INEI reveals encouraging data: National economy grows by 5.04% in May 2024

The National Institute of Statistics and Informatics (INEI) has revealed encouraging data about the national economy in recent months, with a 5.04% increase in national production during May 2024 compared to the same month the previous year. This growth was driven by several sectors, with the exception of the Financial and Insurance sector, which did not manage to join this positive trend. Among the sectors that contributed the most to this result are manufacturing, fishing, other services, transportation, construction, and commerce, which together represented 81% of the growth recorded in the month under analysis. Following them in importance were mining and hydrocarbons, the agricultural sector, public administration and defense, services provided to businesses, electricity, gas, and water, accommodation and restaurants, as well as telecommunications. The agricultural sector experienced a 2.64% increase thanks to higher production of agricultural and livestock products, with growth in crops such as barley grain, dry bean, starchy corn, oca, alfalfa, potato, and paddy rice. On the other hand, fishing saw an impressive growth of 329.16%, mainly due to increased extraction of marine species intended for indirect consumption. In the mining and hydrocarbons sector, there was a 1.83% increase, driven by metallic mining activity, which saw an increase in the production of minerals such as molybdenum, silver, iron, lead, tin, and gold. However, zinc and copper extraction decreased during the period analyzed, while hydrocarbon production contracted. The manufacturing sector was one of the most prominent, with an 18.59% growth in May 2024, according to figures from the Ministry of Production. This increase was mainly driven by the primary and non-primary manufacturing subsectors, which significantly contributed to the positive result. In the construction sector, there was a 5.54% increase, driven by the physical progress of public works, although domestic cement consumption decreased. Commerce also showed a growth of 2.06%, due to good performance in wholesale sales of various products. The transportation, storage, and courier sector advanced by 7.03%, while accommodation and restaurants grew by 1.14% in May 2024. On the other hand, telecommunications and other information services experienced a growth of 0.08%, although the financial and insurance sector decreased by 1.06%. In summary, the data presented by INEI reflect a promising outlook for the national economy, with several sectors showing significant growth during May 2024. Despite some sectors not joining this positive trend, the overall balance is positive and suggests a favorable scenario for economic activity in the country in the coming months.