National production increased 1.37% in January of 2024

The National Institute of Statistics and Informatics (INEI) informed that in January of 2024, the national production grew in 1.37%, due to the contribution of the following sectors: Construction; Mining and Hydrocarbons; Transportation, Storage, Postal and Courier; Commerce; Accommodation and Restaurants; Electricity, Gas y Agua; Services Provided to Companies and Other services. Meanwhile, Manufacturing, Financial and Insurance, Agricultural, Fishing and Telecommunications.

 

In the technical report National Production is stated that the Peruvian economy during the las twelve months, February 2023-January 2024, decreased in 0.38%. 

 

Mining and Hydrocarbons sector grew in 3.96% due to the expansion of the metal-mining activity in 4.58%, explained by the greater volume of gold (25.9%), silver (16.6%) and molybdenum (8.8%) production mainly; seconded by the progress of the hydrocarbons subsector 0.57% associated to the greater volume of exploitation of crude oil (21.5%).

 

The production of agriculture sector reduced in 2.84% as a result of the contraction of the agricultural (-4.10%) and livestock (-0.95%) subsector. Therefore, in the agricultural subsector were registered lower volumes of mango (-83.2%), onion (-25.9%), asparagus (-15.2%), yellow hard corn (-13.7%), grape (-12.6%), oil palm (-9.1%) and potato (-4.6%), linked to the lower area sown of the main crops. In the result of the livestock subsector come into play the lower volume of fresh milk (-2.6%), alpaca fiber (-1.8%), poultry (-1.6%) and eggs (-1.1%) production.

 

The Fishing sector contracted in 26.75% due to lower extraction of species of maritime origin (-28.59%), intended to indirect human consumption (anchovy for fishmeal and fish oil) leading to an extraction of 122 thousand 976 tons that, against the 546 thousand 831 tons registered in January of 2023 evidencing a decrease of 77.51%. The anchovy extraction corresponded to the last stretch of the 2023 Second Fishing Season of the resource, in the North-Center Zone of the Peruvian coastline and concluded in January 12 of 2024.

 

This negative behavior was attenuated by the greater landing for direct human consumption (29.99%), of species intended for elaboration of canning (127.0%), for consumption in fresh state (28.9%) and for frozen (26.4%); meanwhile, the preparation for curing decreased (-26.7%). Fishing of continental origin contracted 7.26% due to the greater extraction of species in fresh state and for preparation for curing.

 

During January of 2024, the manufacturing sector contracted in 4.23% and kept a downward trajectory for 12 months in a row, the result of the month was determined by the lower activity of primary manufacturing subsector (-18.74%); nevertheless, the non-primary manufacturing subsector grew (1.54%). 

The unfavorable performance of the primary manufacturing subsector was sustained by the lower processing and preserving of fish, crustaceans and mollusks (-54.4%), followed by the production of primary products of precious metals and other non-ferrous metals (-3.1%), the manufacturing of products of oil refining (-5.8%), processing of sugar (-12.0%); as well as the processing and preserving of meat (-0.4%). In the growth of the non-primary manufacturing subsector influenced the activity of consumer goods (7.12%); meanwhile, the intermediate goods (-3.44%) and capital goods (-7.78%) decreased.

 

Electricity, Gas and Water sector grew 3.73% due to the greater generation of electric energy (3.99%) and water production (2.44%); meanwhile, the distribution of gas decreased (-0.04%). The electricity subsector increased by the greater generation of hydroelectric origin (17.4%) and non-conventional renewable energy (55.7%); in the other hand, the thermoelectric energy reduced (-21.3%).

The upward result of the water production was linked to the greater generation reported by the following companies Sedalib (8.4%), EPS Grau (7.4%), Sedapar (6.5%) and Sedapal (3.1%). 

 

The gas distribution decreased by the lower demand of Companies (-3.2%) and Electric Power Generation (-1.4%); meanwhile, the distribution to the supplying establishments of Vehicular Natural Gas stations grew (9.3%).

 

The Construction sector grew in 13.16% reflected due to the increase of domestic cement consumption (9.25%) and the physical progress of public works (47.25%). The domestic cement consumption registered a positive variation, after 16 months of contractive evolution, the result of the month was based in the continuity of private works.

 

The dynamism of the physical progress of public works was observed in the three levels of government: Local (274.6%), Regional (177.7%) and National (0.4%). According to type of work, outstood those works of risk prevention; road infrastructure; works of basic services; and projects of construction of non-residential buildings (hospitals, health centers and basic education institutions).

 

During the first month of 2024, the Commerce sector grew in 2.38% by the favorable performance of the wholesale trade (2.42%), mainly of fuel for the mining sector, retail gas stations and distributor of domestic gas.  In addition, it stressed the commercialization of machinery and equipment for the mining, industry and health sectors; the sale of biochemical and agrochemical products; the trade of household goods such as pharmaceutical products, household appliances outstanding the fans and similar products and stationary items due to school campaign. 

 

In the performance of the retail sale (2.81%) influenced the sale of agrochemical, fertilizers, watchmaking and jewelry; computers due to the renovation of equipment before the ante the start of Academic Year; gas stations and self-stations due to greater demand. Likewise, it contributed the sale and repair of vehicles in 0.13%, due to the sale of parts and vehicular accessories. 

 

Transportation, Storage and Courier sector increased in 5.12% due to the positive result of the transportation subsector (7.86%); nevertheless, the storage and courier subsector decreased (-1.26%).

 

In the transportation subsector it was observed the positive performance of the road and pipeline transportation (2.93%), where the greater traffic by road traffic of passengers (4.9%) and of load (0.2%). Likewise, the rail transportation grew (66.9%) due to the greater traffic of passengers and load. 

The air transportation (18.68%) increased by the effect of the greater passenger and load flow.  In addition, the transportation by waterways grew in 19.79% before the dynamism of the marine and inland transportation.

 

On the other hand, the storage and courier subsector decreased explained by the negative result of the storage service and support activities to the transportation (-1.32%); as well as postal and courier activities (-0.13%).

The production in the Accommodation and Restaurants sector grew in 2.62% due to the progress of the restaurants (1.45%) and accommodation (15.42%) subsectors. The positive variation of the restaurant subsector based in promotions by mobile applications, extension of opening hours for summer season and variety of plates and cocktails. 

 

Businesses restaurants (1.32%) that registered a greater dynamism were touristic restaurants, coffee restaurants, restaurants, fast foods, pizza and pollerías (grilled chicken), among others. Likewise, there were registered positive results the beverage services (5.03%) and concessionaries services (0.37%). On the other hand, the catering service contracted (-4.69%). 

 

The progress of the accommodation subsector was driven by the increase of travels for tourism during the summer season.

 

The INEI informed that in the Telecommunications and Other Information Services sector decreased in 2.87%, due to the negative behavior of the telecommunications subsector (-3.47%); nevertheless, other information services grew (1.80%). 

 

In the telecommunications subsector there were affected the data transmission services (-17.1%) and telephone services (-5.6%). On the other hand, Internet services and subscription by television grew (1.6%). In the behavior of other information services subsector influenced the increase of publishing activities (4.5%), television and radio programming (2.9%) and computer programming (2.5%). On the other hand, the activities of production and showing of films and television programs (-8.2%).

 

During January of 2024, the Financial and Insurance sector decreased in 3.34% due to the lower credits (-4.82%) and deposits (-0.87%) of multiple banking. The negative variation of credits granted by multiple banking, according to type of credits, credits targeted to corporations and businesses (-9.0%); in the other hand the consumption credits (2.6%) and mortgage loans (2.1%).

 

According to economic sectors, the credits were intended to the following activities: commerce; manufacturing industries; financial intermediation; agriculture; livestock; hunting and forestry; electricity, gas and water; real state; entrepreneurial and rent and construction activities.

 

On the other hand, the deposits of multiple bank registered negative result in the segment of deposits by compensation for time service (-17.7%), savings deposits (-8.9%) and demand deposits (-3.9%); on the other hand, term deposits increased (12.8%).

  

Services Provided to Companies sector grew in 1.81% due to the positive result of travel agencies and tour operators (44.0%), advertising and market research (5.6%) and, professional, scientific and technical activities (2.9%). Nevertheless, the activities of administrative and support to businesses services reduced (-2.7%). 

During the first month of this year, Government Services grew 3.61% due to the greater activities performed by the entities of Public Administration (3.6%), Defense (4.1%) and Other Government Services (3.9%).