Slow growth: Peru’s economy grew by 1.68% in August compared to the previous month

The economy is growing slowly. If in July of this year it registered an increase of 1.41%, then in August it grew only by 1.68%. In this report between January and August of this year increase accumulated 3.02%, according to the latest production report prepared by National Institute of Statistics and Informatics (INEI).

According to the table of production by industry, in August the three items with the highest growth were housing and restaurants (10.75%), followed by transport (8.46%), then construction (5.62%). However, in the same month, there was a sharp drop in the fishing sector (14.75%), the financial and insurance sector (8.28%), followed by mining and hydrocarbons with a fall of 5.01.

Industries with the best growth in August

According to INEI, the sector accommodation and restaurants received a boost from the growth of restaurants, especially chicken stores, chifas and tourist restaurants. There was also growth in the beverage industry, such as cafeterias, bars and juice bars.

The influx to these places has also grown due to holidays such as Santa Rosa de Lima Day and fairs such as ExpoAmazónica 2022 in Chachapoyas or the International Fair Arequipa.

When transport, which rose 8.46% in August, was driven by air travel, which grew by 49.85% thanks to more passengers traveling within Lima. Cusco, Arequipa, Piura, Tarapoto and Iquitos. While others went to Santiago de Chile, Miami, Madrid, Bogota and Panama City.

When constructionup 5.62% driven by 22.69% physical progress in Public Works at the level of local and regional government. Cement purchases increased by 1.28% due to an increase in real estate construction, the creation of new urban centers, etc.

Fisheries, finance and mining report falls

In August, production in fishing sector continues to decline, only in August it fell by 14.75% due to a decrease in the production of species of marine origin (-17.08%), focused on direct human consumption (-27.33%), for the preparation of salting (-53.3% ). frozen (-41.8%) and for fresh consumption (-11.4%).

However, landings have increased anchovy for indirect human consumption (fishmeal and fish oil), recording a production of 35,295 tons, which, compared to 2,689 tons announced in August 2021, registered an increase of 1,212.36%, a result associated with the contribution of the second season fishing in the south. zone.

In August this year, the production sector financial and insurance fell by 8.28%, due to a decrease in loans (-4.00%) and deposits (-9.59%) from commercial banks. By segment, loans to corporations, large, medium, small and micro enterprises (-9.2%) and mortgage loans for housing (-0.1%) were affected.

INEI reported that the sector Mining and hydrocarbons decreased by 5.01% due to negative indicators of metal mining at -4.23%, which is explained by lower production volumes of tin (-17.6%), molybdenum (-15.7%), silver (-11.2% ), iron (-8.1%), zinc (-2.9%), copper (-2.4%) and lead (-1.6%); while gold production increased (0.6%). Similarly, the hydrocarbon sub-sector decreased by 10.37%, which is associated with lower production of liquefied natural gas (-38.1%); while natural gas (27.9%) and crude oil (14.1%) rose.