National production increased 3.53% in August of 2024 due to the progress in the majority of economic sectors

The National Institute of Statistics and Informatics (INEI) informed that the national production increased in 3.53% in August of 2024, driven by the positive performance of eleven economic sectors, with the exception of Agricultural, Fishing and Financial sectors. In the technical report National Production is stated that between January and August of 2024, the economic activity grew 2.88%, and in the annualized period (September 2023-August 2024), the productive activity registered an increase of 1.69%.

The agricultural sector decreased 2.29% in August of 2024 compared to the same month of the last year. Likewise, the agricultural subsector reduced 5.25%, due to the lower volumes of production of olives (-98.6 %), raw cotton (-97.7%), starchy maize (-30.8%), dry beans (-26.1%), potato (-24.6%), avocado (-18.7%) and cacao (-11.3%). These falls in the production were explained by the lower areas sown, added to the adverse weather conditions. On the other hand, the livestock subsector grew 1.85%, driven by the higher volumes of pig (3.0%), poultry (2.8%), beef (0.8%) and fresh milk (0.4%) production.

Nevertheless, among the months of January and August of 2024, this activity registered a progress of 2.65%.

The fishing sector decreased in 27.78%, explained by the lower landing of maritime (-27.09%) and continental (-33.08%) origin.

In the fishing of maritime origin influenced a lower capture of species destined to the indirect human consumption (anchovy for fishmeal and fish oil), extracting 297 tons of resource in August of 2024 against 182,636 tons of August of 2023, that meant a decrease of 99.8%. Nevertheless, the capture for direct human consumption grew 14.92%, mainly oriented to frozen (36.5%), canning (21.8%) and for consumption in fresh state (0.3%); meanwhile, for the preparation of curing decreased in 28.6%.

In the fishing of continental origin (-33.08%) was reported a lower extraction of species for consumption in fresh state, frozen and preparation for curing. Meanwhile, in the eight first months of this year, the fishing sector increased in 33.61%.

During August of 2024, the Mining and Hydrocarbons sector increased in 8.87%, due to positive performance of the metal-mining activity in 8.86%, driven by the greater level of copper (11,7%), molybdenum (42,4%) and silver (30.0%) production, mainly; supported by the upward evolution of the hydrocarbons subsector in 8.96%, according to the base of greater volume of exploitation of liquids of natural gas (12.8%), natural gas (9.5%) and crude petroleum (2.5%).

In August of 2024, the production of manufacturing sector increased in 2.20%, according to figures of the Ministry of Production. According to components, the non-primary manufacturing sub-sector grew 3.24%; meanwhile, the primary manufacturing subsector decreased 0.96%. The increase of the non-primary manufacturing subsector was explained by the increase in the production of the industry of consumer goods (8.95%), result that was dimmed by the contractive behavior of the industry of intermediate goods (-0.72%) and capital goods (-8.41%).

Nevertheless, the unfavorable behavior of the primary manufacturing subsector was determined by the lower activity of the branch of manufacturing and preserving of fish, crustaceans and molluscs (-19.4%); and the preparation of products for refining of petroleum (-14.4%).

Nevertheless, the preparation of sugar increased (7.7%); manufacturing and preserving of meat (4.0%) and manufacturing of primary products of precious metals and other non-ferrous metals (6.8%).

The Electricity, Gas and Water sector grew 2.08% due to the greater generation of electric energy (2.57%); meanwhile the distribution of gas (-4.45%) and the production of water (-0.38%) decreased. Electricity subsector increased due to the growing hydroelectric origin (16.7%) and non-conventional renewable energy (95.5%) generation; in the other hand, the generation of thermoelectric origin electricity, was been affected (-13.4%).

Gas distribution reduced as the result of the lower demand of Power Generators (-10.0%); on the other hand, the demand of selling establishments of Vehicular Natural Gas (11.8%) and the companies (3.8%). Water subsector contracted due to the lower production of potable water of companies such as Seda Chimbote (-4.0%), Sedapal (-2.5%), EPS Grau (-0.2%) and Sedapar (-0.1%), mainly.

Construction sector grew 4.14%, reflected in the domestic cement consumption (0.25%) and the physical progress of public works (17.24%). The slight increase of the domestic cement consumption associated to a slow progress of construction projects in the private sector. It was the case of works of civil engineering in projects of mining, hydrocarbons, electric generation, agroindustry, customs and industrial storage, projects of multi-familiar buildings, among others.

On the other hand, the increase of physical progress of public works was observed within the three spheres of government. Therefore, works of risks prevention, road infrastructure, construction of non-residential buildings and basic services, increased.

During August of 2024, the Commerce sector grew 2.86% driven by the greater commercialization of goods in the wholesale (3.39%) and retail (3.20%) channel. Meanwhile, the sale and repair of vehicles decreased (-2.55%). The dynamism of the wholesale trade was registered in the computers sector, due to greater public tenders, renewal of equipment and software updates; fuel and lubricants; household goods, given the high rotation of domestic use devices (electronic devices of video-audio, stationary items and texts, white line, pharmaceutical and medicinal products and personal care products); and heavy-duty machinery, electric and industrial equipment, and transportation equipment.

The retail commerce was influenced by the sale of computers and telecommunications equipment driven by the campaigns and promotions; the sale in supermarkets and minimarkets before the opening of new stores and greater consumption of fuels in gas stations and self-services facilities.

The INEI informed that the Transportation, Storage and Courier sector grew 6.28% due to the favorable result of the Transportation (5.14%) and Storage and Courier (9.46%) subsectors.

In the transportation subsector outstood the road and pipping transportation (3.27%), before the greater traffic in highways of passengers (3.3%) and cargo (2.5%). Likewise, the railway transportation intensified (24.6%), due to the greater mobilization of passengers and cargo; as well as the pipping transportation (9.33%), due to the increase of the hydrocarbons production.

Air transportation increased in 12.44%, due to the greater national and international movement of passengers and cargo. Waterways transportation increased 4.94%, as a result of the greater transportation of cargo by sea.

On the other hand, the result of the storage and Courier subsector was based in the increase of the storage service and support activities to the transportation (9.57%), as well as the postal and courier services (7.74%).

The accommodation and Restaurants sector increased in 7.53% based in the expansion of the restaurants (7.54%) and accommodation (6.14%) subsectors.

The favorable performance of the restaurant’s subsector was based in the activities of restaurants (8.53%), beverage service (9.97%), services of food for companies of transportation and concessionaires (1.87%) and supply of ordering foods (54.75%). In the group of restaurants positively influenced the sectors of touristic restaurants, fast foods, international food, Pollerías (chicken grill restaurants), general restaurants, Chifas (Chinese foods), among others. The performance of the sector was favored by the long holiday with the occasion of Santa Rosa de Lima’s Day and different gastronomic fairs, among others.

Telecommunications and Other Information Services sector increased grew in 0.13% explained by the positive behavior of the following subsectors: telecommunications (0.11%) and other services of information (0.25%). The telecommunications registered progresses in the Internet services and TV by subscription (5.9%); on the other hand, the telephone services and the services of data transmission, decreased in 2.6% and 2.5%, respectively.

In the subsector other services of information influenced activities such as production and showing of films and TV programs (7.9%) and computer programming (1.9%). Nevertheless, there were affected the activities of TV and radio (-8.3%) and edition (-0.1%) programming.

After two months of slight growth, the Financial and Insurance sector decreased in 1.24% due to lower credits (-2.39%) granted by multiple banking. According to type of credit, the business credits (-2.6%) and consumption credits (-6.7%) had a contractive behavior; counterbalanced by the increase of mortgage loans (3.4%).

By economic sectors, appropriations intended to transportation, storage and communications; other activities of community services; real state, entrepreneurial and rental activities, manufacturing industry; agriculture, livestock, hunting and silviculture; construction and private households with domestic service and foreign bodies decreased.

On the other hand, deposits of multiple banking registered positive results in the segment of demand deposits (11.4%), savings deposits (9.8%) and time deposits (2.5%); on the other hand, Term of Service Compensation Deposits decreased in 10.5%.

During August of 2024, Services Provided to Companies increased in 4.27% due to the positive result of travel agencies and tour operators (45.2%), advertising and market research (5.0%), professional, scientific and technical activities (2.9%) and activities of administrative services and of support to companies (2.2%).

During the eight month of this year, Government Services increased in 4.02%, in accordance with the most activities performed by the institutions of National, Regional and Local Government. Likewise, the Public Administration (4.0%), Defense (4.0%) and other services of Government (3.3%) grew.