Automotive activity recorded a decrease of -3.77% in November, the largest drop in this sector in 2023, indicated the Automotive Association of Peru (AAP).

Thus, the performance of automotive sectorThe automotive union explained, it was due to the lower sales of motor vehicles due to a reduction in demand. Likewise, the sale, maintenance and repair of motorcycles and their parts and accessories decreased due to the drop in demand in the market combined with the increase in prices.

Likewise, the sale of parts and accessories of motor vehicles contracted; as well as the maintenance and repair of motor vehicles due to lower demand for mechanical repairs. It is important to note that during the first eleven months of 2023, said subsector grew by 0.91%.

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For the AAP, the performance recorded by the Peruvian economy in November presents some signs of recovery when compared to the behavior of recent months. On the one hand, the start of the second anchovy fishing season in October 2023 (in 2022 it began in November) had a significant impact on said sector, becoming the fastest growing activity in the month of analysis.

“On the other hand, sectors such as construction, financial and insurance, and manufacturing, showed smaller falls than in previous months, while mining activity continued with significant dynamism. However, there are still risks on the horizon that prevent future growth from being forecast in the short term. In that sense, the impact of the second fishing season observed in November could not be repeated in December due to a statistical effect. Likewise, although business expectations have shown an improvement, this indicator is still in pessimistic territory, which disfavors private investment,” the guild ended.

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