Peru’s economy grew 2.85 % in February

The Peruvian economy showed growth of 2.85 % in February, driven by the mining sector

The year-on-year growth of Peru’s economy stood at 2.85 % in February, driven by the mining and hydrocarbons sector, which has maintained a cumulatively rebound of 15.94 % cumulatively.

This sector has recorded 13 consecutive months of progress thanks to “increased production of copper, gold and molybdenum,” which positions it as the main contributor to the GDP of the South American nation.

This was published this Monday by the National Institute of Statistics and Informatics (INEI), which also indicated a reduction in productive activity in the “Manufacturing, Financial and Insurance, Fishing and Agricultural” sectors.

The local body highlighted that the Peruvian economy achieved accumulated growth of 2.10 % in the January-February period, compared to the last 12 months, March 2023-February 2024, when it decreased by -0.12 %.

The fishing and manufacturing sectors, which are important job generators, fell 31.26 % and 4.68 %, respectively, due to the lower volume of fishing for direct consumption in addition to a drop in activity in the fishing industry. precious metals and preserved meat foods.

For its part, according to the report, the Financial and Insurance sector decreased by 5.12 % due to lower loans (-4.99 %) and deposits (-0.82 %) from commercial banks.

In the electricity, gas and water sectors, a growth of 8.09 % was seen, driven by the “greater generation of electrical energy (8.44 %), water production (6.43 %) and gas distribution (3.11 %).”

The Institute also evidenced a growth in the construction sector of 6.41 % driven by the dynamism of the physical progress of public works (39.61 %).

Other sectors that also grew in the month of February are commerce (3.02 %), transportation, storage and messaging (5.18 %); accommodation and restaurants (2.70 %); telecommunications and other information services (2.01 %); business services (2.89 %), and Government services (3.71 %), while the agricultural sector had a decrease of 1.95 %.


Fountain: americaeconomia

(Reference image source: Unasplash+, in collaboration with Getty Images)

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