Peru’s economic activity showed a mixed performance in November 2023, with growth in some sectors offset by declines in others. The country’s Gross Domestic Product (GDP) grew by 3.39% in the first 11 months of the year, according to the National Institute of Statistics and Informatics (INEI) .
Sectoral Performance
Mining Production Decline: A key factor impacting overall growth was a reduction in copper extraction. this was due to a lower tonnage processed at the country’s major mining companies’ concentration plants. Hydrocarbon production also decreased, with declines reported in oil, natural gas, and natural gas liquids.
Services Sector Contraction: The telecommunications sector experienced lower activity due to reduced demand for telephone and data transmission services. The financial sector also saw a decrease in corporate loans and deposits.
Growth Sectors
Despite the challenges in mining and services, several sectors demonstrated strong growth, compensating for the declines:
- Construction: Increased by 9.83%
- Commerce: Grew by 4.17%
- Accommodation and Restaurants: Expanded by 4.38%
- business Services: Increased by 4.14%
- Transportation, Storage, courier and Messaging: Grew by 3.25%
The GDP accumulates a growth of 3.39% in the first 11 months of the year. (Image: INEI)
Looking Ahead
While the decline in mining and certain service sectors presents challenges, the strong performance of construction, commerce, and other sectors indicates resilience in the Peruvian economy. Continued growth in these areas will be crucial for maintaining positive economic momentum. The INEI will continue to monitor these trends and provide updated data on Peru’s economic performance.