Gross Domestic Product grew 3.8% in the third quarter of 2024

In the third quarter of 2024, the Gross Domestic Product (GDP), at constant prices of 2007, expanded in 3.8% compared to the same period of the last year. This was informed in the technical report Behavior of the Peruvian Economy prepared by the National Institute of Statistics and Informatics (INEI).

This result was based in the increase of the domestic demand (3.4%), associated to the gross fixed investment (6.6%) and the total consumption (3.6%), in a context of growth of extractive, transformation and services activities; as well as, the reduction of the inflation, that encouraged the consumption of families.

On the other hand, the export of goods and services increased in 10.4%, and the import of goods and services increased in 8.0%.

The seasonally adjusted GDP during the quarter under analysis increased in 0.7% compare to the last immediate quarter.

During the quarter under analysis, the private final consumption expenditure increased in 3.5%, due to the increase of employment and incomes of families reported by the Permanent Survey of National Employment (EPEN). At current prices, the expense of private final consumption represented the 61.2% of the Gross Domestic Product, reaching the amount of 168 thousand 397 million of Soles.

The INEI informed that the final consumption expenditure of the Government increased by 4.1%. This behavior was based in the greater expenditure in public administration and defense (3.4%), public education (5.5%) and public health (4.9%).

The gross fixed capital formation registered a progress of 6.6% compared to the same period of the last year. This behavior was explained by the growth of construction (4.7%), as well as the greater purchases of machinery and equipment of national origin (9.7%) and imported origin (9.6%).

In addition, the public investment increased (18.6%) in projects associated to construction of road, agriculture, electric and infrastructure works and educational facilities. Likewise, the private investment increased (3.3%), due to the greater execution of works of civil and mining engineering.

During the third quarter of 2024, the growth of exports of goods and services was explained by the greater shipments abroad of traditional and non-traditional products. Similar trends registered the imports of goods and services, due to the greater acquisitions of capital goods and construction materials; raw materials and intermediate products; and consumption goods.

During the third quarter of 2024, the gross value added of Agriculture, Livestock, Hunting and Silviculture activity decreased in 1.5% compared to the same quarter of 2023. Influenced in this result the contraction of agriculture subsector (-3.7%); attenuated by the increase of the livestock subsector (1,8%).

The gross value added of Fishing and Aquaculture reduced in 11.1%, due to the reduction of the value of the marine fishing (-8.4%) and of the fishing of continental origin (-39.2%).

Extraction of Oil, Gas, Minerals and Related Services activities increased in 4.4% due to the greater production in the extraction of crude oil, natural gas and related services (8.3%); as well as minerals and related services (3.8%).

During the third quarter of 2024, the Manufacturing activity increased in 5.3% compared to the same quarter of the last year, driven by the growth of wood and furniture (39.4%); textile and leather (17.7%) activities; and other manufacturing industries (16.6%), mainly.

The Electricity, Water and Gas activities increased in 2.1% compared to the same period of the last year, explained by the increase of production of electricity and gas (2.4%) and water (0.2%) subsectors.

The INEI informed that the Construction activity increased by 4.7%, explained by the greater execution of works of public and private sectors.

Trading activity expanded by 3.2% due to the positive performance of wholesale and retail trade subsectors (3.0%) and maintenance and repair services of automotive vehicles (7.6%).

Transportation, Storage, Postal and Courier activity increased in 7.2%, due to the dynamism of the transportation subsector (6.6%), explained by the growth of ground, water and air transportation services; and the storage, postal and courier subsector (14.4%).

The gross value added of Accommodation and Restaurants activity showed an increase of 5.8% due to the impulse of the accommodation (4.6%) and restaurants (6.0%) sector.

Telecommunications and Other Services of Information activity increased 2.1% due to the growth of telecommunication (2.4%) and other services of information (0.3%) services.

Financial, Insurance and Pensions activity decreased in 0.1%, influenced by the lower dynamism of the financial service activity (-0.8%). Nevertheless, the insurance service (2.4%) and the pension funds administrators (5.3%) increased.

Services Provided to Companies activity grew in 4.4% compared to the same period of the last year, due to the increase of all subsectors that are part of it, except the employment agencies.

During the third quarter of 2024, the gross value added, of Public and Defense Administration showed a progress of 4.0% compared to the same period of the last year.

Other Services activity registered an increase of 4.4% due to the favorable performance of las real state, education, health and personal services activities.

Other Taxes to Products and Import Duties grew in 4.5%, explained by the increase of other taxes to products (3.8%) and import duties (12.3%).