Study Note No. 36: Economic Activity - March 2026

BCRP STUDY NOTES No. 36 – May 22, 2026 1

ECONOMIC ACTIVITY: MARCH 2026

SUMMARY

Gross Domestic Product (GDP) grew 3.2 percent year-on-year in March and 3.5 percent in the first quarter. In the month, non-primary GDP expanded 4.6 percent, mainly driven by the dynamism of services and construction. Primary GDP contracted 1.8 percent in the month due to lower industrial fishing and lower hydrocarbon production (due to the emergency in natural gas supply in the first half of the month).

In March, formal employment increased 4.6 percent, accumulating a growth of 4.3 percent in the first quarter. In March, the average formal nominal income increased 8.2 percent (4.2 percent in real terms), accumulating a growth of 2.6 percent year-on-year in real terms in the first quarter and 3.6 percent compared to the same period in 2019. The total wage mass increased 13.1 percent year-on-year in nominal terms, accumulating a growth of 10 percent in the first quarter (9.0 percent in real terms in the month and 7.0 percent in the first quarter).

ECONOMIC ACTIVITY: MARCH 2026

INDEX

Page I. Sectoral GDP....................................................................................................2 Agricultural Sector (weight of 6.2 percent)......................................................3 Fishing Sector (weight of 0.4 percent)...................................................................4 Mining and Hydrocarbons Sector (weight of 12.1 percent)..................................6 Electricity, Water and Gas Sector (weight of 1.9 percent)...................................8 Manufacturing Sector (weight of 11.7 percent)......................................................9 Construction Sector (weight of 6.4 percent)....................................................11 Trade (weight of 10.8 percent) and Services (weight of 50.5 percent) Sectors.......................................................................................................................11 II. Labor Market...........................................................................................12 Formal Employment – Electronic Payroll ...................................................................12 Job Advertisements.............................................................................................18

BCRP STUDY NOTES No. – May 2026 2 ECONOMIC ACTIVITY: MARCH 2026

I. Sectoral GDP

1. Gross Domestic Product grew 3.2 percent year-on-year in March. Primary GDP contracted 1.8 percent in the month, which is mainly explained by the decline in fishing and hydrocarbons. In March, a natural gas leak and subsequent deflagration occurred, leading to the closure of valves in Megantoni, Cusco. A natural gas supply emergency was declared, and delivery was rationed from March 1 to 13. This determined the drop in natural gas production (-38.8 percent) and natural gas liquids (-44.8 percent) in the month. On the other hand, fishing contracted due to a base effect, given the greater fishing development in the southern zone in March 2025.

2. Non-primary GDP grew 4.6 percent year-on-year in March. The strong growth of construction continued, accelerating compared to the previous two months. Trade and services maintained their dynamism, while non-primary manufacturing moderated due to the natural gas supply problems recorded in the month.

Table 1 BCRPData/NEPBI202603C1

3. In seasonally adjusted terms, the total GDP of the annualized moving quarter increased 2.4 percent and non-primary GDP by 3.1 percent.

Primary GDP 2/ 22.0 2.8 -0.5 -1.8 0.1 Agricultural 6.2 3.9 1.1 -0.5 1.5 Fishing 0.4 -9.6 -5.2 -12.5 -9.1 Metallic Mining 9.1 3.6 0.1 0.1 1.2 Hydrocarbons 1.2 1.5 -9.7 -35.4 -15.4 Manufacturing 3.2 0.9 -0.5 9.4 3.1 Non-Primary GDP 78.0 3.9 4.9 4.6 4.5 Manufacturing 3/ 8.5 -1.9 4.1 1.8 1.3 Electricity and water 1.9 4.3 3.3 1.3 3.0 Construction 6.4 15.5 8.7 15.6 13.3 Trade 10.8 4.3 6.1 4.1 4.9 Total Services 50.4 3.5 4.3 4.1 4.0 Services 41.7 3.0 3.4 2.8 3.1 Transport and storage 5.2 2.8 4.1 1.8 2.9 Accommodation and restaurants 2.7 5.7 7.2 4.9 5.9 Telecommunications 5.1 0.8 0.4 1.1 0.8 Financial and insurance 5.3 -0.4 -0.3 -0.8 -0.5 Business services 4.2 3.7 4.0 3.5 3.7 Public administration 5.3 4.1 3.6 4.4 4.0 Other services 14.7 4.0 4.5 4.0 4.1 Taxes 4/ 8.8 6.1 8.9 10.6 8.5 GDP 100.0 3.7 3.7 3.2 3.5

1/ At 2007 prices. 2/ Includes the forestry sector, non-metallic mining and related services. 3/ Excludes milled rice. 4/ Includes import duties and taxes on products Source: INEI, BCRP. GROSS DOMESTIC PRODUCT (Year-on-year percentage change) Weight 2025 1/ Jan. Feb. 2026 Mar. I Qtr.

BCRP STUDY NOTES No. – May 2026 3 Productive Sectors Agricultural Sector (weight of 6.2 percent)

4. The agricultural sector decreased 0.5 percent in March, due to lower production oriented both to the domestic market (rice) and to export (coffee, cocoa, mango, and olive). This was partially attenuated by higher agro-industrial production (hard yellow corn, oil palm, and sugarcane) and poultry meat.

Table 2 BCRPData/NEPBI202603C2

5. Agricultural production oriented to the domestic market decreased 5.1 percent in March due to lower rice production, due to: i) intense rains in February in Arequipa and Amazonas, which caused difficulties in harvests and lower yields; and ii) lower sowing in Ucayali. It should be noted that March accounts for 6.7 percent of annual rice harvests and the peak of harvests occurs during May-July (42.7 percent of annual harvests). In the month, higher potato production stands out, coming from areas with early sowing in Apurímac, Cusco and Puno, one month before the peak harvest period of April-June (58.5 percent of annual harvests).

6. Agro-industrial production increased 36.1 percent due to higher production of oil palm (in Ucayali and Huánuco) and hard yellow corn (in Huánuco, La

Weight. 2025 Jan. Feb. Mar. I Qtr. AGRICULTURAL 64.1 5.5 0.7 -2.1 1.3 Domestic Market 33.0 7.4 0.1 -5.1 -0.2 Potato 7.0 14.8 19.4 5.6 12.1 Rice Hull 6.4 23.2 -14.2 -18.5 -7.6 Plantain 1.7 -4.1 0.0 -1.4 -1.8 Lime 0.3 19.6 9.5 1.3 9.9 Agro-industrial 4.5 20.4 17.3 36.1 24.2 Hard yellow corn 1.9 26.3 7.8 19.6 17.7 Oil Palm 1.1 34.2 48.6 46.1 42.8 Sugarcane 1.4 3.6 12.7 42.6 18.0 Agro-export 26.7 1.1 -2.1 -4.2 -1.4 Coffee 4.0 8.3 -17.8 -14.9 -14.3 Asparagus 2.2 1.6 -3.7 -0.9 -1.0 Grape 3.4 -3.0 -13.9 10.0 -4.7 Avocado 3.2 3.6 12.3 11.8 10.7 Mango 0.7 -28.4 -4.3 -10.8 -19.0 Cocoa 1.9 -7.1 -14.0 -18.1 -14.0 Blueberry 8.1 18.4 26.9 50.1 23.8 Olive 1.4 n.d n.d -50.3 -50.3 LIVESTOCK 35.9 1.7 1.7 1.9 1.8 Poultry 19.9 2.1 1.8 2.1 2.0 TOTAL 100.0 3.9 1.1 -0.5 1.5

1/ At 2007 prices. Source: INEI, and MIDAGRI. AGRICULTURAL SECTOR (Year-on-year percentage change) 2026

BCRP STUDY NOTES No. – May 2026 4 Libertad and Madre de Dios), due to better climatic conditions in the producing areas compared to the previous campaign. Higher sugarcane production also contributed, due to fewer days of technical stoppages.

7. Production oriented to export decreased 4.2 percent due to lower harvests of coffee and cocoa in San Martín, due to the impact of intense rains in February and March that made harvests difficult in a month of low production (around 7 percent in both products). Their production peaks are, in the case of coffee, from April to July (80.7 percent of the annual harvest), and in cocoa, from April to August (53.5 percent of the annual harvest). In the month, a contraction of mango and olive was observed, due to overproduction in the same month of the previous year. This result was attenuated by growth in the production of blueberries, grapes, and avocados, with higher yields, in the first two cases, due to the renewal of varieties and in the case of avocados, due to larger cultivated areas.

8. Poultry meat production grew 2.1 percent, with a greater placement of BB chickens.

9. The stored water volume is high in the main reservoirs in the country. As of May 12, 2026, it was higher than 69 percent of its useful volume.

Chart 1 BCRPData/NEPBI202603G1

Fishing Sector (weight of 0.4 percent)

10. In March, fishing production registered a contraction of 12.5 percent. This result was mainly due to lower continental and industrial fishing (due to a base effect, given the fishing development in the southern zone in March 2025). Part of the reduction was partially compensated by higher capture of fishing destined for direct human consumption.

, 391 419 295 230 353 354 193 195 317 287 253 243 Avg. May. 2026 Avg. May. 2026 Avg. May. 2026 Avg. May. 2026 Avg. May. 2026 Avg. May. 2026 Stored Volume of Main Reservoirs (MMC) 1/ Poechos 93.9% Condoroma 93.9% Tinajones 69.4 Gallito Ciego 96.6% Chili System 85.4 Source: User Juntas and Special Irrigation Projects. 1/ As of May 12, 2026, average of the last five years (2021-2025) of the same date and percentage with respect to the total useful volume. San Lorenzo 99.7%

BCRP STUDY NOTES No. – May 2026 5 Table 3 BCRPData/NEPBI202603C3

11. Maritime fishing for human consumption grew 2.8 percent year-on-year in March, mainly due to higher capture of bonito, squid, and jack mackerel. The result was partially compensated by lower capture of jack mackerel and mackerel. Continental fishing had a reduction of 30.6 percent due to lower availability of trout.

12. On January 1, PRODUCE authorized the start of the first anchovy fishing season in the southern zone, with a quota of 251 thousand MT. In March, total capture totaled 2.8 thousand MT (1.1 percent of the quota) achieving an accumulated capture of 65.2 percent of the quota.

13. According to the NOAA Climate Prediction Center, the sea surface temperature anomaly in the Niño 1+2 zone was 0.9°C in March, 1.3°C in April and 1.6°C as of May 6.

14. The Multisectoral Commission of ENFEN1 maintains the "Coastal El Niño Alert" status and estimates that it is more likely that Coastal El Niño will persist until February 2027 with a weak magnitude, although it could reach a moderate magnitude between May and August of this year. In relation to fishing resources, due to the intensification of warming, it is expected that in the coming weeks anchovy schools will tend to deepen, making fishing difficult.

15. In April, the Paita and Chicama stations moderated the positive anomaly observed the previous month. However, with information as of May 14, an increase in the temperature of the northern stations is observed.

1 ENFEN Communication No. 09-2026 of May 15.

Jan. Feb. Mar. I Qtr. MARITIME FISHING 90.7 -7.2 0.7 -9.1 -5.5 Human consumption 45.8 36.5 -2.3 2.8 11.9 Canned 2.2 -24.1 -59.1 1.8 -29.8 Fresh 20.8 13.0 14.4 8.2 11.8 Frozen 22.4 75.6 -7.6 -2.0 18.9 Dried salted 0.5 -32.2 -28.4 -23.0 -27.9 Industrial consumption 44.9 -42.3 25.9 -94.5 -41.2 Anchovy (thousands of MT) 293 67 3 363 CONTINENTAL FISHING 9.3 -34.5 -37.0 -30.6 -34.1 FISHING SECTOR 100.0 -9.6 -5.2 -12.5 -9.1

1/ At 2007 prices. Source: Ministry of Production – OGEIEE. Weight. 2025 1/ FISHING SECTOR (Year-on-year percentage change) 2026

BCRP STUDY NOTES No. – May 2026 6 Table 4 Anomalies in sea temperature by port BCRPData/NEPBI202603C4

Mining and Hydrocarbons Sector (weight of 12.1 percent)

16. The mining and hydrocarbons sector decreased 4.6 percent year-on-year in March. In the month, the result reflected lower production of gold, zinc, molybdenum, lead, tin. In addition, hydrocarbon production registered a sharp drop in the month due to the emergency in the natural gas transport system, which affected production and supply from March 1 to 132.

2 By means of a communication on March 1, Cálidda informed about the identification of an accident (deflagration) at the valve station (Megantoni – Cusco) that put the Natural Gas Liquids (LGN) and Natural Gas Transport System in an emergency state.

Jan.25 -0.6 -0.2 -1.1 -1.6 -0.7 0.3 19.8 Feb.25 1.7 1.3 -0.6 -0.5 -0.6 0.2 24.4 Mar.25 2.0 1.1 -0.3 -0.6 -0.6 0.3 24.9 Apr.25 0.2 0.5 -1.0 -0.9 -0.5 -0.3 21.0 May.25 -0.4 0.7 -0.5 -0.5 -0.2 -0.5 18.9 Jun.25. 0.3 1.4 0.7 0.8 1.2 -1.0 18.6 Jul.25. 1.0 1.2 0.3 0.3 0.7 -0.4 18.5 Aug.25. 0.1 0.9 0.3 0.1 0.3 0.0 17.1 Sep.25. 0.2 0.8 -0.1 -0.2 0.3 0.0 16.9 Oct.25. 0.1 0.8 -0.2 -0.1 -0.2 -0.7 17.3 Nov.25. -0.9 0.3 -0.7 -0.1 0.0 0.3 17.0 Dec.25. -0.9 0.2 -0.5 0.0 0.7 1.4 17.8 Jan.26. 0.2 0.6 -0.8 -0.8 -0.6 1.3 20.6 Feb.26. 2.9 2.3 -0.2 -1.2 -1.1 0.5 25.5 Mar.26. 1.0 2.1 0.8 0.8 1.1 1.1 23.9 Apr.26. 0.6 1.4 0.8 1.0 1.4 1.8 21.4 May.26**. 1.9 2.3 2.7 3.4 2.6 1.5 21.4 I Sem. 2.2 2.3 3.0 2.7 2.4 1.5 21.8 II Sem. 1.6 2.3 2.4 4.0 2.9 1.6 21.0 *As of May 14. Source: Imarpe Temperature (In degrees Celsius) Sea Surface Temperature Anomalies (In degrees Celsius) *Anomalies in Sea Surface Temperature with respect to the 1981-2010 climatology, with the exception of the ports of Huacho (1989-2010) and Pisco (1982-2010). Paita Chicama Chimbote Huacho Callao Pisco Paita

BCRP STUDY NOTES No. – May 2026 7 Table 5 BCRPData/NEPBI202603C5

17. In March, copper production increased 3.8 percent year-on-year due to higher processing. Higher processing was mainly recorded for Antamina. The growth of the month was partially compensated by lower grades at Marcobre and lower processing at Quellaveco.

Table 6 BCRPData/NEPBI202603C6

18. Gold production decreased 0.8 percent year-on-year in March. The decline responded mainly to lower production from Minero Horizonte Consortium, Gold Mining and Pan American. The decline was compensated by an increase in Buenaventura's production.

Table 7 BCRPData/NEPBI202603C7

19. In March, zinc production decreased 5.9 percent, mainly due to lower grades at Antamina and lower extraction at Volcan and Nexa. Lead production decreased 6.8 percent due to lower extraction at Volcan. Likewise, tin production decreased 6.1 percent due to Minsur.

20. Molybdenum production decreased 13.1 percent; mainly due to lower grades at Antamina and Las Bambas.

21. Iron production increased by 3.0 percent by Shougang, while silver grew 4.5 percent due to the higher proportion of this metal in Antamina concentrates.

22. Hydrocarbon production decreased 35.4 percent year-on-year in March, due to the emergency in the natural gas transport system that paralyzed extractive activities in lots 56, 57 and 88; which affected the production of natural gas liquids (-44.8 percent) and natural gas (-38.8 percent). Likewise, oil production decreased (-18.3 percent), due to lower performance of lot 95 and the end of the contract for lots II, VI and XV.

Electricity, Water and Gas Sector (weight of 1.9 percent)

23. In March, production in the electricity, water and gas sector increased 1.3 percent year-on-year. Electricity production, including self-producers, increased 2.4 percent in March.

2025 2026 Var. % 26/25 2025 2026 Var. % 26/25 Total 222 230 3.8 643 663 3.1 Minera Antamina Company 33 52 59.8 98 139 41.7 Cerro Verde Mining Society 34 34 0.8 92 92 -0.5 Las Bambas - M.M.G 34 34 -1.5 96 101 5.5 Southern Peru Copper Corporation 35 31 -10.9 99 89 -9.8 Toromocho - Chinalco 14 16 12.1 55 55 1.0 Antapaccay 8 7 -11.7 22 22 -1.5 Constancia - Hudbay 7 8 13.8 20 21 1.4 El Brocal Mining Society 4 5 32.0 12 11 -8.7 Marcobre Mine - Justa 10 6 -41.4 27 15 -43.8 Quellaveco - Anglo American 28 23 -20.8 80 73 -8.2 Rest 15 16 0.5 42 45 6.2 Source: INEI, Ministry of Energy and Mines Copper Production Mining units March I Qtr. (Thousands of metric tons of fine concentrates by flotation)

BCRP STUDY NOTES No. – May 2026 8 Fields and Pan American. The decline was compensated by an increase in Buenaventura's production.

Table 7 BCRPData/NEPBI202603C7

19. In March, zinc production decreased 5.9 percent, mainly due to lower grades at Antamina and lower extraction at Volcan and Nexa. Lead production decreased 6.8 percent due to lower extraction at Volcan. Likewise, tin production decreased 6.1 percent due to Minsur.

20. Molybdenum production decreased 13.1 percent; mainly due to lower grades at Antamina and Las Bambas.

21. Iron production increased by 3.0 percent by Shougang, while silver grew 4.5 percent due to the higher proportion of this metal in Antamina concentrates.

22. Hydrocarbon production decreased 35.4 percent year-on-year in March, due to the emergency in the natural gas transport system that paralyzed extractive activities in lots 56, 57 and 88; which affected the production of natural gas liquids (-44.8 percent) and natural gas (-38.8 percent). Likewise, oil production decreased (-18.3 percent), due to lower performance of lot 95 and the end of the contract for lots II, VI and XV.

Electricity, Water and Gas Sector (weight of 1.9 percent)

23. In March, production in the electricity, water and gas sector increased 1.3 percent year-on-year. Electricity production, including self-producers, increased 2.4 percent in March.

2025 2026 Var. % 26/25 2025 2026 Var. % 26/25 Total 368 365 -0.8 1 090 1 104 1.3 Yanacocha Mining 39 44 12.8 105 144 37.1 Boroo Misquichilca Mining 13 13 -0.1 42 34 -18.5 Poderosa Mining Company 25 22 -14.6 70 63 -11.2 Minero Horizonte Consortium 17 8 -54.6 46 20 -56.3 Buenaventura 13 17 33.2 36 48 33.9 Pan American 11 8 -24.7 30 27 -9.2 Hochschild 12 12 5.5 35 33 -6.4 Antapaccay 2 2 6.5 6 7 23.9 Constancia - Hudbay 3 2 -16.0 8 9 11.4 Laytaruma Mining 5 5 -10.3 18 16 -7.7 Gold Fields La Cima 12 5 -54.5 28 17 -41.1 Aurífera Retamas Mining 15 14 -8.6 42 38 -10.9 Paltarumi 11 14 31.1 31 34 12.3 Las Bambas - M.M.G 8 8 -8.6 19 25 27.7 Artisanal 1 1 -5.0 4 4 -5.5 Madre De Dios 0 0 -5.5 1 1 -6.4 Puno 0 0 -1.5 1 1 -3.3 Arequipa 0 0 -9.0 1 1 -7.5 Piura 0 0 -1.5 0 0 -3.2 Others* 181 190 5.0 571 587 2.7 Source: INEI, Ministry of Energy and Mines Gold Production (Thousands of fine Troy ounces) Mining units March I Qtr. *Includes estimated informal gold production by INEI.

BCRP STUDY NOTES No. – May 2026 9 Table 8 BCRPData/NEPBI202603C8

According to the Economic Operation Committee of the National Interconnected System (COES), total electricity production recorded in the National Interconnected Electrical System (SEIN) was 1.7 percent higher compared to March 2026.

Manufacturing Sector (weight of 11.7 percent)

24. According to the Ministry of Production, the manufacturing sector grew 3.6 percent in March. Primary manufacturing increased 9.4 percent, mainly due to higher refining of non-ferrous metals.

Table 9 Source: Ministry of Production and INEI BCRPData/NEPBI202603C9

25. Non-primary manufacturing increased 1.8 percent year-on-year due to higher production of mass consumer goods and inputs. The increase in the month would be mainly explained by the branches of furniture, plastics and printing activities. In seasonally adjusted terms, non-primary manufacturing decreased 2.7 percent, after the increase recorded in February (4.3 percent).

2025 I Qtr. Jan. Feb. Mar. I Qtr. Electricity 80.5 1.9 4.8 3.5 2.4 3.5 Gas 0.6 1.5 2.6 7.0 -46.0 -12.9 Water 18.9 -2.8 1.5 1.3 1.2 1.3 SECTOR 100.0 1.3 4.3 3.3 1.3 3.0 Source: INEI Weight. 2025 ELECTRICITY, GAS AND WATER SECTOR (Year-on-year percentage change) 2026 Jan. Feb. Mar. I Qtr. PRIMARY RESOURCE PROCESSORS 100.0 0.9 -0.5 9.4 3.1 Milled rice 4.8 23.2 -14.2 -18.5 -7.6 Sugar 3.3 -2.7 4.4 13.0 4.3 Meat products 14.3 1.9 1.8 Fish flour and oil 14.3 -40.0 26.1 -94.1 -39.4 Canned and frozen fish products 9.3 65.5 -11.4 -3.9 7.4 Refining of non-ferrous metals 39.6 11.6 3.6 28.2 13.9 Petroleum refining 14.0 2.4 -5.8 10.7 2.2 Weight. 2025 Manufacturing Sector (Year-on-year percentage change) 2026

BCRP STUDY NOTES No. – May 2026 10 Table 10 BCRPData/NEPBI202603C10

Jan. Feb. Mar. I Qtr. NON-PRIMARY MANUFACTURING 100.0 -1.9 4.1 1.8 1.3 Mass consumption 40.5 -2.4 6.1 8.5 3.9 Dairy products 2.5 4.3 3.8 2.4 3.5 Bakery 4.5 7.6 5.1 3.6 5.5 Noodles 0.7 -13.4 -5.6 -4.5 -8.0 Oils and fats 2.3 -18.2 2.0 17.6 -1.0 Cocoa, chocolate and confectionery products 0.8 1.0 9.6 -7.0 0.5 Various food products 2.1 -3.2 3.1 10.4 2.9 Alcoholic beverages 1.3 6.4 12.4 12.5 10.3 Beer and malt 2.6 1.5 10.9 30.8 12.8 Soft drinks and table water 2.1 0.6 7.9 5.8 4.7 Footwear 0.7 0.1 8.4 11.0 6.6 Furniture 7.9 6.2 25.5 26.1 18.4 Other paper and cardboard articles 1.6 9.7 -3.2 13.9 6.9 Pharmaceutical products and medicines 2.3 -21.9 -11.6 -20.5 -18.3 Toiletries and cleaning products 4.2 -3.7 5.1 0.7 0.6 Diverse manufactures 2.4 -15.5 -8.9 15.0 -3.7 Inputs 20.1 -1.4 1.0 5.7 1.7 Wheat flour 2.1 0.2 0.0 -9.8 -3.4 Animal feed 1.1 -0.9 -12.7 -20.9 -12.3 Ropes, cords, twines and nets 0.3 0.2 -7.9 -16.7 -8.3 Leather 0.0 -33.4 -3.9 13.8 -7.3 Other textile products 0.8 1.1 -9.2 -9.7 -5.9 Processed wood 1.9 -9.2 -10.5 61.3 10.8 Paper and cardboard 0.2 5.7 91.9 -1.8 17.5 Paper and cardboard packaging 1.7 -5.8 2.4 -4.8 -3.0 Printing activities 1.6 -6.0 28.2 14.8 10.9 Basic chemical substances 1.3 5.0 -0.4 -2.6 0.7 Explosives, natural and chemical essences 1.9 -0.8 -12.6 7.6 -1.8 Rubber 0.5 -4.0 -8.5 -22.2 -12.0 Plastics 5.7 -0.4 7.1 13.6 6.7 Pesticides, compound fertilizers and plastics pri 0.5 10.2 18.0 15.0 14.3 Glass and glass products 0.4 4.9 -13.6 -27.3 -11.5 Oriented to investment 27.8 1.0 5.5 -0.2 2.0 Paints, varnishes and lacquers 1.9 7.6 -11.7 5.6 0.0 Cement 5.5 15.1 13.2 20.8 16.4 Construction materials 2.8 2.5 4.3 -20.5 -5.3 Various non-metallic mineral products 0.1 -13.8 -0.1 -5.0 -6.4 Iron and steel industry 3.5 9.9 6.1 -11.2 1.2 Metal products 5.9 -15.9 -9.5 -8.4 -11.2 Machinery and equipment 0.6 20.8 35.2 66.8 41.2 Electrical machinery 1.1 -14.6 -7.0 -19.3 -13.9 Transport material 2.0 24.5 21.5 71.0 39.7 Industrial services 4.3 -19.3 51.5 -20.0 -3.2 Oriented to the external market 11.7 -7.6 -0.3 -19.3 -9.7 Food preserves 2.2 4.9 5.5 -42.1 -15.3 Yarns, fabrics and finishes 3.3 -5.7 -6.0 -12.6 -8.2 Knitted fabrics and articles 3.2 -7.7 9.4 -16.1 -5.4 Clothing 2.7 -20.5 -8.4 -8.1 -12.3 Artificial fibers 0.3 21.0 3.5 -28.5 -2.3 Source: INEI and PRODUCE. At 2007 prices. Weight. 2025 Manufacturing Sector (Year-on-year percentage change) 2026

BCRP STUDY NOTES No. – May 2026 11 Construction Sector (weight of 6.4 percent)

26. In March, the construction sector grew 15.6 percent, mainly due to higher private works. In seasonally adjusted terms, the sector grew 3.1 percent compared to the previous month. In the first quarter, the sector accumulated a growth of 13.3 percent.

27. Domestic cement consumption increased 17.9 percent in March due to higher dispatches from Yura (23.0 percent), in the south of the country, and Pacasmayo (21.7 percent), in the north. Likewise, Unacem dispatches increased 11.5 percent.

28. Public works progress increased 10.8 percent due to higher investment by regional governments (30.1 percent) and local governments (19.7 percent) since national government investment decreased 7.0 percent. By type of works, investment increased mainly in road infrastructure projects, basic services and non-residential building construction.

Table 111 BCRPData/NEPBI202603C11

Trade (weight of 10.8 percent) and Services (weight of 50.4 percent) Sectors

29. In Mar