INEI: The Mining and Hydrocarbons Sector grew by 7.041% year-over-year in March 2025

The National Institute of Statistics and Informatics (INEI), In the technical report *Current Economic Activity Update*, it was noted that, in March 2025, the mining and hydrocarbons sector grew by 7.041% year-over-year compared to the same month of the previous year. It also reported that this sector recorded cumulative growth of 2.401% year-on-year in the first quarter of this year.

This positive performance was driven by increased activity in the metal mining subsector (7.45%), due to higher production volumes of copper (4.8%), zinc (17.5%), molybdenum (15.9%), silver (19.6%), lead (17.3%), and gold (0.03%); while production of iron (-0.2%) and tin (-3.0%) decreased.

The hydrocarbons subsector increased by 4.521 million tons, driven by higher production of crude oil (16.31 million tons) and natural gas (1.61 million tons); while the volume of natural gas liquids extracted decreased (-0.5%).

Domestic cement consumption rose by 6,441 TP3T

In the third month of this year, domestic cement consumption increased by 6,441 TP3T compared to the same month in 2024, marking the highest growth so far this year.

This performance was driven by private construction projects and self-build projects. In addition, it was reported that this indicator showed an increase of 2,541 TP3T in the first quarter of this year compared to the same period last year.

Fisheries sector production increased by 29,121 TP3T

During the month under review, the fishing sector grew by 29,121 TP3T due to an increase in landings of marine species of 34,941 TP3T, intended for indirect human consumption (anchoveta for fish meal and fish oil), which rose from 800 tons in March 2024 to 56,526 tons in March 2025. This result corresponded to the southern coastal region (Ilo and Mollendo).

Similarly, there was an increase in the harvest of species for direct human consumption, totaling 18,68%, intended for freezing (68,8%), canning (31,7%), and curing (10,3%). Inland fisheries increased by 5,22% due to higher catches of species for consumption fresh (6,2%), frozen (1,8%), and for curing (2,0%).

Output in the electricity subsector grew by 5.581% in the third quarter

The electricity subsector grew by 5,58% as a result of increased generation from renewable sources, including wind—solar by 14,01%, thermoelectric power by 11,85%, and hydroelectric power by 1,34%.

Among the main companies that increased their production are Energía Renovable del Sur, Empresa de Generación Huallaga, Empresa de Generación Huanza, Chinango, Kallpa Generación, Statkraft Perú, Celepsa, Orygen Perú, Electroperú, and Inland Energy.

However, the lower generation from the companies Termochilca, Fénix Power, Orazul Energy Perú, Egasa, San Gabán, Empresa de Generación Junín, Engie Energía Perú, and Empresa de Generación Machu Picchu partially counteracted this positive performance.

Mortgage loans increased by 5.631% in the third quarter

In March 2025, mortgage lending totaled S/ 67.718 billion, an increase of 5.631% compared with March 2024.

Loans to corporations, as well as large, medium, small, and micro-enterprises, also showed positive growth, totaling S/ 213,545 million, an increase of 2.311% year-over-year compared to the same month in 2024. Furthermore, consumer loans stood at S/ 72.983 billion, growing by 0.061% year-over-year compared to the same month of the previous year.

Meanwhile, the issuance of credit cards by commercial banks totaled 6,384,000 units, representing a 1.771% increase compared to the same month in 2024.

Total imports increased by 15.021%

During the month under review, the total value of imports was US$4,946 million, representing a 15.02% increase compared to the figure recorded in March 2024, according to information provided by the National Superintendency of Customs and Tax Administration (SUNAT), based on data available as of April 21, 2025.

The INEI reported that imports of capital goods and construction materials totaled US$1.468 billion, an increase of 22.19% compared with the same month in 2024.

The value of imported consumer goods totaled US$1.111 billion, an increase of 19.64% compared to the figure recorded in the same month of 2024. Similarly, imports of raw materials and intermediate goods stood at US$2.367 billion, a 9.201% increase compared to the figure recorded in March 2024.