Peruvian economy grows 2.01% in October, its highest level for four months

The peruvian economy registered an increase of 2.01% in October in relation to the same month last year, as a result of the increase in the sectors of transportation and storage, commerce, construction, lodging and restaurants, agriculture, mining and hydrocarbons, and other services, reported the National Institute of Statistics and Informatics (INEI).

This figure is the highest since June when the Gross Domestic Product (GDP) was 3.51%. In July (1.60%), August (1.74%) and September (1.66%).

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Likewise, the entity highlighted the good performance of the other services sector, with a predominance of creative, artistic and entertainment activities, such as tickets to concerts and artistic shows, games of chance and betting, activities of sports clubs and amusement parks; offset by the reduction in repair of computers and household goods, activities of hairdressers and funeral homes.

However, the telecommunications (-6.69%), financial and insurance (-4.01%), and manufacturing (-0.63%) sectors showed contraction.

National production in the period January-October 2022 rose by 2.81% and during the last twelve months, November 2021-October 2022, it presented a similar increase of 2.81%.

agriculture

INEI indicated that in October 2022 the agricultural production index registered an increase of 5.18% compared to October of last year, due to higher agricultural and livestock production.

The crops that reported the highest levels of production were vegetables, fruits, agro-industrial crops, spices and green beans.

The agricultural products that increased the most were: grapes (22.80%), tomato (117.71%), raw cotton (383.16%), asparagus (4.65%), oregano (57.41%), garlic (32.28%), hard yellow corn (6.69%), cocoa (5.79%), sweet potato (25.26%), dry grain cowpea bean (30.96%), among others.

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However, the production of potato (-13.32%), paddy rice (-7.65%), pallar dry grain (-50.57%), artichoke (-12.61%), corn corn (-14.34%), sugar cane (-14.34%) decreased. -3.98%), dry beans (-24%), banana (-3.27%), onion (-9.84%), peach (-38.14%), coffee (-5.13%), apple (-23.81%), among others.

The livestock activity presented an increase due to the higher production registered in poultry (1.42%), fresh milk (2.43%), pigs (1.82%), bovine (0.86%), eggs (0.33%), alpaca (1.08%), sheep (0.19%) and call (0.41%). On the other hand, the production of alpaca fiber (-8.95%), llama fiber (-6.85%), wool (-11.49%) and goat (-0.28%) decreased.

Mining and hydrocarbons

In the month of analysis, the mining and hydrocarbon production registered an increase of 1.66%, as a result of the advance of the metallic mining activity in 3.54%, due to the higher level of production of copper, gold, tin and lead. However, the hydrocarbons subsector decreased by 9.20% due to the lower exploitation of crude oil and natural gas liquids.

“The increase in metallic mining activity is mainly linked to the contribution of Anglo American Quellaveco, which has produced copper since September 2022, in addition to the greater tonnage processed in the concentrator plants with better grades in the minerals treated; however, social conflict continues in the areas of influence of mining operations”, specified the INEI report.

Metallic mining increased by 3.54% due to the higher production of copper (7.52%), gold (5.19%), tin (24.22%) and lead (3%); instead, the production of zinc (-5.44%), molybdenum (-3.94%), iron (-8.18%) and silver (-2.28%) contracted.

Hydrocarbon production decreased by 9.20% due to the lower exploitation of crude oil by -24.62% and natural gas liquids by -11.58%; while, the production of natural gas registered an increase of 9.06%.

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Building

In October 2022, the construction sector advanced 4.15%, reflected in the increase in the physical progress of works.

The physical progress of works registered greater projects in the three levels of government. By type, it presented good performance in non-residential buildings, basic services, road infrastructure and risk prevention works.

The internal consumption of cement registered a negative variation, due to the lower dynamism of private works and self-construction.

Trade

In the tenth month of the year, the trade item had an increase of 2.76%, compared to the same month of the previous year, due to the positive evolution of wholesale trade, retail trade and automotive trade.

Commercial activity continued on the path of growth, reporting increases since March 2021.

Wholesale trade was favored by higher sales of fuels, machinery, equipment, computers, peripheral equipment, household goods, textile products, clothing, footwear, agricultural and live animal raw materials, food, beverages, tobacco, and electronic telecommunication equipment.

In retail trade, the sale of pharmaceutical and medicinal products, the retail sale of fuel, the sale of computers, clothing, footwear, the sale of books, newspapers, stationery, other sales of products in specialized stores, mail order and internet sales, among others.

Manufacture

INEI indicated that the manufacturing sector registered a decrease of 0.63% compared to October 2021, due to lower activity in the non-primary manufacturing subsector.

The non-primary manufacturing subsector fell due to lower production in the intermediate goods industry; however, there was an increase in the industry of capital goods and consumer goods.

In contrast, the primary manufacturing subsector registered a higher level of production in the branch of manufacturing of primary products of precious metals and other non-ferrous metals, processing and preservation of fish, crustaceans and mollusks, processing and preservation of meat, and sugar processing; while the manufacture of petroleum refining products decreased.

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