The Peruvian economy grew by 11.4% in the first months of the Castillo government
Lima, Nov. 22 (EFE) .- The Peruvian economy grew by 11.4% in the first months of the government chaired by leftist Pedro Castillo, encouraged by the dynamism of domestic demand, the recovery of the economy global and reactivation measures after the strong impact of the covid-19 pandemic. The quarterly gross domestic product (GDP) figures proposed on Monday by the National Institute of Statistics and Informatics (INEI) include, for the first time, the first weeks of the regime which replaced the government of transition chaired by Francisco Sagasti. . In this regard, the director of the Institute of Economics and Business Development (Iedep) of the Chamber of Commerce of Lima (CCL), Ãscar ChÃ¡vez, told Efe that âit is clear that the secondary sector of the economy is the engine âof this growth in Peru. , after the very hard impact that the covid-19 pandemic generated in 2020. âI am referring to both manufacturing and construction, which drive growth and allow GDP to come closer and closer. more of a rate that allows it to recover before the pandemic production levels sooner than expected, âhe said. VARIOUS FACTORS The INEI technical report detailed that the increase from July to September, compared to the same quarter of the previous year, was explained by the dynamism of components of domestic demand, such as household consumption (11.8%) and the State (6.6%), as well as by fixed gross investment (24.1%). This result was contributed by the recovery of the global economy and, in particular, of the country’s main trading partners, whose higher demand impacted better prices and a 9.2% growth in the volume of exports. of goods and services. In turn, the Central Reserve Bank (BCR) indicated that this growth was driven by the resumption of most activities and the relaxation of health control measures, the continuation of the monetary and fiscal stimulus, and the resumption of various consumption and investment indicators, although mitigated by greater trade uncertainty. ChÃ¡vez commented, in this sense, that economic agents hope that the conditions for the country’s recovery will continue, because “the question of controlling the pandemic and the political factors that can stop the reactivation is still pending.” He added that the CCL estimates that Peru can close this year with a growth of 12.8%, if one takes into account the momentum of the “rebound effect” generated by the increasing normalization of productive and economic activities. . ANNUAL GROWTH OF 17.5% In this sense, INEI pointed out that in the third quarter of this year, the Peruvian economy has accumulated a growth of 17.5%, while in the last four quarters the increase was 11.9%. Private final consumption expenditure increased by 11.8%, mainly after the increase in production and employment since, according to preliminary results of the National Household Survey (ENAHO), the labor force increased. from 16.9% and the average real labor income to 14.8%. Government final consumption expenditure also increased by 6.6% due to increased consumption in public administration and defense (8.2%), public health (7%) and public education (5.8%). In the third quarter, gross fixed investment increased by 24.1%, explained by the growth of 23.7% in construction and the increase in acquisitions of machinery and equipment of 24.8%. In addition, exports of goods and services increased by 9.2%, due to increased demand for traditional and non-traditional products, and imports increased by 30.5%, due to increased purchases. consumer goods, raw materials and intermediate products and capital goods. THE SITUATION BY ECONOMIC ACTIVITY INEI detailed that the gross added value of agriculture, animal husbandry, hunting and forestry increased by 9.7%, while fishing and aquaculture decreased by 37.9% and the extraction of oil, gas and minerals increased by 4.4%. In turn, manufacturing increased by 8.4%, electricity, gas and water by 6.3%, construction by 23.2% and trade, maintenance and repair of vehicles in engine and motorcycles by 10%. The transport, storage, mail and messaging activity grew by 31.6%, accommodation and food services by 99.4%, telecommunications and other information services by 7.2%, financial services, insurance and pensions by 3.5% and that of services rendered to businesses by 13.9%. Given these figures, ChÃ¡vez pointed out that Peru still has pending the recovery of the mining sector, which “was expected to grow this year around 15.2%” and, according to his organization’s projection, “it does will not reach 10% “. The expert said that in an international context of high mineral prices, this “should be a sector that grows more and contributes to economic growth by 2022″, while the CCL predicts that Peru will reach a GDP of 3 , 1%.
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