Gross Domestic Product (GDP) growth was led by mining and hydrocarbons sector, which recorded a rebound of 15.94%.
Mainly driven by mining, the Peruvian economy experienced year-on-year growth of 2.85% in February, a solid performance for the second month in a row after the recession of the previous year, the government reported Monday.
The February figure was above analysts' estimates consulted by LSEG, who expected GDP growth of 2.1% year-on-year.
Gross Domestic Product (GDP) performance in February was led by the mining and hydrocarbons, which recorded a rebound of 15.94%, accumulating 13 months of consecutive growth on the back of higher production of copper, gold and molybdenum. However, activity in manufacturing, financial and insurance, and fishing and agriculture underperformed, reported the National Institute of Statistics and Informatics (INEI).
The institute also revealed that the country's economy showed an accumulated growth of 2.10% for the January-February period, while in the last 12 months, March 2023-February 2024, it decreased by -0.12%.
Regarding the fishing and manufacturing sectors, important generators of employment, they fell by 31.26% and 4.68%, respectively, due to a lower volume of fishing for direct consumption and a drop in activity in the precious metals and preserved meat food industry, detailed the INEI report.
For its part, the financial and insurance sector decreased by 5.12% due to lower loans (-4.99%) and deposits (-0.82%) from commercial banks. Loans for activities including commerce, manufacturing, financial intermediation, agriculture, livestock, hunting and forestry, electricity, gas and water, real estate, and rental and construction declined.
Manufacturing decreased by 4.68%, maintaining a downward trajectory for 13 consecutive months, due to falling activity of the primary manufacturing subsector (-23.21%), although the non-primary manufacturing subsector grew (2.32%).
Electricity, gas and water sector grew 8.09% driven by the greater generation of electrical energy (8.44%), water production (6.43%) and gas distribution (3.11% ). The construction sector grew 6.41% due to the dynamism of public works (39.61%).
Other results include growth in commerce (3.02%), transportation, storage and couriers (5.18%), lodging and restaurants (2.70%), telecoms (2.01%), private services (2.89%), government services (3.71%), and Agriculture (1.95%).
