National production progressed 3.38% in October of 2024

National production grew 3.38% in October of 2024 compared to the same month of the last year. In this result outstood the growth of Agriculture (13,41%), Transportation, Storage and Courier (5.42%), followed by Other Services (4.87%); Construction (4.86%); Public Administration, Defense and others (4.25%); Accommodation and Restaurants (4.04%) sectors; among the main ones. Meanwhile, unfavorable performance of Fishing; Mining and Hydrocarbons and Financial sectors.

The technical report National Production, prepared by the National Institute of Statistics and Informatics (INEI), stated that since January to October of 2024, the productive activity of the country increased 3.02%, and during the annualized period (November 2023 – October 2024) in 2.47%).

The Agricultural sector significantly increased in 13.41%, due to the positive result of the agricultural subsector (21.43%), associated to the greater volumes obtained from the dry large lima bean (646.8%), raw cotton (234.0%), mango (152.1%), oregano (116.8%), lemon (55.2%), mandarina (12.1%) and potato (10.7%).

Likewise, the livestock subsector increased in 1.80%, explained by the greater volumes of swine, (3.3%), poultry (2.2%), fresh milk (2.1%) and beef cattle (1.3%) production.

The INEI informed that the Fishing sector reduced in 48.50%, affected by the lower capture of species of maritime origin (-50.94%), both for direct (-24.82%) and indirect (-98.82%) human consumption.

In the first group it contracted the fishing of species oriented to frozen (-42.7%), cured (-16.2%) and consumption in fresh state (-7.6%); nevertheless, the extraction for canning grew (17.2%). In the sector for indirect human consumption the capture of the anchovy resource (for fishmeal and fish oil), decreased, from 234,064 tons reported in October of 2023 to 2,754 tons reported in October of 2024.

On the other hand, the continental origin fishing contracted 28.12% before the lower extraction of species in fresh state (-31.32%), preparation of cured (-54.40%) and for frozen (-10.97%).

During October of 2024, the Mining and Hydrocarbons sector reduced in 2.18% determined by the contraction of metal-mining activity in 1.92%, determined by the lower volume production of zinc (-19.8%), copper (-1.0%), gold (-4.5%) and tin (-9.1%). This behavior was partially counterbalanced by the greater production of molybdenum (7.8%), silver (10.0%), iron (12.5%) and lead (2.5%).

On the other hand, the hydrocarbons subsector contracted in 3.93% due to the lower volume of export of liquids of natural gas (-6.5%) and natural gas (-4.3%); nevertheless, the crude oil production increased (1.5%).

According to figures of the Ministry of Production, in October the Manufacturing sector grew in 1.70%, determined by the favorable result of the non-primary manufacturing subsector (6.62%); that was attenuated by the contraction of the primary manufacturing sector (-13.89%). In the non-primary manufacturing subsector increased the production of the industry of consumer goods (11.05%), intermediate goods (2.32%) and capital goods (38.84%).

The negative evolution of the primary manufacturing subsector was caused due to the lower activity in the processing and conservation of fish, crustaceans and molluscs (-78.0%) and of the manufacturing of primary products of precious metals and other non-ferrous metals (-8.9%). Nevertheless, the manufacturing of refined petroleum products (7.8%), the preparation and conservation of meat (3.4%), as well as the preparation of sugar (6.2%) boosted.

Electricity, Gas and Water sector increased in 1.75% due to the greater generation of electric energy (2.07%) and production of water (0.10%); meanwhile, the production of gas decreased (-2.13%). The positive performance of the electricity subsector was linked to the greater generation of non-conventional renewable origin energy (Eolic – solar) in 44.3%; meanwhile the generation of hydroelectric and thermoelectric origin electricity, in -1.3% and -0.8%, respectively.

The greater production of water was influenced due to the increase in the following companies Sedalib (2.9%), Sedapar (1.6%), Sedapal (0.5%) and Epsel (0.3%).

On the other hand, the decrease of the gas subsector was influenced by the lower demand of companies (-12.2%) and Power Generators (-3.3%); meanwhile the demand of the vehicular natural gas establishments increased (8.5%).

The INEI also informed that the Construction sector increased in 4.86% providing evidence in the increase of the domestic cement consumption (3.21%) and physical progress of public works (8.40%).

The recovery of the domestic cement consumption was based in the progress of projects in construction of the private sector, such as works in infrastructure for the service of the electric system, works in the mining, storage and expansion of storage, improve of facilities and shopping centers, in industrial facilities, among others. The physical progress of public works was registered in the National and Regional government levels.

According to type of work, the execution of works of basic services, construction of non-residential buildings and prevention of risks, outstood. On the other hand, the projects of road infrastructure, reduced.

The Commerce sector grew in 3.82% driven by the positive evolution of the wholesale commerce in 3.85%, mainly in the sectors of nutritional, bio-chemical and electronic-security equipment; household goods due to greater rotation of white line; tenders of pharmaceutical and medicine products; among the main ones.

In addition, the retail commerce increased in 3.90%, mainly due to the greater sale of pharmaceutic and medicinal products, cosmetics and toiletries products before the launching of new lines of products; the sale of fuel for automotive vehicles in gas stations and self-station; among others. Likewise, the automotive commerce expanded in 3.26% in the segment of light and heavy-duty vehicles, due to the demand of different economic sectors.

The INEI informed that the Transportation, Storage and Courier sector progressed in 5.42% due to the positive result of the transportation subsector (5.36%), as well as the storage and courier subsector (5.59%). The increase of the transportation subsector was influenced by the result of transportation by road and pipping (2.49%), before the greater road traffic of passengers (3.2%) and load (1.8%); as well as the rail transportation (16.0%), with increase of movement of passengers. On the other hand, the pipping transportation decreased (-4.2%), due to the contraction of production of hydrocarbons.

In addition, the transportation by air positively varied in 15.82%, due to the increase of movement of passengers and cargo, national and international. The transportation by waterways increased in 0.44%, as a result of the greater transportation of load by waterways. The progress of the storage and courier subsector was based in the increase of the service of the storage and activities of support to the transportation (5.34%), as well as the postal and courier services (10.99%).

During October of 2024, the Accommodation and Restaurants sector increased in 4.04%, due to the increase of the restaurants subsector (3.87%) and accommodation subsector (5.49%). The positive result of the restaurants subsector was determined by the progress in the restaurants (3.92%), beverage services (6.15%), services of foods for transportation companies and concessionaires (2.27%) and supply of foods (catering) (27.22%) activities.

The group of restaurants grew due to the sectors of touristic restaurants, Cevicherias (seafood restaurants), restaurants, meats and grills, Pollerías (Chicken grill), fast food, among others; driven by the variety in the culinary offer, expansion of franchises, opening of modules in shopping centers and participation in gastronomic fairs.

During the tenth month of 2024, the Telecommunication and Other Services of Information sector increased in 2.77%, influenced by the positive behavior of the telecommunication subsector (3.68%); nevertheless, the other services of information subsector decreased (-3.81%). The behavior of telecommunication subsector was associated to the dynamism of the Internet services and subscription television services (4.9%) and telephone services (3.2%). Nevertheless, the services of data transmission decreased (-5.6%).

In the other services of information subsector decreased the activities of television and radio programming (-8.4%), publishing activities (-4.1%), activities of production and film showing and film showing (-1.4%) and activities of computer programming (-1.4%).

The Financial and Insurance sector reduced by 0.22% due to the lower credits of multiple banking (-3.27%). According to type of credit, there were affected the consumer loans (-5.5%) and business loans (-4.3%); on the other hand, it increased the mortgage loans (2.9%).

According to economic sectors, it contracted the credits intended to the manufacturing industry; real state, business and rent activities; agriculture, livestock, hunting and silviculture; construction; hotels and restaurants.

On the other hand, the deposits of multiple banking grew in 8.30%, due to the greater savings deposits (13.2%), demand deposits (10.7%) and time deposits (3.1%). On the other hand, Term of Service Compensation Deposits decreased (-9.9%).

Sector Services Provided to Companies increased in 3.93%, due to the positive result of travel agencies and tour operators (30.3%), advertising and market research (4.3%), professional, scientific and technical activities (2.8%), as well as the activities of administrative and support to companies’ services (2.6%).

During October of 2024, Government Services increased in 4.25%, in response to the greater activities performed by the institutions of Public Administration (4.27%), Defense (4.14%) and Others (3.75%).