last six months.
On the other hand, the fishing sector registered an expansion of 25.7%, associated with the greater extraction of species for direct human consumption (37.3%). While fishing for indirect human consumption registered a decline of 18.1%.
Thus, both the dynamism of metal mining and fishing contributed to the 3.06% advance of the manufacturing sector.
“Primary manufacturing experienced a significant growth of 26.1%, driven mainly by the significant increase in the seafood industry (+369.3%), due to the greater availability of raw materials (squid, bonito, skipjack and prawns),” the Ministry of Production said in a statement.
“Likewise, the higher production of the precious and non-ferrous metals industry (+23.3%) and meat products (+1.9%) contributed to the result,” he added.
Construction
Another sector whose dynamism contributed to the economy in October was construction with an increase of 4.39%, mainly due to the expansion of local cement consumption (+9.05%).
Such growth would be associated with the expansion of private investment and family demand for housing. The consumption of cement together with the import of capital goods represents a thermometer of company investment. According to the BCR, the purchase of capital goods from abroad grew 14.1% in October, in line with the boost achieved in cement demand.
Finally, commercial activity expanded 4.09%, associated with the dynamism of its three components: wholesale trade (+3.7%), retail trade (+3.46%) and sale of motor vehicles and bicycles (+9.75%).
Recently, the president of the Automotive Association of Peru (AAP), Karsten Kunckel, stated that the light vehicle market will close the year with a growth of more than 20%, heavy transport with 36%, and minor vehicles with 26%. With this, according to Kunckel, a dynamism that has not been seen since before the pandemic is consolidated.
“The sales rooms are active, families are regaining confidence and companies are investing again. The country is growing despite political instability,” he stated.
Data
- So far this year as of October, the economy grew 3.36% compared to the same period of the previous year.
- The accumulated GDP in the last 12 months grew 3.66% at the end of October.
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