Peru’s economic activity rose 3.79% year-on-year in March

Peru’s economic activity rose 3.79% year-on-year in March

The The economic activity at Peru It grew 3.79% in March compared to the same month in 2021, driven by the recovery of almost all productive elements after overcoming the recession caused by pandemicThe government reported on Sunday.

“In March of this year, national production increased by 3.79% compared to the same month in the previous year, and this behavior is attributed to the positive performance of most economic sectors, with the exception of fishing, mining, finance and insurance.” , reassure National Institute of Statistics and Informatics (INEI).

The accommodation and restaurants sector remained the most dynamic for the third month of the year, with a growth of 42.10% due to the impact of the influx of consumers after the lifting of curfews and restrictions on travel and capacity in establishments during the period. covid-19 pandemic.

Other sectors in which the expansion was significantly reflected are transportation (12.23%), commerce (8.09%), manufacturing (4.67%) and agriculture (2.93%).

Fish catch decreased (25.10%) due to reduced extraction of marine-origin species.

Mining, one of the drivers of the Peruvian economy, declined 1.21%, driven by lower production of zinc, silver, lead, iron and copper.

Peru expects 2022 GDP growth of 3.5 to 4%, a downward estimate since August 2021 that has been set at 4.8%.

The Peruvian economy grew 13.31% in 2021, the highest rate in a century, driven by the revitalization of production. In 2020, the prolonged 107-day quarantine due to the pandemic contributed to a historic contraction of 11.12% that year.

In 2019, Peru’s GDP grew by 2.16% in 2019.

The drop in GDP in 2020 marked the worst performance in the past three decades for the Peruvian economy, and plunged the country into a recession that it overcame in the second quarter of 2021.

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