Study Note No. 35: Non-Financial Public Sector Operations - April 2026

BCRP STUDY NOTE No. 35 – May 14, 2026 1 NON-FINANCIAL PUBLIC SECTOR OPERATIONS: APRIL 20261

Between March and April 2026, according to preliminary information, the annual fiscal deficit decreased from 2.1% to 1.9% of GDP. This is explained by the increase in general government current revenues, from 18.8% to 19.1% of GDP, due to higher levels of economic activity and favorable export prices, as well as higher advance payment coefficients for the income tax; in addition, due to profit transfers from the Central Reserve Bank of Peru (BCRP) and the National Fund for the Financing of State Enterprise Activity (FONAFE). Non-financial expenditures as a percentage of GDP remained constant in terms of GDP.

In April 2026, the non-financial public sector would register a seasonal surplus of S/ 10.1 billion, higher than that of the same month in 2025 (S/ 7.5 billion). This is explained, mainly, by the increase in general government current revenues (25.0%), both tax and non-tax, partially compensated by the expansion of general government non-financial expenditures (19.0%), particularly current expenditure (23.4%) and, to a lesser extent, gross capital formation (10.4%).

I. ANNUAL ECONOMIC RESULT OF THE NON-FINANCIAL PUBLIC SECTOR: THROUGH APRIL 2026

1. According to preliminary information, between March and April 2026 the annual fiscal deficit decreased from 2.1% to 1.9% of GDP. This is explained by the increase in general government current revenues, from 18.8% to 19.1% of GDP, while non-financial expenditures remained constant at 19.7% of GDP.

Chart No. 1

1 Prepared by Alberto Palacios, Julio Alvarado, Juan M. Sánchez, Óscar Flores, José Condori and Andrés Medina from the Fiscal Statistics Dept. and Ximena Montoya, Henry Colonia and Eduardo Moreno from the Fiscal Policy Dept.

-3.5 -3.9 -3.8 -3.9 -4.0 -3.9 -3.4 -3.6 -3.5 -3.3 -2.9 -2.7 -2.6 -2.6 -2.4 -2.4 -2.3 -2.1 -2.2 -2.1 -2.2 -2.1 -1.9 Apr 24 May Jun Jul Aug Sep Oct Nov Dec Jan 25 Feb 25 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 26 Feb Mar Apr Economic Result of the Non-Financial Public Sector (Accumulated last 12 months - Percentage of GDP)

BCRPData/NESPF202604G1

Table No. 1

BCRPData/NESPF202604C1

The increase in current revenues is related to the higher level of economic activity and favorable export prices, which have influenced higher collection from different taxes and, in turn, have implied higher coefficients for advance payments of the income tax. In addition, the recording of profit transfers from the BCRP and FONAFE to the national government contributed, which in 2025 were made in June, in the case of the BCRP; and in May, October and December, in the case of FONAFE, and for smaller amounts.

On the other hand, non-financial expenditures as a percentage of GDP remained constant, although an increase was recorded in the goods and services item by 0.1 percentage points of product, mainly due to spending for the acquisition of fighter jets by the Peruvian Air Force.

(Accumulated last twelve months - Percentage of GDP) * Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Jan 25 Feb Mar Apr Jun Sep Dec Jan 26 Feb Mar Apr Economic result NFPS -1.6 -8.7 -2.5 -1.7 -2.8 -3.4 -3.6 -3.5 -3.3 -2.9 -2.6 -2.4 -2.2 -2.1 -2.2 -2.1 -1.9 General Gov. Current Revenues 19.2 17.4 20.6 21.8 19.4 18.7 18.8 19.1 19.2 19.1 19.0 18.8 19.1 . Tax Revenues 14.4 13.0 16.0 16.9 14.8 14.4 14.5 14.5 14.6 14.8 14.9 14.9 14.8 14.7 14.8 . Non-tax Revenues 4.8 4.4 4.6 4.8 4.6 4.3 4.3 4.2 4.3 4.2 4.2 4.1 4.2 General Gov. Non-financial Expenditures 19.6 24.2 21.8 21.7 20.6 20.7 20.9 20.7 20.7 20.6 20.6 20.1 19.9 19.7 . Current 15.1 19.8 16.8 15.7 15.4 14.6 14.5 14.3 . Capital 4.4 4.4 4.9 6.0 5.2 6.1 6.3 6.2 6.1 5.6 5.6 5.4 Primary Result of Companies and Others 0.1 -0.4 0.2 -0.2 0.0 0.2 0.3 0.2 0.2 0.3 0.5 0.2 0.3 0.3 0.4 0.4 0.3 Interests 1.4 1.6 1.5 1.5 1.6 1.7 1.6 1.7 1.6

• Preliminary. NON-FINANCIAL PUBLIC SECTOR OPERATIONS ACCUMULATED LAST 12 MONTHS 1/ Millions of soles Percentage of GDP 2024 2025 2026 2024 2025 2026 Thru Dec. Thru Dec. Thru Mar. Thru Apr. Thru Dec. Thru Dec. Thru Mar. Thru Apr.

1. General Gov. Current Revenues 207 396 230 582 235 306 241 668 18.7 19.0 18.8 19.1 a. Tax Revenues 159 876 179 725 183 970 187 863 14.4 14.8 14.7 14.8 i. Income 65 731 79 012 82 444 83 298 5.9 6.5 6.6 6.6 ii. VAT 88 417 94 447 95 827 97 583 8.0 7.8 7.7 7.7

• Domestic 51 648 55 826 57 433 58 491 4.7 4.6
• Imports 36 768 38 620 38 393 39 093 3.3 3.2 3.1 3.1 iii. ISC 8 913 9 936 10 385 10 639 0.8 iv. (-) Refunds 24 218 29 609 30 209 29 687 2.2 2.4 2.4 2.3 v. Rest 21 034 25 938 25 522 26 030 1.9 2.1 2.0 2.1 b. Non-tax Revenues 47 520 50 857 51 336 53 805 4.3 4.2 4.1 4.2

2. General Gov. Non-financial Expenditures 229 824 241 743 246 557 249 859 20.7 19.9 19.7 19.7 a. Current 162 450 173 693 178 522 181 622 14.6 14.3 i. Remuneration 68 011 73 331 75 816 76 556 6.1 6.0 6.1 6.0 ii. Goods and services 63 487 67 263 68 929 70 887 5.7 5.5 5.5 5.6 iii. Transfers 30 952 33 099 33 777 34 178 2.8 2.7 b. Gross Capital Formation 54 733 59 024 59 172 59 560 4.9 4.9 4.7 4.7 i. National Government 22 124 22 294 21 482 21 556 2.0 1.8 1.7 1.7 ii. Regional Governments 13 541 14 465 15 145 15 181 1.2 iii. Local Governments 19 068 22 265 22 546 22 823 1.7 1.8 c. Other capital expenditures 12 642 9 026 8 862 8 677 1.1 0.7
3. Primary Result of Companies and Others 2 698 3 965 4 756 4 237 0.2 0.3 0.4 0.3
4. Primary Result (=1-2+3) -19 730 -7 196 -6 495 -3 953 -1.8 -0.6 -0.5 -0.3
5. Interests 18 532 19 230 20 033 19 938 1.7 1.6
6. Economic Result (=4-5) -38 262 -26 426 -26 527 -23 892 -3.4 -2.2 -2.1 -1.9 1/ Preliminary. Source: MEF, Banco de la Nación, Sunat, EsSalud, public benefit societies and state-owned companies.

BCRP STUDY NOTE No. 35 – May 14, 2026 3 II. ECONOMIC RESULT OF THE NON-FINANCIAL PUBLIC SECTOR: APRIL 2026

2. In April 2026, the non-financial public sector would register a surplus of S/ 10.1 billion, higher than that registered in the same month of 2025 (S/ 7.5 billion). This is explained, mainly, by the increase in general government current revenues (25.0%), both tax and non-tax, partially compensated by the expansion of general government non-financial expenditures (19.0%), particularly current expenditure (23.4%) and, to a lesser extent, gross capital formation (10.4%).

Table No. 2

BCRPData/NESPF202604C2

3. The increase in current revenues corresponded to both tax revenues (18.2%) and non-tax revenues (59.9%). The different items of tax revenues, with the exception of the income tax regularization and amnesty-regularization, registered year-on-year growth, highlighting advance payments by legal entities (35.1%) and natural persons (18.6%); domestic VAT (24.4%) and VAT on imports (23.3%); ISC (39.5%); Temporary Tax on Net Assets-ITAN (21.6%); and transfer of withholdings (160%).

A lower level of refunds (-17.2%) and extraordinary tax revenues (S/ 0.2 billion in April 2026 vs. S/ 2.7 billion in April 2025) was recorded. Net of these concepts, tax revenues would have increased by 27.1% year-on-year.

NON-FINANCIAL PUBLIC SECTOR OPERATIONS 1/ (Millions of soles) MARCH APRIL JANUARY-APRIL 2026 2024 2025 2026 Var. % 2024 2025 2026 Var. % 26/25 26/25

1. General Gov. Current Revenues 21 241 21 765 25 488 31 849 25.0 71 826 81 908 92 995 13.5 a. Tax Revenues 17 217 17 908 21 368 25 261 18.2 56 650 65 812 73 951 12.4 i. Income 9 635 10 349 13 927 14 781 6.1 27 731 33 588 37 874 12.8 ii. VAT 8 287 7 269 7 337 9 094 23.9 28 458 31 619 34 756 9.9

• Domestic 4 882 4 080 4 342 5 400 24.4 17 290 19 008 21 673 14.0
• Imports 3 405 3 188 2 994 3 694 23.3 11 167 12 611 13 083 3.7 iii. ISC 956 748 643 897 39.5 2 980 3 112 3 815 22.6 iv. (-) Refunds 3 351 2 719 3 028 2 507 -17.2 8 354 10 368 10 447 0.8 v. Rest 1 691 2 262 2 490 2 998 20.4 5 835 7 861 7 953 1.2 b. Non-tax Revenues 4 024 3 856 4 119 6 588 59.9 15 176 16 096 19 043 18.3

2. General Gov. Non-financial Expenditures 20 637 17 528 17 374 20 676 19.0 63 838 68 670 76 785 11.8 a. Current 14 675 13 469 13 224 16 323 23.4 48 411 51 278 59 206 15.5 i. National Government 9 359 8 682 8 178 10 925 33.6 30 629 32 357 38 038 17.6 ii. Regional Governments 3 518 3 262 3 413 3 726 9.2 12 714 13 316 15 273 14.7 iii. Local Governments 1 799 1 526 1 633 1 672 2.4 5 069 5 605 5 896 5.2 b. Gross Capital Formation 4 500 3 646 3 729 4 117 10.4 12 938 14 457 14 993 3.7 i. National Government 1 563 1 158 1 380 1 454 5.4 5 296 6 323 5 584 -11.7 ii. Regional Governments 1 278 1 021 1 035 1 071 3.5 3 243 3 460 4 176 20.7 iii. Local Governments 1 659 1 467 1 314 1 591 21.1 4 399 4 675 5 232 11.9 c. Other capital expenditures 1 462 413 422 236 -43.9 2 489 2 935 2 586 -11.9
3. Primary Result of Companies and Others 322 -991 -260 -778 -245 592 864
4. Primary Result (=1-2+3) 926 3 246 7 854 10 395 7 743 13 830 17 073
5. Interests 834 526 377 283 -25.0 7 316 7 820 8 528 9.1
6. Economic Result (=4-5) 92 2 720 7 477 10 113 427 6 010 8 545 1/ Preliminary. Source: MEF, Banco de la Nación, Sunat, EsSalud, public benefit societies and state-owned companies.

BCRP STUDY NOTE No. 35 – May 14, 2026 4 On the other hand, the increase in non-tax revenues is explained, mainly, by the aforementioned profit transfers from the BCRP and FONAFE. Also, higher revenues from social contributions (16.1%) and mining royalties (19.4%) contributed, mainly, attenuated by the drop in revenues from royalties and oil and gas canon (-24.8%) and interest received on deposits (-25.4%), mainly.

4. Between April 2025 and 2026, the increase in non-financial expenditures was recorded at the three levels of government, mainly in the national government, and in the different expenditure items, with the exception of other capital expenditures.

The increase in remuneration expenditure (13.5%) is explained, mainly, by the salary increases granted in 2025, both to special regimes (for example, Teaching in March and November; Armed Forces and Police in January, July and December; and Justice), as well as to general regimes in January 2026 (for example, workers under DL No. 276 and DL No. 728, among others), as well as measures such as the promotion up to two scales and change of occupational groups in Health.

On the other hand, the increase in goods and services expenditure (37.1%) is explained, mainly, by the spending for fighter jets to be acquired by the FAP (S/ 1.6 billion) and, to a lesser extent, by the items acquisition of medical supplies, tips to volunteers, travel and rental of services. The increase in current transfer expenditure (16.4%) corresponded, mainly, to the Trabaja Perú and National Urban Sanitation programs, and for the payment of pensions and social benefits, as well as by a higher level of compensations to the Fuel Price Stabilization Fund (FEPC).

The increase in gross capital formation expenditure (10.4%) was recorded at the three levels of government, mainly in local governments (21.1%), and in the "Rest" groups of projects and activities, Works for Taxes and the National Infrastructure Plan 2026-2031. On the other hand, other capital expenditures decreased (-43.9%), due to lower honorarium of state credit guarantees and lower payments for road and airport concessions and subscription of shares, mainly.

5. Between April 2025 and 2026, the interest service on debt decreased (-25.0%), due to a lower interest service on external debt by S/ 113 million, particularly for the debt service to international organizations and due to the effect of the appreciation of the sol against the US dollar.

6. In the period January-April 2026 and due to seasonal factors, the fiscal surplus would amount to S/ 8.5 billion, higher than that registered in the same period of 2025 (S/ 6.0 billion). This result is explained by the increase in general government current revenues (13.5%), both tax (12.4%) and non-tax (18.3%), compensated by the increase in general government non-financial expenditures (11.8%), at the three levels of government, particularly in current expenditures (15.5%), whose items present growth rates of two digits. Also, by a higher interest service on debt (9.1%), particularly on internal debt.

II.1 GENERAL GOVERNMENT REVENUES

7. In April 2026, general government current revenues (S/ 31.8 billion) increased by 25.0% year-on-year, due to both higher tax revenues (18.2%) and non-tax revenues (59.9%).

BCRP STUDY NOTE No. 35 – May 14, 2026 5

Table No. 3

BCRPData/NESPF202604C3

MARCH Nom. Var. CURRENT REVENUES (A+B) 21 241 25 488 31 849 81 908 92 995 6 362 25.0 13.5 A. TAX 17 217 21 368 25 261 65 812 73 951 3 893 18.2 12.4 NATIONAL GOVERNMENT 16 694 21 067 24 953 63 882 71 884 3 886 18.4 12.5

1. Income 9 635 13 927 14 781 33 588 37 874 854 6.1 12.8 Natural Persons 1 584 3 341 3 963 7 944 9 307 622 18.6 17.2

• First Category 97 77 89 311 357 13 16.6 14.6
• Second Category 206 850 981 1 548 2 155 131 15.4 39.2
• Fourth Category 102 126 137 471 501 11 8.7 6.3
• Fifth Category 1 178 2 289 2 756 5 613 6 295 467 20.4 12.1 Legal Entities 4 713 3 313 4 475 15 089 18 625 1 162 35.1 23.4
• Domiciled 4 227 2 766 3 654 12 669 16 212 887 32.1 28.0
• Third Category 3 883 2 480 3 331 11 366 14 682 851 34.3 29.2
• Other Incomes 343 286 322 1 303 1 531 36 12.7 17.5 Taxable SME 233 195 236 916 1 072 41 21.1 17.0 Rest 110 91 86 387 458 -5 -5.4 18.6
• Non-domiciled 486 546 821 2 420 2 413 275 50.3 -0.3 Regularization 3 338 7 273 6 343 10 555 9 942 -930 -12.8 -5.8

2. Imports 149 136 143 547 545 7 5.0 -0.4
3. VAT 8 287 7 337 9 094 31 619 34 756 1 757 23.9 9.9 Domestic 4 882 4 342 5 400 19 008 21 673 1 058 24.4 14.0 Imports 3 405 2 994 3 694 12 611 13 083 699 23.3 3.7
4. ISC 956 643 897 3 112 3 815 254 39.5 22.6 Fuels 349 148 284 1 015 1 372 137 92.6 35.2 Others 608 495 612 2 097 2 443 117 23.6 16.5
5. Others 1 018 2 052 2 546 5 383 5 341 494 24.0 -0.8 ITAN 26 1 462 1 778 1 516 1 868 316 21.6 23.2 ITF 31 31 37 126 143 6 19.6 13.9 Transfer of withholdings 91 103 266 484 614 164 159.7 27.0 Fines 73 58 59 528 319 2 2.8 -39.6 Special Tax on Mining 259 0 0 421 648 0 n.a. 54.1 Amnesty and regularization 289 301 253 1 815 1 044 -48 -16.0 -42.5 Road Tax 60 13 36 186 208 23 175.0 12.0 Casinos and Slot Machines 138 42 72 121 309 30 72.4 154.8 Rest 52 43 44 187 187 1 2.3 0.2
6. Refunds (-) 3 351 3 028 2 507 10 368 10 447 -521 -17.2 0.8 LOCAL GOVERNMENTS 523 302 308 1 931 2 067 7 2.3 7.0 B. NON-TAX 4 024 4 119 6 588 16 096 19 043 2 468 59.9 18.3 NATIONAL GOVERNMENT 3 519 3 708 6 065 14 033 16 793 2 357 63.6 19.7
7. Social contributions 2 055 1 866 2 166 7 259 8 069 300 16.1 11.2
8. Own resources and transfers 412 342 340 1 255 1 429 -1 -0.3 13.8
9. Profit transfers 0 0 2 208 0 2 208 2 208 n.a. n.a.
10. Mining royalties 350 66 79 704 1 138 13 19.4 61.7
11. Oil and gas royalties and canon 199 372 279 1 471 947 -92 -24.8 -35.6
12. Others 1/ 503 1 062 991 3 344 3 001 -71 -6.7 -10.3 REGIONAL GOVERNMENTS 74 73 178 271 391 105 143.3 44.7 LOCAL GOVERNMENTS 431 338 345 1 792 1 859 6 1.9 3.7 Source: Sunat, Banco de la Nación, MEF, EsSalud, SBS, public benefit societies. GENERAL GOVERNMENT CURRENT REVENUES (Millions of soles) APRIL 2025 JANUARY-APRIL VAR.% 26/25 2026 2025 2026 2026 April Apr. Jan.-Apr.

BCRP STUDY NOTE No. 35 – May 14, 2026 6

Chart No. 2

BCRPData/NESPF202604G2

A. Tax revenues by type of taxes

8. Income Tax (S/ 14.8 billion). Increased by 6.1% year-on-year, mainly due to higher advance payments by domiciled legal entities, payments by natural persons, particularly for fifth and second category income, and by non-domiciled legal entities.

a. Income Tax of natural persons (S/ 4.0 billion). Grew by 18.6%, in all categories, highlighting higher revenues from fifth category income tax (20.4%), which would be influenced by the growth of the formal wage mass (13.1%). Likewise, higher revenues were recorded from second category income tax (15.4%), particularly due to higher dividend distribution.

b. Income Tax of legal entities (S/ 4.5 billion). Increased by 35.1% between April 2025 and 2026, both due to higher advance payments by domiciled legal entities (32.1%), mainly for third category incomes, as well as higher payments by non-domiciled legal entities (50.3%).

b.1 General regime or third category (S/ 3.3 billion). Grew by 34.3%, both in primary sectors (68.8%) and non-primary sectors (16.9%). This increase is influenced by higher economic activity, favorable export prices, as well as the application of higher coefficients for advance payments of the income tax.

21 765 25 488 31 849 -10 -5 0 5 10 15 20 25 30 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 Apr.24 May Jun Jul Aug Sep Oct Nov Dec Jan 25 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 26 Feb Mar Apr General Gov. Current Revenues (Millions of soles and variation % 12 months) Tax Revenues (Left Axis) Non-tax Revenues (Left Axis) Variation % (Right Axis) General Gov. Current Revenues (Percentage Variation 12 months) IT 23 IIT IIIT IVT IT 24 IIT IIIT IVT IT 25 IIT IIIT IVT Jan 26 Feb Mar IT Apr TOTAL 1.1 -10.6 -8.1 0.4 -5.6 1.4 13.7 11.6 12.7 16.0 7.6 8.5 1.9 9.2 14.7 8.4 25.0 Tax Revenues 1.4 -14.0 -10.5 -1.5 -7.3 4.8 12.1 16.5 14.7 16.2 11.3 7.6 2.7 11.0 15.9 9.6 18.2 National Government 1.4 -14.4 -10.9 -1.8 -7.8 4.6 12.1 16.5 14.7 16.5 11.4 7.5 2.7 11.2 16.0 9.6 18.4 Local Governments 2.2 8.0 11.5 13.9 6.6 14.1 9.4 13.9 15.1 6.4 8.8 10.3 2.4 7.8 12.4 7.9 2.3 Non-tax Revenues -0.2 2.0 -0.5 6.9 0.9 -9.1 18.6 -3.3 5.8 15.0 -2.8 11.9 -1.5 3.9 9.8 4.0 59.9

BCRP STUDY NOTE No. 35 – May 14, 2026 7

Chart No. 3

BCRPData/NESPF202604G3

• Primary Sectors. The year-on-year increase of 68.8% is explained, mainly, by the mining sector (96.5%), due to the favorable international price situation. On the contrary, lower revenues were recorded in the hydrocarbons sector (-22.5%), related to lower production volume, mainly of natural gas and natural gas liquids, counteracted by higher prices, particularly of oil and natural gas liquids; and agricultural and fishing (-48.1%).

• Non-primary Sectors. The increase of 16.9% year-on-year reflects higher collection from the commerce sector (40.9%), mainly wholesale (44.4%) and retail (46.8%); and electricity and water (77.8%). To a lesser extent, manufacturing (3.7%), particularly chemical products (14.9%); financial intermediation (2.3%) and telecommunications (9.1%) contributed. On the other hand, a reduction in revenues from the transport sector was recorded (-10.9%).

b.2 Other regimes (S/ 322 million) increased by 12.7% year-on-year.

• Taxable SME (21.1%). Continues to register positive variation rates since April 2024, highlighting in the month, according to preliminary information, higher collection from commerce, particularly wholesale, construction, transport, mining and tourism and hospitality.

• Rest (-5.4%). The reduction is explained, mainly, by companies of the Agricultural Regime, counteracted by the increase in collection in the Special Income Tax Regime (RER).

b.3 Non-domiciled legal entities (S/ 821 million). Increased by 50.3% year-on-year, partly due to the recording of extraordinary revenues in April 2026 (S/ 231 million).

c. Income tax regularization (S/ 6.3 billion) decreased by 12.8%. This reduction is explained by the recording of extraordinary revenues in April 2025 by S/ 2,539 million, from the sale of shares of a company in the electricity sector and by a company in the telecommunications sector.

Excluding these extraordinary revenues, collection would grow by 34.0%, both in primary sectors (89.4%), mainly mining (191.0%), and non-primary (13.1%), particularly financial intermediation

1 875 2 480 3 331 -20 0 20 40 60 80 100 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 Apr.24 May Jun Jul Aug Sep Oct Nov Dec Jan 25 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 26 Feb Mar Apr Income Tax - Third Category (Millions of soles and variation % 12 months) Non-primary (Left Axis) Primary (Left Axis) Variation % (Right Axis) Advance Payments of Income Tax - Third Category (Millions of soles and percentage variation) MARCH Nom. Var. 2026 2025 2026 2025 2026 April Apr. Jan.-Apr. TOTAL 3 883 2 480 3 331 11 366 14 682 851 34.3 29.2 Primary Sectors 1 437 830 1 402 2 990 5 185 572 68.8 73.4 Agricultural and Fishing 34 28 15 86 89 -14 -48.1 3.3 Mining 1 237 644 1 266 2 111 4 472 622 96.5 111.9 Hydrocarbons 124 111 86 629 454 -25 -22.5 -27.8 Manufacturing 41 46 35 165 170 -12 -24.8 3.3 Non-primary Sectors 2 447 1 650 1 929 8 376 9 497 279 16.9 13.4 Manufacturing 347 239 248 1 136 1 279 9 3.7 12.6 Food, beverages and tobacco 113 88 89 342 417 1 1.7 21.7 Iron and steel industries 55 37 35 172 201 -2 -5.1 17.0 Chemical products 76 47 54 263 283 7 14.9 7.3 Rest 102 67 69 358 378 2 3.4 5.7 Electricity and water 220 155 275 844 980 120 77.8 16.1 Construction 136 104 111 588 581 7 6.6 -1.1 Commerce 640 347 489 2 000 2 473 142 40.9 23.6 Services 1 104 806 807 3 808 4 184 2 0.2 9.9 Transport 208 157 140 801 783 -17 -10.9 -2.2 Financial Intermediation 479 356 364 1 436 1 717 8 2.3 19.6 Telecommunications 53 31 34 235 196 3 9.1 -16.4 Rest 363 262 270 1 337 1 488 8 2.9 11.2 APRIL JANUARY-APRIL VAR.% 26/25