In the fourth quarter of 2024, the Gross Domestic Product increased 4.2% and closed the year with an increase of 3.3%

In the fourth quarter of 2024, the Gross Domestic Product (GDP) grew by 4.2%, compared to the same quarter of the last year; driven by the greater consumption of families and the gross fixed investment (4.0% in both cases), as well as the increase of exports of goods and services (5.8%), associated to the good performance of extractive activities, of transformation and services, in a context of stability of domestic prices. In addition, it was informed that the GDP growth during the year 2024, was of 3.3%.

The National Institute of Statistics and Informatics (INEI) in the technical report Behavior of the Peruvian Economy, stated that the seasonally adjusted GDP, during the quarter analyzed, increased by 1.3% compared to the last quarter.

During the quarter under analysis, the private final consumption expenditure increased by 4.0% due to increase of the employment and the incomes from work. According to the results of the Permanent Survey of National Employment (EPEN), the nominal average monthly income increased by 6.2% and the employment increased by 1.8%. During 2024, the private final consumption expenditure increased by 2.8%.

During the quarter under study, the gross fixed capital formation increased by 4.0% compared to the same period of the last year. This result was based in the growth of construction (1.3%) and the greater purchases of machinery and equipment (8.5%). Likewise, the public investment increased by 0.6% and the private investment increased by 5.0%.

During the year 2024, the gross fixed capital formation increased by 5.2%, supported by the greater investment in construction (3.5%) and the greater acquisition of machinery and equipment (7.9%). During this period, the public investment increased by 15.4% and the private investment increased by 2.2%.

During the fourth quarter of 2024, the exports of goods and services grew by 5.8% compared to the same period of the last year. Outstood the shipments of silver mineral (356.1%), natural gas (50.1%), other fruits (32.4%), molybdenum ore (26.3%), grape (11.8%) and gold ore (6.9%). Meanwhile, the shipments of refined copper (14.8%), zinc mineral (12.1%) and copper ore (10.9%) decreased. In the year 2024 the export of goods and services accumulated a growth of 5.4%.

Likewise, the imports of goods and services increased by 13.7% before the greater acquisition of transmission and communication equipment (23.0%); plastic, rubber and synthetic fibers (22.7%); crude oil (22.6%); Synthetic organic colouring matter and preparations, and other basic chemical substances (16.7%); lorries, omnibuses and vans (14,0%); other machineries of general use (4.2%); and machinery for the industry (3.3%). Nevertheless, the purchases of automobiles (2.0%) and Diesel (1.6%) decreased. The imports of goods and services grew 8.0% in the year 2024.

The INEI informed that during the fourth quarter of 2024, final consumption expenditure of the government decreased 0.5% compared to the same period of the last year. This behavior was explained by the reduction in the activity of Public Administration and Defense (2.4%); meanwhile, it grew the expense in Public Education (6.4%) and Public Health (4.5%). During the year 2024, the final consumption expenditure of the government increased by 3.3%.

During the fourth quarter of 2024, the gross value added of the Agriculture, Livestock, Hunting and Forestry grew 11.4% compared to the same period of the last year, driven by the performance of the agriculture (17.0%) and livestock (3.1%) subsectors. In the year 2024, ­the gross value added of this activity increased by 4.9%.

During the quarter under analysis, the gross value added of the Fishing and Aquaculture activity increased by 15.6%, explained by the increase of the value of the maritime fishing (17.6%); meanwhile, the continental fishing decreased (8.8%). At the fourth quarter of 2024, the gross value added of this activity increased by 24.9%.

During the fourth quarter of 2024, the Extraction of Petroleum, Gas, Minerals and Related Services reduced by -0.5%, as result of a lower production of minerals and related services (-1.0%). On the other hand, the extraction of crude oil, natural and related services registered a growth of 2.7%. During the year 2024, this economic activity increased by 2.0%.

The gross value added of the Manufacturing activity increased by 7.0%, due to the growth of other manufacturing industries (28.4%); wood and furniture (23.7%); textile and leather (9.7%); chemical (5.8%); manufacturing of paper, printing and playback of recordings (5.6%); metallic basis industries (3.0%); food (2.8%); metallic products (1.7%) and manufacturing of non-metallic mineral products (0.5%). The manufacturing activity increased by 3.9%, in the year 2024.

During the fourth quarter of 2024, the Electricity, Gas and Water activity increased by 2.2% due to the greater production of electricity and gas (2.6%) and water (0.2%) subsectors. This activity registered a growth of 2.4% during the year 2024.

During the quarter under study, the gross value added the Construction activity grew by 1.2% explained by the greater execution of works in public and private sectors. In the year 2024, the mentioned activity increased by 3.6%.

The gross value added of the Commerce activity increased 3.6%, driven by the favorable performance of the wholesale and retail trade subsectors (3.5%) and maintenance and repair services of automotive vehicles (5.8%). This activity accumulated a growth of 3.0% in 2024.

During the fourth quarter of 2024, the gross value added of Transportation, Storage, Postal and Courier activity increased by 7.0%, driven by the favorable performance of the storage, postal and courier (11.5%) and transportation (6.6%) subsectors. During the year 2024 this activity expanded by 6.1%.

The gross value added of Accommodation and Restaurants activity increased by 4.5%, due to the increase of the accommodation (8.9%) and restaurants (4.0%) subsectors. During the year 2024, the accommodation and restaurants activity grew by 3.7%.

The INEI informed by the Telecommunications and Other Services of Information activity increased by 3.4%, driven by the growth of the telecommunications services (3.7%) and other information services (1.4%). In the year 2024, grew by 2.0%.

During the fourth quarter of 2024, the Financial, Insurance and Pensions activity registered a growth of 0.1%, a performance that is based in the increase of the services of insurance companies (3.0%) and the pension funds administration companies (6.8%); meanwhile the financial services decreased (1.1%). Over the fourth quarter of 2024, the mentioned activity reduced by 1.6%.

During the quarter under study, the gross value added of the activity Services Provided to Companies expanded by 3.6% compared to the same period of the last year. In the year 2024, this activity accumulated a growth of 3.6%.

The Public Administration and Defense activity increased by 4.3%, compare to the same quarter of the last year. During the year 2024 this activity grew 3.9%.

The gross value added of the Other Services activity grew by 4.0% compared to the same period of the last year. During the year 2024 accumulated a growth of 3.6%.

During the fourth quarter of 2024, the Other Taxes on Products and Import Duties grew by 7.6%, the other taxes to products increased 6.7% and the import duties increased 20.9%. During the year 2024, these taxes increased by 3.5%.