Peru’s economy registered an expansion of 3.02 percent between January and August 2022, while in the eighth-month national production grew 1.68 percent, the National Institute of Statistics and Informatics (INEI) reported Saturday.
The growth of national production in August was attributed to the favorable evolution of most economic sectors, INEI explained in its technical report.
Production in the Accommodation and Restaurants sector grew 10.75 percent, thanks to the performance of the restaurant (10.39 percent) and lodging (64.85 percent) subsectors.
It was followed by the Transportation, Storage, and Courier sector (8.46 percent) due to the excellent performance of the transportation subsector (12.83 percent), although the storage and courier subsector fell 0.64 percent.
Meanwhile, agricultural production grew 3.51 percent in August, driven by the higher output of agricultural activity (5.41 percent), with higher volumes of olives (2,287.8 percent), artichoke (39 percent), corn (33 percent) and avocado (17 percent).
The livestock subsector grew 0.92 percent, explained by higher volumes of pork (2.4 percent), fresh milk (1.6 percent), beef (1.1 percent), and poultry (0.8 percent).
The Electricity, Gas, and Water sector expanded by 3.43 percent due to higher production in the electricity (3.65 percent) and water (2.66 percent) subsectors, while the gas subsector decreased by 1.38 percent.
The electricity subsector benefited from higher thermoelectric power generation (4.7 percent) and hydroelectric power (3.1 percent), although it was affected by a 2.7 percent decrease in renewable energy production.
The sectors that showed a drop in the eighth month of the year were Fishing, Financial and Insurance, Mining and Hydrocarbons, Telecommunications, and other Information Services.
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief