INEI reveals a growth of 5.04% in national production: key sectors drive economic expansion.

The National Institute of Statistics and Informatics (INEI) has revealed encouraging data regarding national production in recent months, indicating a 5.04% increase in May 2024 compared to the same period the previous year. This growth has been driven by various sectors, with the exception of the Financial and Insurance sector, which experienced less favorable performance. Among the sectors that stood out for their positive contribution to this expansion are manufacturing, fishing, other services, transportation, storage and courier services, construction, and commerce, which together accounted for 81% of the growth recorded in May. Mining and hydrocarbons, agriculture, public administration and defense, services provided to businesses, electricity, gas and water, accommodation and restaurants, as well as telecommunications, also played an important role in this growth scenario. In the agricultural sector, there was a 2.64% increase, attributed to higher volumes of agricultural and livestock products. In the case of fishing, the growth was significant, reaching an increase of 329.16%, mainly due to increased extraction of marine species for indirect human consumption. On the other hand, continental fishing experienced a contraction of 50.10%. The Mining and Hydrocarbons sector also showed a growth of 1.83%, driven by metallic mining activity, which saw increases in the extraction of various minerals. In contrast, the hydrocarbons subsector decreased by 1.68%, mainly due to lower crude oil extraction. Manufacturing stood out with an impressive growth of 18.59% in May 2024, according to data from the Ministry of Production, supported by increased activity in the primary and non-primary manufacturing subsectors. Likewise, the Electricity, Gas and Water sector experienced a 1.72% increase, driven by the generation of hydroelectric and renewable energy. In the construction sector, there was a 5.54% increase, motivated by the physical progress of public works. On the other hand, the Commerce sector increased by 2.06%, while the Transportation, Storage and Courier sector advanced by 7.03%, with positive performance in the transportation and storage subsectors. In the services sector such as Accommodation and Restaurants, there was a 1.14% growth, driven by the dynamism of the restaurant and accommodation subsectors. Regarding telecommunications and other information services, there was a 0.08% growth, although the telecommunications subsector experienced a slight decrease. Finally, the Financial and Insurance sector showed a 1.06% reduction, reflecting a contraction in multiple banking credits. On the other hand, the Business Services sector reported a 3.13% growth, with favorable performance in various areas such as travel agencies and tour operators, advertising, and other related activities. These data reflect an encouraging outlook for the national economy, with various sectors showing sustained growth and positively contributing to the country's development. However, it is crucial to continuously monitor these indicators to ensure long-term economic stability and growth.