* Peru’s national statistics institute (Inei) has announced that the country’s GDP contracted by 1.0% in Q3 2023, compared with the same quarter last year. This was due primarily to a 2.0% reduction in internal demand, caused by a 7.2% fall in fixed gross investment. Inei also highlighted the impact of the El Niño climate phenomenon, which it said impacted agriculture (-5.0%), fishing (-8.3%), and manufacturing (-8.9%). Other sectors also contracted year-on-year in Q3, including construction (-9.2%) and finance, insurance & pensions (-7.8%). However, the extractive sector grew by 8.9% due to increases in mining and oil production, while exports increased by 1.3%, mainly due to greater mineral exports.
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