Mining and Hydrocarbons Sector grew 8.87% in August 2024

Press release from the National Institute of Statistics and Informatics (INEI)

This is an automated translation of the press release issued in Spanish

In the technical report Current Progress of Economic Activity , prepared by the National Institute of Statistics and Informatics (INEI), it was announced that, in August 2024, the Mining and Hydrocarbons sector expanded by 8.87% compared to the same month in 2023, driven by the positive result of the mining (8.86%) and hydrocarbons (8.96%) subsectors.

This result was mainly influenced by the higher production level of copper (11.7%), molybdenum (42.4%) and silver (30.0%). The hydrocarbon subsector also showed progress, with a higher production volume of natural gas liquids (12.8%), natural gas (9.5%) and crude oil (2.5%).

The fishing sector decreased by 27.78%

The Fishing sector contracted by 27.78%, explained by the lower extraction of species of marine origin (-27.09% compared to the same month of the previous year), while the sector destined for indirect human consumption (anchovy resource for fishmeal and fish oil) recorded the capture of 297 tons which, compared to the 182,636 tons reported in August 2023, showed a reduction of 99.8%.

Meanwhile, the extraction of marine species for direct human consumption grew by 14.92%, due to the greater landing of varieties destined for frozen preparation (36.5%), canned (21.8%) and for fresh consumption (0.3%). However, the landing of species for the preparation of cured products decreased (-28.6%).

On the other hand, fishing of continental origin decreased by 33.08% due to the low extraction of species for fresh consumption, curing preparation and freezing.

Electricity generation increased by 3.08%

In August 2024, the electricity subsector showed an increase of 3.08% due to the evolution of hydroelectric generation (17.2%) and renewable energy, wind and solar (95.6%). However, the production of energy from thermoelectric sources decreased (-13.1%).

Among the companies that showed positive behavior were: Huallaga Electric Generation Company SA, Huanza Generation Company SA, Termochilca SAC, Electroperú SA, Egasa, Kallpa Generación SA, Egemsa, Statkraft Perú SA, San Gabán SA, Orazul Energy Peru SA and Chinango SAC

Domestic cement consumption increased by 0.14%

The INEI reported that domestic cement consumption increased by 0.14% during August 2024, given the gradual recovery of private construction and self-construction projects.

General Government Investment Spending grew by 24.23%

In August 2024, public investment (S/4,487 million) increased by 24.23% due to higher spending on construction works, as well as on the acquisition of machinery and equipment in the three areas of government. The General Government Consumption Expenditure showed a similar trend, which, in nominal terms, amounted to S/10,859 million, that is, it showed an increase of 13.22%.

Mortgage loans for housing increased by 5.46%

The granting of mortgage loans for housing amounted to S/ 65,406 million in August 2024, an amount higher by 5.46% compared to the same month in 2023.

On the other hand, consumer loans totaled S/ 70,159 million, decreasing by 4.78%; and loans granted to corporations, large, medium, small and micro-enterprises stood at S/ 214,278 million, showing a slight decrease of 0.60% compared to August 2023.

On the other hand, credit cards provided by multiple banks amounted to 6,225 thousand units, and showed a decrease of 5.01% compared to August of last year.

Total imported amount increased by 8.61%

The INEI announced that the total amount imported was US$ 5,077 million, an amount 8.61% higher than the value recorded in August 2023, according to information available as of September 4, 2024.

This favorable result was driven by the purchase of capital goods and construction materials, which amounted to US$ 1,421 million, increasing by 12.84%. The acquisition of raw materials and intermediate products also had a positive influence, amounting to US$ 2,614 million, increasing by 12.75% compared to the value of August 2023.

On the other hand, the import of consumer goods amounted to US$ 1.04 billion and contracted by 4.71% compared to the value recorded in the same month of 2023.