2026-06-19
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The Central Reserve Bank of Peru (BCRP) reports that Peru's Gross Domestic Product (GDP) grew 3.7 percent year-on-year in April 2026, with non-primary GDP expanding 5.3 percent driven by construction, services, and trade, while primary GDP contracted 1.4 percent due to a significant drop in hydrocarbons and metallic mining. Formal employment increased 4.0 percent, and average formal income rose 3.5 percent in real terms, contributing to a 7.6 percent real increase in the total wage bill. The fishing sector saw a modest 1.7 percent increase, primarily from direct human consumption, despite challenges including reduced anchoveta quotas and temporary suspensions of fishing activities due to lower biomass and persistent warm sea temperatures.
BCRP STUDY NOTES No. 43 – June 2026 1 ECONOMIC ACTIVITY: APRIL 2026 SUMMARY Gross Domestic Product (GDP) grew 3.7 percent year-on-year in April and 3.6 percent in the January-April period. In the month, primary GDP contracted 1.4 percent, mainly due to the contraction of the hydrocarbon sector; in addition to adverse factors observed in previous months, the maintenance of the Melchorita natural gas liquefaction plant was added, which halted extraction in gas lots for export. Meanwhile, non-primary GDP expanded 5.3 percent, explained by the boost in construction and services, as well as high growth in the trade sector during the month. In April, formal employment increased 4.0 percent, accumulating a growth of 4.3 percent in the January-April period. During the month, employment in the private sector increased 5.0 percent, mainly due to higher employment in the services, trade, and agricultural sectors. In April, the average formal income increased 3.5 percent in real terms, accumulating a growth of 3.2 percent in the January-April period and 3.8 percent compared to the similar period of 2019. Total wage bill increased 7.6 percent year-on-year in real terms in the month and 7.8 percent in the January-April period. ECONOMIC ACTIVITY: APRIL 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) ...................................9 Manufacturing Sector (weight of 11.7 percent)......................................................9 Construction Sector (weight of 6.4 percent)....................................................12 Trade (weight of 10.8 percent) and Services (weight of 50.5 percent) Sectors.......................................................................................................................12 II. Labor Market...........................................................................................13 Formal Employment – Electronic Payroll ...................................................................13 Job Advertisements.............................................................................................19
BCRP STUDY NOTES No. 43 – June 2026 2 ECONOMIC ACTIVITY: APRIL 2026 I. Sectoral GDP
BCRP STUDY NOTES No. 43 – June 2026 3 Productive sectors Agricultural Sector (weight of 6.2 percent) 4. The agricultural sector decreased 1.6 percent in April, due to lower production oriented both to the external market (olives, coffee, grapes, cocoa, and mango) and the internal market (potatoes and forages). This result was partially mitigated by higher production of rice, sugarcane, asparagus, avocado, and poultry meat. Table 2 BCRPData/NEPBI202604C2 5. Agricultural production oriented to the domestic market decreased 0.5 percent in April due to lower production of potatoes and forages in the Andean region, given the delay in rains at the end of 2025. This was partially mitigated by higher rice production, due to a base effect from the same month of the previous year, when production was low due to delays in rains corresponding to that campaign. 6. Agro-industrial production increased 15.5 percent due to higher sugarcane production, due to fewer technical shutdown days; and yellow hard corn, due to increased plantings in Amazonas, Cajamarca, and La Libertad given greater water availability compared to last year. 7. Production oriented to export decreased 11.9 percent due to a base effect of overproduction in the same month of the previous year for olives and mango; due to lower coffee and cocoa harvests, due to the sanitary impact of intense rains and warm conditions at the beginning of the year; and due to lower grape production. This result was mitigated by Weight. 2025 Q1. Apr. Jan-Apr. AGRICULTURAL 64.1 1.3 -3.3 -0.3 Domestic Market 33.0 -0.2 -0.5 -0.3 Potato 7.0 12.1 -7.2 2.1 Paddy Rice 6.4 -7.6 39.2 5.1 Banana 1.7 -1.8 0.1 -1.4 Lemon 0.3 9.9 8.1 9.4 Others 10.6 -3.8 -5.8 -4.6 Of which forages: Forage Oats 1.1 -8.1 -16.7 -16.5 Forage Barley 0.1 -4.3 -37.3 -35.9 Agro-industrial 4.5 24.2 15.5 22.4 Yellow Hard Corn 1.9 17.7 10.4 16.5 Sugarcane 1.4 18.0 39.1 22.1 Agro-export 26.7 -1.4 -11.9 -4.4 Coffee 4.0 -14.3 -12.2 -13.0 Grape 3.4 -4.7 -9.6 -4.9 Avocado 3.2 10.7 4.8 8.0 Mango 0.7 -19.0 -30.3 -19.5 Cocoa 1.9 -14.0 -11.6 -13.1 Blueberry 8.1 23.8 0.0 22.8 Olive 1.4 -50.3 -77.6 -71.2 LIVESTOCK 35.9 1.8 2.0 1.8 Poultry 19.9 2.0 2.2 2.0 TOTAL 100.0 1.5 -1.6 0.5 1/ At 2007 prices. Source: INEI, and MIDAGRI. AGRICULTURAL SECTOR (Year-on-year percentage variation) 2026
BCRP STUDY NOTES No. 43 – June 2026 4 growth in the production of asparagus (from Lima, Ica, and La Libertad) and avocados (from La Libertad, Ica, and Ayacucho). 8. Poultry meat production grew 2.2 percent, with increased placement of day-old chicks. 9. The stored volume of water is high in all major reservoirs in the country. As of June 12, 2026, it was above 63 percent of its useful volume. Graph 1 BCRPData/NEPBI202604G1 Fishing Sector (weight of 0.4 percent) 10. In April, fishing production registered an increase of 1.7 percent. This result was mainly due to higher catches destined for direct human consumption and, to a lesser extent, to higher anchoveta catches in the north-central region. The increase for the month was partially offset by the lower availability of trout, which affected the performance of continental fishing. , 440 457 302 210 353 341 190 193 297 264 241 236 Avg. Jun. 2026 Avg. Jun. 2026 Avg. Jun. 2026 Avg. Jun. 2026 Avg. Jun. 2026 Avg. Jun. 2026 Stored Volume of Main Reservoirs (MMC) 1/ Poechos 100.0% Condoroma 91.0% Tinajones 63.4 Gallito Ciego 93.1% Chili System 78.4 Source: Users' Board and Special Irrigation Projects. 1/ As of June 12, 2026, average of the last five years (2021-2025) for the same date and percentage relative to total useful volume. San Lorenzo 98.5%
BCRP STUDY NOTES No. 43 – June 2026 5 Table 3 BCRPData/NEPBI202604C3 11. Marine fishing for human consumption grew 6.6 percent year-on-year in April, mainly due to higher catches of squid, tuna, cojinova, and bonito. The result was partially offset by lower shrimp catches. Continental fishing saw a reduction of 16.7 percent due to lower trout availability and the loss of 2.5 million of this species due to pollution in the Yuracyacu River (Junín). 12. On January 1, PRODUCE authorized the start of the first anchoveta fishing season in the southern zone, with a quota of 251 thousand TM. In April, the total catch was 1.8 thousand TM (0.7 percent of the quota), achieving an accumulated catch of 65.9 percent of the quota. 13. On April 9, the Ministry of Production authorized the start of the first anchoveta fishing season in the north-central zone, with a quota of 1.9 million TM. This quota reflects a lower biomass that has been observed since the second season of 2025. In April, the total catch was 0.4 million TM (23.1 percent of the quota) and in May, approximately 0.03 million TM would have been caught (24.6 percent of the quota progress). The Ministry of Production ordered the temporary suspension of anchoveta extractive activities from April 24 to May 3, as part of actions aimed at preserving biomass and ensuring the sustainability of the first season. Subsequently, it again suspended fishing from May 8 to 13, with extensions that prolonged the measure until June 10. Finally, in its last resolution on June 10, it ordered the indefinite suspension of the season1. 14. According to NOAA's Climate Prediction Center, the sea surface temperature anomaly in the Niño 1+2 zone was 1.31°C in April, 1.81°C in May, and 2.65°C as of June 10. 1 RM-N.° 00162-2026-PRODUCE. Q1. Apr. Jan.-Apr. MARINE FISHING 90.7 -5.5 3.5 -2.8 Human Consumption 45.8 11.9 6.6 10.7 Canned 2.2 -29.8 49.7 -19.3 Fresh 20.8 11.8 -7.4 6.8 Frozen 22.4 18.9 21.6 19.4 Salted Dried 0.5 -27.9 -11.8 -24.3 Industrial Consumption 44.9 -41.2 0.9 -23.7 Anchoveta 363 444 808 CONTINENTAL FISHING 9.3 -34.1 -16.7 -30.0 FISHING SECTOR 100.0 -9.1 1.7 -5.9 1/ At 2007 prices. Source: Ministry of Production – OGEIEE. Weight. 2025 1/ 2026 FISHING SECTOR (Year-on-year percentage variation)
BCRP STUDY NOTES No. 43 – June 2026 6 15. The ENFEN Multisectoral Commission2 maintains the “Coastal El Niño Alert” status. For the Niño 1+2 region, the Coastal El Niño would extend until next summer of 2027, with a higher probability of presenting a strong magnitude between June and September, then decreasing to moderate until December. For the 2026 - 2027 summer, the event is expected to reach a magnitude between strong (48 percent) and moderate (46 percent). Regarding fishing resources, for the coming weeks, the intensification of warm conditions is expected to continue altering the vertical and latitudinal distribution of the north-central anchoveta stock. In the northern and central coastal zone of Peru, the unusual presence of fish species associated with warm and oceanic waters would continue. 16. In May, the Paita, Chicama, and Chimbote stations increased the positive anomaly observed the previous month. With information as of June 11, this trend continues in the northern stations of the country and has extended to the central stations. Table 4 Sea temperature anomalies by port BCRPData/NEPBI202604C4 Mining and Hydrocarbons Sector (weight of 12.1 percent) 17. The mining and hydrocarbons sector decreased 3.2 percent year-on-year in April. In the month, the result reflected lower production of zinc, molybdenum, silver, and lead. In addition, hydrocarbon production registered a sharp drop in the month due to the maintenance of the Melchorita liquefaction plant, which paralyzed export lots (56 and 57). 2 ENFEN Communiqué No. 11-2026 of June 15. 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. 2.9 3.0 2.4 3.5 3.2 1.6 22.2 Jun.26**. 6.2 4.8 3.2 3.2 3.5 1.8 24.8 H1. 6.0 4.8 2.9 2.4 3.2 1.7 24.8 H2. 6.4 4.8 3.7 4.6 4.1 2.0 25.0 *As of June 11. Source: Imarpe Temperature (In degrees Celsius) Sea Surface Temperature Anomalies (In degrees Celsius) *Sea Surface Temperature Anomalies relative 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. 43 – June 2026 7 Table 5 BCRPData/NEPBI202604C5 18. In April, copper production increased 4.3 percent year-on-year due to higher processing and a base effect. Higher processing was recorded at Antamina, Quellaveco, and Antapaccay. Part of Antamina's increase responds to a base effect, given that in April 2025, it paralyzed its operations in the last week of the month due to an accident within its facilities. The growth for the month was partially offset by lower production from Chinalco, Cerro Verde, and lower grades from Las Bambas and Marcobre. Metallic Mining 87.4 1.2 -0.3 0.8 Copper 49.3 3.1 4.3 3.4 Gold 10.2 1.3 4.4 2.0 Zinc 10.0 2.0 -20.2 -4.6 Molybdenum 7.7 -9.2 -1.1 -7.4 Silver 5.1 2.3 -3.8 0.7 Iron 2.8 1.9 2.1 2.0 Lead 1.9 -4.0 -17.8 -8.0 Tin 0.4 -0.8 12.6 2.6 Hydrocarbons 12.6 -15.4 -24.7 -17.6 Oil 3.7 -20.2 -33.1 -23.7 NGL 5.3 -15.3 -14.5 -15.1 Natural Gas 3.6 -10.3 -28.8 -14.4 Total 100.0 -0.9 -3.2 -1.5 1/ At 2007 prices. Source: INEI, Ministry of Energy and Mines, Perupetro Mining and Hydrocarbons (Year-on-year percentage variation) Product Weight. 2025 1/ Q1. Apr. 2026 Jan.-Apr.
BCRP STUDY NOTES No. 43 – June 2026 8 Table 6 BCRPData/NEPBI202604C6 19. Gold production increased 4.4 percent year-on-year in April. The increase responded to higher production from Yanacocha and Buenaventura and, to a lesser extent, to the start of operations at the Crespo mine in Cusco. The growth for the month was partially offset by lower grades from Consorcio Minero Horizonte, Gold Field, and Hochschild. Table 7 BCRPData/NEPBI202604C7 2025 2026 Var. % 26/25 2025 2026 Var. % 26/25 Total 212 221 4.3 855 884 3.4 Compañía Minera Antamina 21 42 102.4 119 180 52.3 Sociedad Minera Cerro Verde 33 30 -9.6 125 122 -2.9 Las Bambas - M.M.G 40 38 -3.1 135 139 3.0 Southern Peru Copper Corporation 33 29 -10.5 132 119 -10.0 Toromocho - Chinalco 25 18 -26.4 80 74 -7.6 Antapaccay 6 7 21.8 28 29 3.3 Constancia - Hudbay 8 7 -5.7 28 28 -0.6 Sociedad Minera El Brocal 4 4 -3.3 16 15 -7.3 Mina Justa - Marcobre 7 5 -24.4 34 20 -39.7 Quellaveco - Anglo American 22 25 11.3 102 98 -3.9 Rest 14 15 6.6 56 60 6.3 Source: INEI, Ministry of Energy and Mines Copper Production Mining Units April January - April (Thousands of metric tons of fine concentrates by flotation) 2025 2026 Var. % 26/25 2025 2026 Var. % 26/25 Total 355 371 4.4 1 446 1 475 2.0 Minera Yanacocha 39 43 10.8 143 186 30.0 Minera Boroo Misquichilca 13 13 2.9 55 47 -13.5 Compañía Minera Poderosa 24 21 -9.4 94 84 -10.8 Consorcio Minero Horizonte 18 11 -38.3 64 31 -51.2 Buenaventura 11 15 38.1 47 64 34.9 Pan American 10 7 -22.9 39 34 -12.5 Hochschild 13 9 -27.7 48 42 -12.2 Antapaccay 1 3 104.9 7 10 39.6 Constancia - Hudbay 2 2 7.7 10 11 10.7 Minera Laytaruma 5 5 -10.9 23 21 -8.5 Gold Fields La Cima 11 6 -45.6 39 23 -42.4 Minera Aurífera Retamas 15 14 -3.9 57 52 -9.1 Paltarumi 12 9 -22.7 43 44 2.5 Las Bambas - M.M.G 9 7 -21.7 29 32 11.4 Crespo 0 3 n.a. 0 3 n.a. Artisanal 1 1 -4.6 6 5 -5.3 Madre De Dios 0 0 -6.4 2 2 -6.4 Puno 0.9 2 2 -2.3 Arequipa 0 0 -8.7 2 2 -7.8 Piura 0 0 -1.5 0 0 -2.8 Others* 171 199 16.2 742 785 5.8 Source: INEI, Ministry of Energy and Mines Gold Production Mining Units April January - April (Thousands of fine Troy ounces) *Includes informal gold production estimated by INEI.
BCRP STUDY NOTES No. 43 – June 2026 9 20. In April, zinc production decreased 20.2 percent, mainly due to lower grades from Antamina and lower extraction from Volcan and Nexa. Silver and lead production decreased 3.8 and 17.8 percent, respectively. In both cases, the lower contribution from Antamina and Volcan stands out. Likewise, molybdenum production decreased 1.1 percent due to lower grades from Southern and lower processing from Constancia. 21. Iron production increased by 2.1 percent due to Shougang, while tin production grew 12.6 percent due to Minsur. 22. Hydrocarbon production decreased 24.7 percent year-on-year in April. Oil production decreased (-33.1 percent), due to lower yield from lot 95 and the termination of contracts for lots II, VI, and XV. Likewise, natural gas liquids production decreased (-14.5 percent) and natural gas production decreased (-28.8 percent) due to the maintenance of the Melchorita plant, which paralyzed export lots (56 and 57) from April 1 to 27. Electricity, Water and Gas Sector (weight of 1.9 percent) 23. In April, production in the electricity, water, and gas sector increased 4.7 percent year-on-year. Electricity production, including self-producers, increased 5.2 percent in April. Table 8 BCRPData/NEPBI202604C8 According to the Economic Operation Committee of the National Interconnected System (COES), total electricity production registered in the National Interconnected Electric System (SEIN) was 4.6 percent higher than in April 2025. Manufacturing Sector (weight of 11.7 percent) 24. According to the Ministry of Production, the manufacturing sector grew 1.9 percent in April. Primary manufacturing increased 5.7 percent, mainly due to higher refining of non-ferrous metals. Q1. Apr. Jan.-Apr. Electricity 80.5 3.5 5.2 4.0 Gas 0.6 -12.9 1.4 -9.3 Water 18.9 1.3 1.4 1.3 SECTOR 100.0 3.0 4.7 3.4 Source: INEI Weight. 2025 ELECTRICITY, GAS AND WATER SECTOR (Year-on-year percentage variation) 2026
BCRP STUDY NOTES No. 43 – June 2026 10 Table 9 Source: Ministry of Production and INEI BCRPData/NEPBI202604C9 25. Non-primary manufacturing increased 0.8 percent year-on-year due to higher production of inputs and investment-oriented goods. The increase for the month would be mainly explained by the plastic, paint, and cement branches. In seasonally adjusted terms, non-primary manufacturing increased 1.6 percent, after the drop recorded in March (-2.7 percent), due to the natural gas supply emergency caused by the TGP pipeline incident. Q1. Apr. Jan.-Apr. PRIMARY RESOURCE PROCESSORS 100.0 3.1 5.7 3.8 Milled rice 4.8 -7.6 39.2 5.1 Sugar 3.3 4.3 0.0 3.5 Meat products 14.3 1.8 3.2 2.2 Fish meal and oil 14.3 -39.4 0.8 -23.6 Canned and frozen fish products 9.3 7.4 10.6 8.3 Refining of non-ferrous metals 39.6 13.9 4.9 11.5 Oil refining 14.0 2.2 1.6 2.1 Weight. 2025 Manufacturing Sector (Year-on-year percentage variation) 2026
BCRP STUDY NOTES No. 43 – June 2026 11 Table 10 BCRPData/NEPBI202604C10 Q1. Apr. Jan.-Apr. NON-PRIMARY MANUFACTURING 100.0 1.3 0.8 1.2 Mass consumption 40.5 3.9 -3.7 1.9 Dairy products 2.5 3.5 11.6 5.5 Bakery 4.5 5.5 -5.4 2.6 Noodles 0.7 -8.0 16.6 -2.6 Oils and fats 2.3 -1.0 17.7 2.9 Cocoa, chocolate and confectionery products 0.8 0.5 -39.0 -15.3 Various food products 2.1 2.9 4.8 3.4 Alcoholic beverages 1.3 10.3 30.8 14.4 Beer and malt 2.6 12.8 -6.4 7.9 Soft drinks and table water 2.1 4.7 10.7 6.0 Footwear 0.7 6.6 -4.0 3.9 Furniture 7.9 18.4 -15.4 9.0 Other paper and cardboard articles 1.6 6.9 6.5 6.8 Pharmaceutical products and medicines 2.3 -18.3 0.8 -14.3 Toiletries and cleaning products 4.2 0.6 1.5 0.8 Various manufactures 2.4 -3.7 -9.2 -5.4 Inputs 20.1 1.7 8.6 3.4 Wheat flour 2.1 -3.4 10.2 -0.4 Animal feed 1.1 -12.3 -12.5 -12.4 Ropes, cords, twine and nets 0.3 -8.3 8.6 -4.5 Leather 0.0 -7.3 1.9 -5.0 Other textile products 0.8 -5.9 -11.9 -7.4 Processed wood 1.9 10.8 7.1 9.9 Paper and cardboard 0.2 17.5 2.2 12.6 Paper and cardboard packaging 1.7 -3.0 3.1 -1.5 Printing activities 1.6 10.9 13.9 11.5 Basic chemical substances 1.3 0.7 7.6 2.3 Explosives, natural and chemical essences 1.9 -1.8 -0.7 -1.5 Rubber 0.5 -12.0 -4.6 -10.1 Plastics 5.7 6.7 19.8 9.8 Pesticides, compound fertilizers and primary plastics 0.5 14.3 3.7 11.7 Glass and glass products 0.4 -11.5 42.0 0.1 Investment-oriented 27.8 2.0 4.0 2.6 Paints, varnishes and lacquers 1.9 0.0 68.3 17.3 Cement 5.5 16.4 12.6 15.4 Construction materials 2.8 -5.3 -8.7 -6.2 Various non-metallic mineral products 0.1 -6.4 -1.4 -5.2 Iron and steel industry 3.5 1.2 14.9 4.6 Metal products 5.9 -11.2 -7.1 -10.1 Machinery and equipment 0.6 41.2 58.3 45.7 Electrical machinery 1.1 -13.9 -3.6 -11.5 Transport equipment 2.0 39.7 28.7 36.4 Industrial services 4.3 -3.2 -38.0 -15.6 Export-oriented 11.7 -9.7 -4.8 -8.5 Canned foods 2.2 -15.3 3.7 -11.1 Yarns, fabrics and finishes 3.3 -8.2 -4.2 -7.2 Knitted fabrics and articles 3.2 -5.4 0.4 -4.0 Clothing 2.7 -12.3 -17.7 -13.6 Artificial fibers 0.3 -2.3 7.7 0.5 Source: INEI and PRODUCE. At 2007 prices. Weight. 2025 Manufacturing Sector (Year-on-year percentage variation) 2026
BCRP STUDY NOTES No. 43 – June 2026 12 Construction Sector (weight of 6.4 percent) 26. In April, the construction sector grew 12.9 percent, due to increased private and public works. In seasonally adjusted terms, the sector decreased 0.3 percent compared to the previous month. Between January and April, the sector accumulated a growth of 13.2 percent. 27. Internal cement consumption increased