Asunción, Agencia IP.- The Monthly Economic Activity Indicator of Paraguay (Imaep) from the Central Bank of Paraguay (BCP) recorded a growth of 1,6% in November compared to the same month of the previous year. With this result, the cumulative variation up to November reached 5,1%.
Favorable performances influenced the year-on-year growth in services, manufacturing, and livestock. However, the negative year-on-year results in construction, electricity generation, and agriculture attenuated the favorable performance of economic activity.
In services, positive year-on-year performances were observed in household services, business services, financial intermediation, trade, restaurants and hotels, real estate services, and transportation. However, government services, telecommunications, and information services showed negative year-on-year results.
Within manufacturing, the activities that positively influenced the year-on-year result were the production of meats, oils, milling and bakeries, beverages and tobacco, leather and footwear, common metals, metal products, and machinery and equipment.
However, these favorable results were offset by negative year-on-year variations in the production of sugar, dairy products, textiles and clothing, chemicals, paper, wood, and non-metallic minerals.
Livestock showed a positive year-on-year development, mainly explained by the higher level of cattle slaughter, accompanied by increases in the slaughter of pigs and poultry and the higher production of raw milk and eggs.
Construction continues to show a year-on-year decline due to the slower execution of private and public works.
The electricity generation from the binational entities showed a year-on-year decline. However, year-to-date, it continues to register significant growth in line with the improvement in the water flow of the Paraná River.
Agriculture, according to the data from the closing of the 2022/2023 agricultural campaign and the agricultural projections for 2023/2024 provided by the Ministry of Agriculture and Livestock (MAG), recorded a year-on-year decline due to lower production levels of corn, wheat, sunflower, and tobacco. However, a favorable performance is expected for this sector by the end of the year, mainly due to the higher production of soybeans, rice, sugarcane, cassava, sesame, yerba mate, and canola.
Finally, the Imaep without agriculture or binational entities recorded a year-on-year growth of 2,8%. With this result, it increased by 2,6% for the year.