GDP grows 2.85% in February, but financial, manufacturing, fishing and agricultural sectors fall

In February, national production grew 2.85% compared to the same month of the previous year, largely due to the positive performance of the Mining and Hydrocarbons, Commerce, Construction, and Transportation sectors, among others, reported the National Institute of Statistics. and Informatics (INEI).

In this way, the Peruvian economy showed an accumulated growth of 2.10% for the January-February period of this year; while in the last 12 months, March 2023-February 2024, it decreased by -0.12%.

However, and despite the relative improvement of most economic activities, productive performance was reduced in the Manufacturing, Financial and Insurance, Fishing and Agricultural sectors.

Thus, the Agricultural sector decreased by 1.95% explained by the contraction of production in the agricultural (-2.53%) and livestock (-1.16%) subsectors.

Meanwhile, the Fishing sector decreased 31.26% due to the lower extraction of species of maritime origin (-35.17%). The catch destined for indirect human consumption (anchovy resource for fishmeal and fish oil) contracted, extracting 318 tons which, compared to the 43,864 reported in February 2023, decreased by 99.27%.

For its part, the Manufacturing sector decreased by 4.68%, maintaining a downward trajectory for 13 consecutive months, determined by the lower activity of the primary manufacturing subsector (-23.21%); while the non-primary manufacturing subsector grew (2.32%).

Finally, the Financial and Insurance sector decreased by 5.12% due to lower loans (-4.99%) and deposits (-0.82%) from commercial banks.

By destination segment, loans directed to corporations, large, medium, small and microenterprises decreased (-8.8%); while mortgage loans (1.9%) and consumer loans (1.0%) showed progress.