National production increased 3.93% in November of 2024

The national production registered a growth of 3.93% in November of 2024, based in the favorable performance of the majority of sectors; among them it outstood the Manufacturing; Other Services; Agriculture; Transportation, Storage and Courier; Commerce and Telecommunications; followed by Government Services; Services Rendered to Companies; Accommodation and Restaurants; Fishing and Electricity, Gas and Water.

The National Institute of Statistics and Informatics (INEI) in the technical report National Production stated that between la months of January-November of 2024, the productive activity of the country increased 3.11% and in the annualized period (December 2023 – November 2024) increased 2.75%.

During November of 2024, the Agricultural sector significantly increased by 12.41%, as a positive result of the agricultural subsector (19.06%), in which it outstood the greater volumes of mango (433.3%), coffee (30.8%), corn grain (30.0%), grape (23.9%), potato (17.8%), garlic (14.7%) and alfalfa (4.4%); performance that was influenced by the greater area sown of the main crops.

On the other hand, the livestock subsector grew by 2.37% due to the greater volumes of swine (3.9%), poultry (2.9%), fresh milk (2.6%) and beef cattle (1.4%) production.

The Fishing sector grew 17.57% explained by the greater landing of species of maritime origin (18.81%), intended to indirect human consumption (anchovy for fishmeal and fish oil) that went from a total landing of 754,709 tons in November 2023 to 1´067,654 tons in November 2024, resulting in an increase of 41.47%. This behavior was registered during the second fishing season of anchovy, with greater landing in the ports of Chimbote, Malabrigo, Coishco and Pisco.

On the other hand, the extraction for direct human consumption decreased by 24.93%, in its four destinations such as: production of canning (-34.7%), frozen (-33.8%), preparation of curing (-32.8%) and for consumption in fresh state (-12.9%). Likewise, the fishing of continental origin contracted 3.87% before the lower extraction of species for curing (-80.0%); nevertheless, the consumption in fresh state (6.6%) and frozen (21.5%) grew.

The Mining and Hydrocarbons sector contracted by 2.19%, determined by the contraction of metal-mining activity in 3.96% as a result of the lower volume produced of copper (-4.6%), zinc (-8.9%), molybdenum (-8.2%), gold (-3.1%) and lead (-1.5%); nevertheless, the production of silver (12,1%), iron (10,3%) and tin (3.1%) grew.

On the other hand, the hydrocarbons subsector increased by 11.12%, based in the greater exploitation volume of three of its components, crude oil (24.5%), natural gas (11.0%) and natural gas liquids (3.7%).

During November of 2024, the Manufacturing sector grew by 6.67%, determined by the positive result of the primary manufacturing (18.07%) and non-primary manufacturing (2.40%) subsector.

During the growth of the primary manufacturing subsector was evidenced a greater activity of all its components; the branch of preparation and conservation of fishing, crustaceans and molluscs (32.1%), fabrication of primary products of precious metals and other non-ferrous metals (17.0%), preparation and preserving of meat (3.9%), manufacturing of products from oil refining (2.4%) and preparation of sugar (8.3%). On the other hand, in the increasing of the non-primary manufacturing subsector, influenced the increase in the production of the industry of consumption goods (1.79%) and capital goods (25.87%); in spite of the reduction of intermediate goods (-1.35%).

Electricity, Gas and Water sector grew by 3.11% as a result of a greater generation of electric energy (3.61%) and production of water (0.57%); meanwhile, the production of gas reduced (-3.59%). The electricity subsector increased by 21.4% due to the greater generation of non-conventional renewable energy (Eolic-solar) and the hydroelectric origin energy increased by 8.0%; meanwhile the thermoelectric generation energy decreased by 3.3%.

The INEI informed that the greater water production was mainly registered in the following companies Seda Chimbote (4.2%), Sedapar (2.4%), Epsel (1.5%) and Sedapal (0.04%). Nevertheless, the distribution of gas reduced due to the lower demand of companies (-8.9%) and of electric generators (-5.1%); meanwhile, there was a greater requirement from vehicular natural gas establishments (7.7%).

Construction sector contracted by 2.40%, reflected in the reduction of domestic cement consumption (-0.52%) and of the physical progress of public works (-7.07%). In the first case, the result was linked to the lower progress of projects in construction of the private sector, such as infrastructure works for the service of electric system, for the mining activity, projects in commercial centers, among the main ones.

In the second place, the physical progress of public works reduced in the national (-13.7%) and local (-9.9%) government level. According to type of work, the construction of non-residential buildings and road infrastructure decreased; on the other hand, more projects related to risk prevention and basic service were executed.

The Commerce sector increased by 3.45% driven by the favorable result of its three components; the wholesale trade increased by 3.44%, before the greater commercialization of computers, peripheral equipment and computer programs, due to renewals at corporative level; sale of solid, liquids, gaseous fuels, lubricants and oils reflecting a sustained consumption of several industrial sectors; and sale of nutritional products such as instant powdered beverages and smoothies, veterinarian products, equipment for computer security and network solutions.

The retail trade grew 3.39%, mainly influenced by the sale of computers, peripheral and telecommunication equipment before events such as “Cyberwow” and “Black Friday 2024”; sale in supermarkets, hypermarkets and minimarkets and due to opening of new outlets and demand of groceries and beverages; and sale of fuels for automotive vehicles in gas stations and self-service facilities before the greater traffic flow of vehicles. In addition, the automotive commerce increased by 3.88% due to the greater demand of vehicles (light and heavy) and its maintenance and repair, due to the commerce dynamism and campaigns in automotive fairs. At the same time, the sale, maintenance and repair of motorcycle and its parts, pieces and accessories increased due to the renovation of units in public institutions and national demand.

During November of 2024, the Transportation, Storage and Courier sector grew 7.98% due to the progress of transportation subsector (5.28%), as well as storage and courier subsector (15.54%).

Transportation subsector grew 5.28% in the transportation area by land and pipping (3.04%), before the greater travels of passengers (3.2%) and cargo (2.1%) by road. In addition, the rail transportation (25.1%) increased due to the demand of passengers and cargo; and also, the pipping transportation (9.2%), due to the increase in the hydrocarbons production. The transportation by air favorable evolved (12.40%), due to the greater movement of passengers and cargo, at national and international level. The transportation waterways increased 5.10%, before the greater flow of cargo by maritime and waterways.

The storage and Courier subsector grew by 15.54% due to the growing requirement of services of storage and support activities to the transportation (16.18%) and postal and courier services (4.70%).

Accommodation and Restaurants sector grew by 4.78% based in the behavior of restaurants (4.48%) and accommodation (7.57%) subsectors. In the result of restaurants subsector influenced the progress of restaurants businesses (6.53%), beverage service (4.76%) and catering service (0.97%). Nevertheless, services of food for transportation companies and concessionaires registered lower levels of sale (-3.45%). The group of restaurants was driven by Cevicherias (seafood restaurants), touristic restaurants, restaurants, fast foods, meats and grills, pollerías (grilled chicken restaurants), among others; due to the variety of dishes with new gastronomic proposal, organization of events and participation in gastronomic fairs.

It also contributed the accommodation subsector, the influx of international tourists within the framework of the celebration of the Asia-Pacific Economic Cooperation (APEC) 2024, as well as national tourist before the long holiday, with a significant impact in the tourism and other economic activities in the country.

Telecommunications and Other Services of Information sector grew by 4.69, performance that was determined by the positive behavior of telecommunications subsector (4.89%) and other services of information subsector (3.14%).

In the expansion of the telecommunications subsector influenced the increase of Internet Services and TV by subscription (5.9%), telephone services (4.2%) and services of data transmission (1.7%). In the other services of information subsector increased the activities of production and film show and TV programs (15.9%), computer programming (2.5%), television and radio programming (1.4%) and publishing activities (0.8%).

During November of 2024, the Financial and Insurance sector reduced by 2.14% as a result of the lower credits of multiple banking (-2.43%). According to type of credit, consumption credits (-5.4%) and corporate loans (-2.9%) decreased; on the other hand, mortgage credits (2.8%) increased. By economic sector, the credits destined to real state, business and rent activities, manufacturing industry; construction; agriculture, livestock, hunting and silviculture; hotels and restaurants; and fishing.

On the other hand, the deposits of multiple banking grew by 7.68%, driven by the greater saving deposits (11.7%), demand deposits (9.3%) and fixed-term deposits (3.6%); on the other hand, the deposits by Compensation for Time of Service decreased by 6.8%.

Sector Services Provided to Companies grew by 3.64% due to the dynamism of the activity of travel agencies and tour operators (37.9%), advertising and market research (4.3%), professional, scientific and technical activities (2.5%) and activities of administrative services and support to companies (2,1%).

During November of 2024, government services grew 4.31%, as a response to the greater activities performed by the institutions of the Public Administration (4.52%), Defense (1.86%) and Other services of Government (3.98%).