In the second quarter of 2024, Peru’s Gross Domestic Product (GDP) expanded by 3.6%.
This growth was driven by a 5.3% rise in domestic demand, according to the National Institute of Statistics and Informatics (INEI).
Amidst ongoing economic recovery, the nation also saw a reduction in inflation rates.
The decentralized GDP improved by 1.2% compared to the previous quarter. Notably, gross fixed investment surged by 3.4%. Additionally, total consumption increased by 2.8%.
Examining GDP by sector, several industries reported substantial growth. The fishing and aquaculture sector soared by an astonishing 183%.
Manufacturing followed with a 10.1% increase. The sectors of agriculture, livestock, hunting, and forestry grew by 8%. Meanwhile, transport, storage, mail, and courier services rose by 6.7%.
Growth was also evident in business services, which saw a 3.4% increase. Furthermore, telecommunications and other information services grew by 2.1%. Other services experienced a 2.7% rise.
However, not all indicators were positive. Exports of goods and services declined by 2.5%. The decrease affected exports of copper, zinc ore, natural gas, and avocados. In contrast, imports of goods and services grew by 3.2%.
This increase was driven by higher purchases of plastics, rubber, synthetic fibers, crude oil, machinery, diesel, and communication equipment.
This comprehensive analysis reveals the robustness of Peru’s economy and the diverse contributors to its growth.
It showcases the crucial role of investment and consumption in strengthening the nation’s economic position.
As Peru continues to enhance its global market presence, it also aims to improve living standards for its citizens.
More: Peru news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error