National production increased 2.85% in February of 2024

During the month of February of 2024, the national production grew 2.85%, compared with the same month of the last year due to the positive behavior of the Mining and hydrocarbons, Commerce, Construction, Transportation, Electricity, Gas and Water, Services Provided to Companies, Telecommunications and other information services, Accommodation and Restaurants and Other services sector. 

 

Nevertheless, the productive activity reduced in the Manufacturing, Financing and Insurance, Fishing and Agricultural sectors. The National Institute of Statistics and Informatics (INEI) in the technical report of National Production informed that the country’s economy showed an accumulated growth of 2.10% for the period January – February of this year; meanwhile, in the last 12 months, March 2023- February 2024, decreased in -0.12%.

The Agricultural sector decreased in 1.95% explained by the contraction of the production of the agricultural (-253%) and livestock (-1.16%) sector.

 

Among the products that influenced in this negative result were the following, grape (-44.8%), mango (-38.3%), coffee (-16.3%), asparagus (-13.4%), oil palm (-8.5%), cacao (-7.7%) and paddy rice (-6.4%); as a consequence of the lower levels of area sown. In addition, among the livestock products that showed lower volumes of production outstood the eggs (-2.6%), poultry (-2.3%), wool (-2.0%) and fresh milk (-0.4%).

 

During the second month of this year, the Fishing sector decreased 31.26% due to the lower extraction of species of maritime origin (-35.17%). This way it contracted the captured destined to indirect human consumption (resource anchovy for fish meal and fish oil) extracting 318 tons, that compared to the 43,864 tons reported in February 2023 decreased in 99.27%. 

 

Also, it suffered a decrease the lading of species for direct human consumption (-30.06%), destined to the preparation of canning (-54.9%), for frozen (-47.1%) and for the preparation of curing (-8.4%); nevertheless, it grew the extraction for fresh state consumption (9.2%). On the other hand, continental origin fishing contracted 6.71% due to lower extraction of species in fresh state.

 

The Mining and Hydrocarbons sector grew in 15,94% driven by the expansion of metal-mining activity in 17.10%, as a result of the greater volume of production mainly of copper (13.6%), molybdenum (59.0%) and gold (29.0%).

 

Likewise, the hydrocarbons subsector increased in 8.85% due to the effect of the greater volume of exploitation of crude oil (28.7%) and liquids of natural gas (5.1%) mainly. The production of crude oil was supported by the greater volumes extracted by the following companies Petrotal Perú (lot 95); Petroperú (lot VI and lot Z-69) and companies Olympic (lot VII), among the main ones.

 

Manufacturing sector reduced in 4.68% 

During February of this year, Manufacturing sector decreased in 4.68% it means that it keeps a downward trend by 13 months in a row, determined by the lower activity of the primary manufacturing subsector (-23.21%); meanwhile, the non-primary manufacturing subsector grew (2.32%).

 

The contraction of the primary manufacturing subsector was linked to the lower preparation and preserving of fish, crustaceans and mollusks (-76.2%), followed by the production of primary products of precious metals and other non-ferrous metals (-10.7%) and preparation and preserving of meat (-0.2%). 

 

The positive result of the non-primary manufacturing subsector was supported in the increase of the activity of consumption goods (7.40%). Nevertheless, the activity of intermediate goods (-4.28%) and the activity of intermediate products and capital goods (-6.64%) decreased.

 

Electricity, Gas and Water sector increased in 8.09%

Electricity, Gas and Water sector grew 8.09% driven by the greater generation of electric energy (8.44%), production of water (6.43%) and the gas distribution (3.11%). The electricity subsector increased by the greater generation of hydroelectric origin energy (2.9%), non-conventional renewable energy (98.6%) and thermoelectric energy (9.9%), that was favored by the demand of companies of mining sector and an additional day in the occasion of the leap year. 

 

The increase of water subsector was due to the favorable contribution of the following companies EPS Grau (17.9%), Sedapar (17.5%), Sedalib (9.1%) and Sedapal (8.3%), mainly. In addition, the gas distribution grew due to the greater demand of the establishments that supplies Vehicular Natural Gas (10.7%) and Electric Generators (3.1%); meanwhile, it reduced in the companies’ segment (-13.9%).

 

The Construction sector grew in 6.41% due to the dynamism of the physical progress of public works (39.61%); nevertheless, the component of domestic cement consumption reduced in 0.72%, due to the lower execution of works of the private sector.

 

On the other hand, the increase of the physical progress of public works reported in the three government areas was related with the increase of projects of risk prevention, road infrastructure, basic services work and construction projects of non-residential buildings. It is worth to mention that in February of the year 2023, this activity was affected by social conflicts in some areas of the country, that included blocking of highways.

 

Commerce sector increased in 3.02% due to the positive performance of the wholesale commerce (3.08%) influenced by the supply of fuel for mining sector, retail gas stations and domestic gas distributors; sale of agricultural and live animals and raw materials (such as coffee, oleaginous fruits, live chicken); sale of other type of machinery and equipment for mining, industry and health sectors; wholesale of foods and beverages and tobacco (groceries, carbonated drinks and table water).

 

In the increase of the retail sale (3.06%) come into play the greater demand of fuel in gas stations and self-services stations; sale of clothing items and footwear before the school campaign and the sale of agro-chemical, fertilizers and jewelry products. At the same time, the sale and repair of vehicles and motorcycles (2.42%) energized due to the development of commercial strategies that boosted the demand.

 

Transportation, Storage and Courier sector showed a progress of 5.18%

The INEI informed that the Transportation, Storage and Courier sector increased in 5.18% due to the favorable result of the transportation subsector (7.67%); nevertheless, the storage and courier subsector contracted (-0.50%). 

 

In the growth of the transportation subsector influenced the positive performance of the transportation by air (18.16%) both of passengers and cargo; of the transportation by land and pipping (3.69%), due to the greater transportation by road (3.22%) of passengers (5.0%) and of cargo (0.9%). Likewise, the rail transportation grew (118.94%), due to the greater movement of passengers and of cargo and the transportation by pipping (5.29%). 

 

Meanwhile, the transportation by waterways contracted (-0.67%), as a result of the lower transportation of passengers and cargo by river route.

 

The decrease of the storage and courier subsector was explained by lower services of storage and activities of support to the transportation (-0,92%); meanwhile, the postal and courier activities grew (6.94%). 

 

Accommodation and Restaurants sector increased in 2.70%

During February of this year, the Accommodation and Restaurants sector grew 2.70% due to the dynamism of the restaurants (2.57%) and accommodation (9.08%) subsectors.

 

The variation of the restaurants subsectors was influenced by the performance of promotions and discounts, varied lunches and dinners formats, greater night activity of this sector and opening of sales modules. Restaurants businesses (1.55%) that registered a greater demand were pizza restaurants, coffee restaurants, restaurants, fast food restaurants, Creole food and Japanese food, among others. Likewise, the concessionaries services (6.28%), beverage services (3.24%) and catering service (7.84%) showed a positive trend.

 

The positive performance of the accommodation subsector was favored due to the greater influx of national and foreign tourists.

 

Telecommunications and Other Services of Information sector increased in 2.01%

The Telecommunications and Other Services of Information sector registered a growth of 2.01%, after maintaining a negative variation since June of 2022. This positive performance was determined by the favorable evolution of the telecommunications (1.79%) and other services of information (4.05%) subsectors.

 

In the telecommunications subsector it was observed the increase in the Internet and pay- TV service (3.4%) and telephone service (2.0%), specifically mobile. The behavior of other information services subsector registered a greater demand the publishing services (5.3%); television and radio programming (5.0%) and computer programming (4.9%). On the other hand, the activities of production and film show and television programs activities (-2.5%) receded.

 

Financial and Insurance sector reduced in 5.12%

Financial and Insurance sector decreased in 5.12% due to the lower credits (-4.99%) and deposits (-0.82%) of multiple banking. By destination segment, the credits addressed to big, medium, small and micro companies decreased (-8.8%); meanwhile, mortgage (1.9%) and consumption (1.0%) credits showed a progress.

 

According to economic sectors, credits addressed to commerce; manufacturing industry; financial intermediation; agriculture, livestock, hunting and forestry; electricity, gas was water; real state, business, rental and construction activities. On the other hand, the lower deposits of multiple banking were evidenced in the Compensation for Tim e of Service (-14.5%); savings deposits (-6.5%) and demand deposits (-3.5%) sectors. On the other hand, time deposits increased (9.1%).

 

Services Provided to Companies sector increased in 2.89%

During the month of February of this year, Services Provided to Companies increased in 2.89% due to the positive result of travel agencies and tour operators (51.3%), advertising and market research (6.1%), professional, scientific and technical activities (2.1%) and activities of administrative services and support to companies (0.8%).

 

Government services increased in 3.71%

Government services grew 3.71%, in response to the greater activities performed by the Public Administration (3.7%), Defense (4.0%) and other services of Government (4.0%).