As the Minister of Economy and Finance, Alex Contreras, had anticipated, national production (GDP) increased in November 2023 to 0.29% compared to the same month in 2022, due to the favorable result obtained in various economic sectors, especially all Fishing (+60.96%).
In accumulated terms, the national economy between the months of January and November 2023 decreased by 0.57%, and during the last 12 months, between December 2022 and November 2023, it decreased by 0.42%.
According to the report from the National Institute of Statistics and Informatics (INEI), the other sectors with moderate growth were Agriculture; Mining and Hydrocarbons; Electricity, Gas and Water; Trade; Transportation, Storage and Courier; Government Services and Other Services.
In detail, the production of the fishing sector increased 60.96% due to the greater extraction of species of maritime origin (68.90%), with a greater contribution from fishing for indirect human consumption (anchovy for fishmeal and fish oil ), reporting a catch of 766,419 tons, compared to 311,499 tons in November 2022.
“The anchovy landing corresponded to the second month of the second 2023 fishing season (north-central zone),” INEI clarifies.
Likewise, the Fishing for direct human consumption grew 3.38% due to the greater landing of species for frozen (9.7%) and for fresh consumption (2.7%); On the other hand, it decreased for curing preparation (-57.0%) and canning preparation (-14%). On the other hand, continental fishing grew 7.27%, associated with the greater catch destined for fresh consumption.
Another sector that contributed to the November 2023 GDP with redeemable growth was Mining and Hydrocarbonswhich grew by 8.04% due to the expansion of metallic mining activity by 10.60%, driven by the greater volume of production of copper (11.7%), molybdenum (19.5%) and gold (9, 7%).
However, the hydrocarbon subsector decreased by 7.98%, due to lower exploitation volumes of natural gas (-13.2%), natural gas liquids (-5.9%) and crude oil (-4 ,2%).
The sectors of Agriculture (1.19%) complete the modest growth chart; Electricity, Gas and Water (0.69%); Commerce (1.30%); Transportation, Storage and Couriers (1.45%); and Government Services (3.30%).
GDP of 0.29% in November had its declines
However, the Manufacturing sectors (-0.51%) showed an unfavorable performance; Construction (-8.05%); Accommodation and Restaurants (-0.03%); Telecommunications and Other Information Services (-4.47%); Financial (-5.25%); and Services Provided to Companies (-0.92%).
Regarding Construction, the contraction of the physical progress of public works at the Local Government level (-32.0%), was partially offset by investment at the National (36.9%) and Regional (6.3%) levels. . In this regard, road infrastructure and basic services projects were affected. Meanwhile, the construction of non-residential buildings and risk prevention works grew.
For its part, the Financial and Insurance sector decreased by 5.25%, due to lower loans (-5.63%) and deposits (-2.65%) from commercial banking. According to destination segment, loans directed to corporations, large, medium, small and microenterprises decreased (-10.6%); while consumer loans (5.2%) and mortgage loans (1.4%) increased.
It should be noted that GDP growth in December 2023 could be limited since the second anchovy season ended on January 13, according to various analysts.
Source: Larepublica
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