In March, the Peruvian GDP registered a contraction of 0.28%, according to the National Institute of Statistics and Informatics (INEI). The rate is 0.09% less than in the same month of 2023.
The result is explained by the fall in sectors such as fishing (-32.48%), manufacturing (-9.63%), construction (-2.48%), telecommunications and other information services (-0.93%) and financial and insurance (-5.22%).
According to the INEI, The production of the economic sectors was affected by the two fewer days of activity, since Easter was scheduled on March 28 and 29, while in 2023, it was commemorated on April 6 and 7.
During the third month, mining and hydrocarbon production rose 2.60% after the greatest advance in metallic mining activity (4%) and production volumes of molybdenum, zinc, gold and copper; although the hydrocarbons subsector fell 5.31% due to the lower exploitation of its three components. The good performance of mining is associated with the contribution of Anglo American and Quellaveco.
Another item that had positive results in March was accommodation and restaurants, with a variation of 5.62%, thanks to the dynamism of restaurants (5.32%) and accommodation (14.69%) and the opening of franchises, promotions by Cyber days, Women’s Day and Easter.
GDP rose 1.38% in the first quarter
Between January and March, the Peruvian economy saw an increase of 1.38%. In this period, fishing experienced a contraction of 29.53% and financial and insurance, of 4.54%. Manufacturing fell 6.14%.
On the other side of the coin, mining rose 7.64% and construction, 5.12%; as well as electricity, gas and water, with 3.87% and accommodation and restaurants, 3.58%.
Source: Larepublica
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