El Niño Costero continues to have negative repercussions on the Peruvian economy. Yesterday, the National Institute of Statistics and Informatics (INEI) reported that national production fell 1.43% in May. Such a low rate has not been observed since February 2021 (-3.35%).
Although this indicator was in the green in March (0.22%) and April (0.31%), plus the results of January (-1.02%) and February (-0.51%) a fall of 0.49% accumulates in the first five months of the year. While the annual variation is 1.04%.
Fishing (-70.60%) and manufacturing (-15.59%) were the sectors that fell the most this month. The first, due to a contraction in the extraction of hydrobiological resources, unlike 2022 (-76.15%); and in the second, it was related to fish (-80.7%), and to the manufacture of sugar (-17.8%).
Construction (-11.04%), financial and insurance (-9.87%), telecommunications (-6.83%) and agriculture (-6.18%) were the other sectors that closed in red.
On the other side, mining and hydrocarbons (16.74%), commerce (3.15%), electricity, gas and water (5.72%), transport (2.07%), accommodation and restaurants (3.94%), services provided to companies (1 56%) and other services (3.39%) were the sectors that did have a positive performance.
In this way, the growth projection of the Ministry of Economy and Finance (MEF) of 2.5% for the GDP seems increasingly distant. For Juan Carlos Odar, director of Phase Consultores, the “probability of (there being a) fall in the year is not 0%.”
For his part, the economist David Tuesta He points out that the result is worrying and ends up confirming the collapse announced by business expectations. “The Government has to do more to face a scenario that appears to be uphill no matter how you look at it,” he emphasized.
The data
Impact. Manufacturing (-1.87%), construction (-0.68%), financial and insurance (-0.64%), fishing (-0.52%) and agriculture (-0.505) are the sectors that contributed the most to the result of May, according to the INEI.
Source: Larepublica
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