Gross Domestic Product increased 1.7% in the fourth quarter of 2022

In the fourth quarter of 2022, the Gross Domestic Product (GDP) increased by 1.7%, a result that is mainly explained due to the performance of the domestic demand in 2.1%, driven by the family consumption (2.3%), as well as the increase of the gross investment of fixed capital (2.6%) specially public investment (23.4%); nevertheless, private investment decreased (-1.8%). This was informed by the National Institute of Statistics and Informatics (INEI), through the technical report Behavior of the Peruvian Economy.

In the aforementioned document is stated that the GDP evolution occurred within a context of lower growth rhythm of the world economy; as well as of our main trade partners.

During the year 2022, the country GDP grew 2.7% driven by the domestic demand by reporting a progress of 2.3%, mainly by the contribution of the families consumption (3.6%) and the gross fixed capital formation (0.8%); while government consumption decreased (-1.1%). Likewise, it showed a positive behavior the exports (5.9%) and the goods and services imports (4.2%).

During the quarter under analysis, the private final consumption expenditure was higher by 2.3% compared with the same quarter of the year 2021. According to the results of the Permanent Survey of Employment of Metropolitan Lima, during the quarter the average monthly income increased (11.4%) and increased the employment (3.6%). In the year 2022, the families’ consumption accumulated 3.6% of growth.

During the fourth quarter of 2022, the government final consumption expenditure reduced by -4.1% compared to the same period of the last year. This behavior is based in the lower consumption expenditure in public health (-22.4%); nevertheless, in public education increased (5.1%) and in public administration and defense (0.3%). During the year 2022, the government final consumption expenditure decreased in -1.1%.

The gross fixed capital information grew by 2.6% compared to the last year. The public investment increased by 23.4%, while the private investment contracted by -1.8%. Public investment increased due to the greater investment expenditure of the central government; while the public enterprises had a decrease in the implementation of its investment plans. From the private side was evident a lower works execution; according to the Ministry of Energy and Mining, mining investment at current prices decreased by -7.9%, due to the lower investment in infrastructure (-25.8%), mining plant and benefit (-11.3%), mining equipment (-3.3%) and others (-39.3%). In the year 2022 gross fixed investment increased by 0.8%.

The INEI informed that in the last quarter of the year 2022, the goods and services exports at constant prices grew by 0.1% compared to the same quarter of the last year. During the year 2022, goods and services exports increased by 5.9%, due to the greater external sales of natural gas (46.4%), milled coffee (36.6%), refined copper (14.7%), other fruits (13.6%) and, canned fruit and vegetables (8.5%).

Likewise, the goods and services imports increased in 1.9%, compared to the same quarter of the last year. In the year 2022, goods and services imports increased in 4.2% mainly due to the increase of overseas purchases of fertilizers, other fertilizers and nitrogenous mixtures (57.3%), Diesel (25.2%), automobiles (16.2%); as well as trucks, bus and pick up (14.1%).

The Agriculture, Livestock, Hunting and Forestry activity grew in 2.4% due to the positive performance of the agriculture (3.1%) and livestock subsector (1.4%). At the close of the year 2022, this activity added a progress of 4.3%.

The gross value added of the Fishing and Aquaculture activity decreased by -16.2% due to the lower maritime fishing (-19.5%) and, dimmed by the growth of continental fishing (21.9%). During the year 2022, this productive activity decreased by -13.7%.

In the fourth quarter of 2022, Oil, Gas, Minerals Extraction and Related Services activity increased by 5.4%, as a result of the greater mineral production and related services (7.0%); while crude oil, natural gas extraction and related services decreased (-3.5%). In the year 2022, this activity increased by 0.3%.

The gross value added of the manufacturing activity decreased by -2.2% compared to the same quarter of the last year. This activity accumulated as of the fourth quarter of the last year a growth of 1.0%.

In the fourth quarter of 2022, the gross value added of Electricity, Gas and Water activity showed a progress of 5.2% compared to the same period of the last year. During the year 2022, compared to the same period of the last year. During the year 2022, this activity increased by 3.9%.

The Construction activity grew by 4.7% compared to the same period of the last year, based on the greater execution of works of the public sector; meanwhile, the works of private sector decreased. In the year 2022, the construction activity reported a growth of 3.0%.

The gross value added of the Trading activity increased by 2.5%, due to the positive performance of the wholesale and retail trade subsector (2.6%) and maintenance and repair services of automotive vehicles (1.6%). In the year 2022, this activity increased by 3.3%.

The INEI informed that the transportation, storage, postal and courier activity grew by 6.2%, driven by the dynamism of the transportation (7.5%) subsector counterbalanced by the lower demand of storage, postal and courier services (-8.0%). In the year 2022, this activity accumulated a progress of 10.2%.

In the fourth quarter of 2022, the Accommodation and Restaurants activity increased by 7.9% as a result of the dynamism of the accommodation (26.7%) and restaurants (6,4%) subsectors. During the year 2022, the activity increased by 23.2%.

Telecommunications and Other Information Services activity decreased by -6.8% due to the contraction of the telecommunications (-8.1%) subsector dimmed by the growth of other information services (1.4%). In the year 2022, the activity reduced by -1.3%.

Financial services, Insurance and Pensions activity reduced by -5.0% due to the lower activity of financial services (-8.9%), nevertheless, the services of insurance companies (13.2%) and the pension funds administrators (7.9%) grew. In the year 2022, the activity decreased by -6.0%.

Gross value added of the Services Rendered to Companies activity grew by 1.7% compared to the same period of the last year. In the year 2022, this activity increased by 2.1%.

In the fourth quarter of 2022, Public Administration and Defense grew by 2.2% due to the greater services registered in: Operations of highway police; prison security, judicial process handled and qualified. In the year 2022, the gross value added of this activity increased by 3.0%.

The Other Taxes to the Products and Import Duties area increased by 0.7% explained by the increase of other taxes to the products (0.7%) and import duties (0.6%). During the year 2022, this activity increased by 4.1%.