National production increased by 2.68% in February 2025

This press release was published in Spanish using an automatic translation system

In the second month of this year, national production grew by 2.68% compared to February 2024, explained by the positive performance of most sectors, including other services; commerce; construction; transportation, storage, and messaging; government services; agriculture; manufacturing; business services; fishing; finance; as well as lodging and restaurants.

The country's productive activity increased by 3.38% during the first two months of the year compared to the same period in 2024, and by 3.50% in the last 12 months (March 2024-February 2025), compared to the period March 2023-February 2024.

It should be noted that the result of the month analyzed developed with one fewer day of activity, compared to February 2024, which registered 29 days due to a leap year.

Agricultural sector production increased by 4.35%

During the second month of this year, agricultural production grew 4.35% compared to February 2024, due to increased production in the agricultural subsector (5.49%), driven by higher production volumes of grapes (97.0%), mangoes (56.7%), paprikas (39.5%), tomatoes (33.5%), mandarins (18.1%), oil palms (13.3%), and potatoes (7.7%). This was associated with a larger planted area and favorable weather conditions, such as frequent rainfall on the coast and in the mountains; while temperatures in the jungle were recorded at above-normal levels.

On the other hand, the livestock subsector showed a variation of 2.77% as a result of the higher production volumes of fresh milk (4.1%), poultry (3.4%), pork (3.2%) and beef (1.3%).

Fishing Sector increased by 24.64%

In the month under review, the fishing sector grew 24.64% compared to February 2024, as a result of increased landings of marine species (28.88%). Thus, a higher catch was recorded of species intended for direct human consumption (15.16%), across all four destinations: canning (118.0%), freezing (22.1%), curing (9.1%), and fresh consumption (0.9%).

A similar trend was recorded in the extraction of species for indirect human consumption (anchovy for fishmeal and fish oil), which increased from 318 tons in February 2024 to 53,214 tons in February 2025. This landing occurred in the ports of Ilo, Mollendo, Pacocha (Moquegua), and Matarani (Arequipa).

On the other hand, fishing of continental origin increased by 6.15% due to greater extraction of species for consumption in fresh (6.0%), frozen (6.9%) and cured (2.0%) states.

Mining and Hydrocarbons sector production decreased by 1.36%

The National Institute of Statistics and Census (INEI) reported that the Mining and Hydrocarbons sector shrank by 1.36% in February 2025, compared to the same month last year. This performance was explained by a -1.23% decline in activity in the metallic mining subsector, driven by lower production of gold (-15.7%), zinc (-2.1%), iron (-5.2%), and lead (-3.4%). Meanwhile, production of silver (9.0%), copper (0.5%), molybdenum (1.5%), and tin (0.8%) increased.

The hydrocarbon subsector decreased by 2.24%, due to lower production volumes of natural gas liquids (-6.6%) and natural gas (-4.5%), offset by increased crude oil production (7.8%).

Manufacturing sector showed an increase of 1.94%

In the month under study, manufacturing sector output increased by 1.94% compared to February 2024. This performance was explained by the favorable performance of the primary manufacturing subsector (15.07%). However, it was affected by the unfavorable performance of the non-primary manufacturing subsector (-1.75%).

The positive trend in the primary manufacturing subsector was driven by increased activity in the processing and preservation of fish, crustaceans, and mollusks (162.67%), the manufacture of petroleum refining products (19.34%), and the processing and preservation of meat (2.46%). However, sugar processing (-6.24%) and the manufacture of primary products made of precious metals and other non-ferrous metals (-0.88%) declined.

The contraction in the non-primary manufacturing subsector was explained by lower production in the consumer goods industry (-1.65%) and intermediate goods (-0.35%), while capital goods production increased (10.58%).

Production in the electricity, gas and water sector decreased by 1.64%.

During the month under study, the electricity, gas, and water sector decreased by 1.64% compared to February 2024, due to lower electricity generation (-1.30%) and drinking water production (-4.43%), offset by a 0.33% increase in gas distribution.

The decrease in the electricity subsector was observed in non-conventional renewable energy (wind and solar), down 10.50%, and in thermoelectric energy, down 3.60%. Hydroelectric power generation increased by 0.90%. In the water subsector, the companies with the lowest production were Sedapar (-9.8%), Sedapal (-6.9%), Eps Grau (-6.9%), Sedalib (-4.3%), and Epsel (-2.4%).

The dynamism in gas distribution was explained by increased demand from businesses (13.2%) and natural gas vehicle retailers (5.8%); however, there was lower demand from electricity generators (-2.7%).

Construction sector grew by 5.91%

The INEI announced that, in February 2025, the construction sector increased by 5.91%, compared to February 2024. This performance was influenced by the physical progress of public works (10.36%) and domestic consumption of cement (4.64%).

The greatest physical progress in public works was observed in all three areas of government: road infrastructure, basic service projects, risk prevention projects, and the construction of non-residential buildings. Meanwhile, the increase in domestic cement consumption was driven by private sector projects, such as multi-family housing and condominium projects, and projects in the electricity, mining, and telecommunications sectors, among others.

The production of the Commerce sector grew by 3.09%

In February 2025, the retail sector grew by 3.09% compared to the same month last year, due to the favorable performance of its three components. Sales in the wholesale channel increased by 2.94%, driven by increased sales of agricultural products (blueberries, coffee, grapes) and live animals (chicken); heavy machinery and equipment (agricultural, mining, construction); metals and ores (copper and steel); household goods (pharmaceuticals and personal hygiene products, books and educational texts); electronic and personal security equipment; medical devices; and nutritional products for human health.

Retail sales grew 2.87% due to increased sales in specialty stores, fueled by increased investment in marketing and advertising; in supermarkets, hypermarkets, and convenience stores; and in stores selling pharmaceutical and medicinal products, cosmetics, and toiletries. Additionally, automotive sales increased 5.18% due to increased demand for vehicles (both light and heavy) and their maintenance and repair, driven by campaigns. The sale, maintenance, and repair of motorcycles and their parts, components, and accessories also grew due to advertising campaigns and events.

The Transport, Storage and Courier Sector increased by 5.66%.

In the month analyzed, the transportation, storage and messaging sector grew by 5.66%, compared to February 2024. This performance was explained by the positive result of the transportation subsectors (4.03%), as well as storage and messaging (9.65%).

The growth in the transportation subsector was driven by increased demand for land and pipeline transportation (2.15%), which saw increased passenger traffic (2.5%) and freight traffic (1.9%) on highways; and by rail (9.8%), given the growing movement of passengers and freight. Meanwhile, pipeline transportation of natural gas and natural gas liquids decreased (-3.4%).

Air transport grew by 7.66%, due to increased domestic and international passenger and cargo movements. Similarly, water transport increased by 9.02%, driven by increased passenger and cargo transport by river.

The growth in the storage and courier subsector was explained by increased storage services and transportation support activities (10.10%) and postal and courier services (2.32%).

The Accommodation and Restaurants sector increased by 0.64%.

During the month of study, the lodging and restaurant sector increased by 0.64%, compared to the same month in 2024. This result was added to the positive evolution of the restaurant subsector (0.64%) and the lodging subsector (0.35%).

The restaurant subsector's growth was explained by the growth in the restaurant business (0.03%) and food service for transportation companies and concessionaires (3.91%); in contrast, there was a decrease in beverage service (-1.33%) and catering services (-3.21%).

In the restaurant sector, tourist restaurants, sandwich shops, meat and grill restaurants, restaurants, candy stores, cevicherias, and others showed an upward trend, boosted by the implementation of membership discounts on delivery apps, live music performances, and summer combos. Increased consumption for Friendship Day and the holding of food fairs contributed to the business's results.

Telecommunications and Other Information Services Sector decreased by 0.35%

In February 2025, the telecommunications and other information services sector decreased by 0.35% compared to the same month in 2024. This was due to the contraction in the telecommunications subsector (-0.46%), while the other information services subsector grew (0.66%).

The negative performance of the telecommunications subsector was influenced by the decline in telephone services (-2.3%) and data transmission services (-0.9%), a situation that was offset by the increase in internet and subscription television services (2.2%). The growth in the other information services subsector was supported by increased publishing activity (5.8%) and film and television program production and exhibition activities (5.1%). However, computer programming activities (-2.3%) and television and radio programming activities (-3.3%) decreased.

The Financial and Insurance sector increased by 0.39%.

In February 2025, the financial and insurance sector grew by 0.39% compared to February 2024. This increase was explained by higher loans (0.93%) and deposits (8.71%) in commercial banking.

By segment, mortgage loans (3.7%) and business loans (1.2%) expanded, while consumer loans decreased (-2.4%). By sector, the largest amounts were channeled to commerce; transportation, storage, and communications; financial intermediation; electricity, gas, and water; agriculture, livestock, hunting, and forestry; public administration and defense; and social and health services.

Likewise, the increase in deposits from multiple banking was influenced by the positive performance of savings deposits (11.4%), demand deposits (11.3%) and term deposits (4.8%).

Business Services Sector grew by 3.84%

The business services sector grew by 3.84% compared to the same month last year. This result was supported by the positive performance of travel agencies and tour operators (11.1%), administrative and business support services (4.2%), advertising and market research (3.4%), and professional, scientific, and technical activities (3.2%).

Government Services increased by 4.42%

During the month analyzed, government services grew 4.42% compared to February 2024. This result was associated with increased activity by public administration institutions (4.36%), defense (5.15%), and others (4.70%).

Other Services increased by 3.75%

The other services sector registered a variation of 3.75%, supported by the positive result of the health service (5.8%), personal services (4.4%), real estate activities (3.2%) and education services (2.4%).

In Personal Services, gambling and betting activities increased, as did computer repair, laundry services, cleaning services, recreational activities, and professional and sports association activities, among others.