Peru's mining and hydrocarbons sector contracts by 3.61% in January
(Kitco News) - The National Institute of Statistics and Informatics of Peru (INEI) announced today that the domestic mining and hydrocarbons sector contracted by 3.61% in January 2023 compared to January 2022.
In its press release, INEI said that this decline was a result of the negative performance in the domestic metallic mining (-3.63%) and hydrocarbons (-3.5%) subsectors.
According to the report, Peru’s metallic mining subsector contracted by 3.63% due to the lower production of tin (-62.5%), silver (-19.9%), molybdenum (-12.4%), zinc (-6.9%), gold (-6.8%), lead (-6.7 %) and copper (-1.6%); this was partially offset by higher production of iron ore (51.7%).
INEI added that the country’s hydrocarbons subsector declined by 3.5% due to the lower extraction of crude oil (-16.7%) and natural gas liquids (-3.3%); this was partially offset by the increase in natural gas extraction (8.2%).