Study Note No. 46: Report on the Monthly Survey of Macroeconomic Expectations - June 2026

BCRP STUDY NOTES
No. 46 – July 2, 2026
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Report on the Monthly Survey of Macroeconomic Expectations:
June 20261

1. In the second half of June, the Monthly Survey of Macroeconomic Expectations was conducted with a representative sample of companies from various economic sectors in the country, as well as financial institutions and economic analysts.

Inflation Expectations

2. The inflation expectation for 2026 was placed in a range of 2.80 to 3.20 percent; while, for 2027, it stands at 2.50 percent. For 2028, agents expect inflation between 2.30 and 2.50 percent.

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3. The 12-month inflation expectation, for the average of economic analysts and the financial system, decreased from 2.89 percent in May to 2.83 percent in June.

1 Prepared by Patrick Castilla, specialist in the Sectoral Economic Activity Department.

30 Apr. 29 May. 30 Jun.
ECONOMIC ANALYSTS 1/
2026 3.15 3.50 3.20
2027 2.50 2.60 2.50
2028 2.37 2.35 2.42
FINANCIAL SYSTEM 2/
2026 2.80 2.95 3.10
2027 2.50 2.25 2.50
2028 2.25 2.20 2.30
NON-FINANCIAL COMPANIES 3/
2026 2.50 2.80 2.80 =
2027 2.50 =
2028 2.50 =

1/ 16 analysts in April, 20 in May, and 18 in June 2026 2/ 14 financial companies in April, 14 in May, and 13 in June 2026 3/ 278 non-financial companies in April, 278 in May, and 302 in June 2026

MACROECONOMIC EXPECTATIONS SURVEY:
INFLATION (%)
Survey conducted on:

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Growth Expectations

4. The GDP growth expectation for 2026 moved to a range between 3.1 and 3.2 percent; while for 2027 and 2028, it increased to a range between 3.2 and 3.5 percent.

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0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
Feb-07
Jul-07
Dec-07
May-08
Oct-08
Mar-09
Aug-09
Jan-10
Jun-10
Nov-10
Apr-11
Sep-11
Feb-12
Jul-12
Dec-12
May-13
Oct-13
Mar-14
Aug-14
Jan-15
Jun-15
Nov-15
Apr-16
Sep-16
Feb-17
Jul-17
Dec-17
May-18
Oct-18
Mar-19
Aug-19
Jan-20
Jun-20
Nov-20
Apr-21
Sep-21
Feb-22
Jul-22
Dec-22
May-23
Oct-23
Mar-24
Aug-24
Jan-25
Jun-25
Nov-25
Apr-26

12-month inflation expectations of analysts and the financial system (Percentage points) Note: 12-month inflation expectations are calculated as the simple average of the 12-month expectations of the financial system and economic analysts. For each of them, an estimate of the 12-month expectation is obtained by weighting the expectation of the year by the number of months remaining and the expectations of the following year by the number of months left to complete the 12 months.

Range
Inflation target
Maximum
Minimum
2.83
%
Mar. 26 2.52
Apr. 26 2.82
May. 26 2.89
Jun. 26 2.83

30 Apr. 29 May. 30 Jun.
ECONOMIC ANALYSTS 1/
2026 2.9 3.0 3.2
2027 3.2 3.3 3.3 =
2028 3.0 3.1 3.5
FINANCIAL SYSTEM 2/
2026 3.1 =
2027 3.0 3.0 3.2
2028 3.0 3.0 3.2
NON-FINANCIAL COMPANIES 3/
2026 3.0 3.1 3.2
2027 3.1 3.2 3.5
2028 3.2 3.3 3.5

1/ 16 analysts in April, 20 in May, and 18 in June 2026 2/ 14 financial companies in April, 14 in May, and 13 in June 2026 3/ 278 non-financial companies in April, 278 in May, and 302 in June 2026

MACROECONOMIC EXPECTATIONS SURVEY:
GDP GROWTH (%)
Survey conducted on:

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No. 46 – July 2, 2026
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Exchange Rate and Interest Rate Expectations

5. The exchange rate expectation for the end of 2026 decreased to a range between S/ 3.36 and S/ 3.44 per dollar; while, for 2027, between S/ 3.39 and S/ 3.50 per dollar. For 2028, it moved to a range between S/ 3.41 and S/ 3.50 per dollar.

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6. The 12-month exchange rate expectation, for the average of economic analysts and the financial system, decreased from S/ 3.48 per dollar in May to S/ 3.39 per dollar in June.

30 Apr. 29 May. 30 Jun.
ECONOMIC ANALYSTS 1/
2026 3.43 3.50 3.36
2027 3.45 3.50 3.39
2028 3.53 3.50 3.41
FINANCIAL SYSTEM 2/
2026 3.47 3.46 3.40
2027 3.42 3.46 3.40
2028 3.47 3.48 3.41
NON-FINANCIAL COMPANIES 3/
2026 3.50 3.46 3.44
2027 3.50 =
2028 3.55 3.53 3.50

1/ 16 analysts in April, 20 in May, and 18 in June 2026 2/ 14 financial companies in April, 14 in May, and 13 in June 2026 3/ 278 non-financial companies in April, 278 in May, and 302 in June 2026

• Exchange rate at year-end

MACROECONOMIC EXPECTATIONS SURVEY:
EXCHANGE RATE (S/ per US$)*
Survey conducted on:

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No. 46 – July 2, 2026
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7. For 2026 and 2027, the reference interest rate expectation for analysts and financial entities remained at 4.25 percent. For 2028, the outlook for this variable is at 4.0 percent.

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2.0
2.5
3.0
3.5
4.0
4.5
Feb-07
Jul-07
Dec-07
May-08
Oct-08
Mar-09
Aug-09
Jan-10
Jun-10
Nov-10
Apr-11
Sep-11
Feb-12
Jul-12
Dec-12
May-13
Oct-13
Mar-14
Aug-14
Jan-15
Jun-15
Nov-15
Apr-16
Sep-16
Feb-17
Jul-17
Dec-17
May-18
Oct-18
Mar-19
Aug-19
Jan-20
Jun-20
Nov-20
Apr-21
Sep-21
Feb-22
Jul-22
Dec-22
May-23
Oct-23
Mar-24
Aug-24
Jan-25
Jun-25
Nov-25
Apr-26

12-month exchange rate expectations of analysts and the financial system (Soles per dollar) Note: 12-month exchange rate expectations are calculated as the simple average of the 12-month expectations of the financial system and economic analysts. For each of them, an estimate of the 12-month expectation is obtained by weighting the expectation of the year by the number of months remaining and the expectations of the following year by the number of months left to complete the 12 months.

3.39
S/ per USD
Mar. 26 3.39
Apr. 26 3.44
May. 26 3.48
Jun. 26 3.39

30 Apr. 29 May. 30 Jun.
ECONOMIC ANALYSTS 1/
2026 4.25 =
2027 4.25 =
2028 4.25 4.00 4.00 =
FINANCIAL SYSTEM 2/
2026 4.25 =
2027 4.00 4.00 4.25
2028 4.00 =

1/ 16 analysts in April, 20 in May, and 18 in June 2026 2/ 14 financial companies in April, 14 in May, and 13 in June 2026

MACROECONOMIC EXPECTATIONS SURVEY:
REFERENCE INTEREST RATE AT YEAR-END Survey conducted on:

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Business Expectations

8. In June, most current situation indicators increased. All expectation indicators increased and are in the optimistic range.
   This month, the 3-month economy indicator returned to the optimistic plane, after remaining pessimistic since April. Sixteen indicators out of a total of 18 were in the optimistic range. The 3-month expectations for input prices and sales decreased.

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December March April May June Correlation with GDP 1/ Historical Average 2019 2020 2026 CURRENT BUSINESS SITUATION 53.4 41.1 56.6 56.4 ~ > 56.6 ~ > 0.56 54.3 SALES LEVEL 54.2 30.3 56.4 56.2 ~ > 55.3 > 0.49 54.3 PRODUCTION LEVEL 50.0 23.5 57.1 57.9 > 59.8 > 0.44 52.9 DEMAND LEVEL WITH RESPECT TO EXPECTATIONS 40.0 23.0 47.6 47.0 < 48.6 < 0.68 44.3 PURCHASE ORDERS WITH RESPECT TO PREVIOUS MONTH 51.2 27.5 54.6 51.5 > 54.3 > 0.52 51.5 UNWANTED INVENTORY DAYS 2/ 8.9 5.9 9.4 9.5 ~ < 11.7 ↑ < -0.36 10.3 EXPECTATION OF:
THE ECONOMY IN 3 MONTHS 50.8 21.8 44.6 46.2 < 55.5 > 0.63 54.7 THE ECONOMY IN 12 MONTHS 61.5 41.5 51.2 55.9 > 68.6 > 0.42 61.4 THE SECTOR IN 3 MONTHS 51.5 28.5 51.1 50.0 = 56.0 > 0.67 56.6 THE SECTOR IN 12 MONTHS 61.5 43.4 56.5 58.8 > 68.4 > 0.33 62.6 YOUR COMPANY'S SITUATION IN 3 MONTHS 56.1 28.3 55.1 53.8 > 58.6 > 0.66 60.3 YOUR COMPANY'S SITUATION IN 12 MONTHS 66.6 46.4 60.9 63.4 > 70.3 > 0.66 64.8 DEMAND FOR YOUR PRODUCTS IN 3 MONTHS 55.1 30.7 55.6 56.5 > 62.0 > 0.66 58.7 DEMAND FOR YOUR PRODUCTS IN 12 MONTHS 68.0 47.4 65.5 66.3 > 71.3 > 0.66 66.9 PERSONNEL HIRING IN 3 MONTHS 48.6 35.9 52.9 53.2 > 54.6 > 0.66 51.6 PERSONNEL HIRING IN 12 MONTHS 54.0 39.6 57.8 59.0 > 63.0 > 0.58 56.1 YOUR COMPANY'S INVESTMENT IN 3 MONTHS 3/ 51.3 29.9 55.8 57.2 > 57.5 > 0.65 50.5 YOUR COMPANY'S INVESTMENT IN 12 MONTHS 3/ 59.3 40.0 60.5 63.7 > 67.2 > 0.65 58.9 EXPECTATION OF AVERAGE PRICE OF:
INPUTS IN 3 MONTHS 51.5 52.9 66.7 60.7 ↓ > 58.9 ↓ > 0.63 56.8 SALES IN 3 MONTHS 56.4 49.7 61.8 61.2 ↓ > 58.5 ↓ > 0.59 57.5

: greater than 50
< : less than 50
3/ Correlation with Private Investment from September 2017 to December 2019, considering optimal lag (t=-3 for 3-month investment and t=-6 for 12-month investment) 4/ Depending on the indicator, the historical average is taken from 2002-2013 to the last month executed (June 2026)

Results of the Macroeconomic Expectations Survey ~ : Indicates that the monthly difference of each diffusion index is not greater, in absolute value, than 0.2. Arrows up or down indicate that this threshold was exceeded, while the "-" sign implies that the index did not vary. 1/ Correlations found from December 2007 to December 2019 respectively. For current situation indicators, the contemporary correlation is shown, and for the rest of expectations, the correlation with GDP leading by three periods is presented. 2/ Unwanted inventory days show the difference between the inventory days corresponding to each month minus the desired inventory days according to companies.

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Current Situation Indicators

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12
12 Reported Percentages
Greater Equal Less Index
May. 26 23 67 10 56.4
Jun. 26 25 63 12 56.6
Variation 0.2
CURRENT BUSINESS SITUATION
How do you consider the current situation of your business? 10 20 30 40 50 60 70 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26 12 12 Reported Percentages Greater Equal Less Index May. 26 17 60 23 47.0 Jun. 26 18 61 21 48.6 Variation 1.6 DEMAND LEVEL WITH RESPECT TO EXPECTATIONS 0 10 20 30 40 50 60 70 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26 12 12 Reported Percentages Greater Equal Less Index May. 26 26 61 13 56.2 Jun. 26 25 61 14 55.3 Variation -0.9 SALES LEVEL 10 20 30 40 50 60 70 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26

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12
12 Reported Percentages
Greater Equal Less Index
May. 26 16 71 13 51.5
Jun. 26 19 70 11 54.3
Variation 2.8
PURCHASE ORDERS WITH RESPECT TO PREVIOUS MONTH 10 20 30 40 50 60 70 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26 12 12 Reported Percentages Greater Equal Less Index May. 26 29 58 13 57.9 Jun. 26 31 57 12 59.8 Variation 1.9 PRODUCTION LEVEL 10 20 30 40 50 60 70 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26 12 12 Reported Percentages Greater Equal Less Index May. 26 21 66 13 54.0 Jun. 26 24 66 10 56.7 Variation 2.7 INVENTORY LEVEL WITH RESPECT TO PREVIOUS MONTH 30 35 40 45 50 55 60 65 70 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26

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Current Situation by Sector

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12
Days
May. 26 9.5
Jun. 26 11.7
Variation 2.2
UNWANTED INVENTORY
0
5
10
15
20
25
E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26

May June May June May June
Mining and Hydrocarbons 58.3 41.7 55.9 50.0 Manufacturing 55.6 57.1 58.8 60.9 51.1 54.9 Construction 53.1 53.3 ~ 64.3 65.4 50.0 53.6 Commerce 54.3 53.2 n.a. n.a. n.a. 49.1 50.0 Services 61.0 57.7 n.a. n.a. n.a. 56.9 58.1 Total 56.2 55.3 57.9 59.8 51.5 54.3 Sales Level Production Level Purchase Orders

May June May June
Mining and Hydrocarbons 69.4 66.7 61.1 52.6 Manufacturing 53.8 52.8 40.2 44.6 Construction 46.9 46.7 ~ 37.5 46.9 Commerce 59.6 57.9 55.9 49.2 Services 57.6 59.1 46.6 50.6 Total 56.4 56.6 ~ 47.0 48.6 Current Business Situation Demand with respect to expectations

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Expectation Indicators

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EXPECTATION OF THE ECONOMY IN 3 AND 12 MONTHS Greater Equal Less Index May-26 7 78 15 46 Jun-26 18 75 7 55 Variation 9.3 May-26 22 67 11 56 Jun-26 41 55 4 69 Variation 12.7 Reported Percentages 3 months 12 months 0 10 20 30 40 50 60 70 80 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26 ECONOMY IN 3 MONTHS ECONOMY IN 12 MONTHS

EXPECTATION OF THE SECTOR IN 3 AND 12 MONTHS Greater Equal Less Index May-26 12 76 12 50 Jun-26 20 72 8 56 Variation 6.0 May-26 26 65 9 59 Jun-26 41 54 5 68 Variation 9.6 Reported Percentages 3 months 12 months 0 10 20 30 40 50 60 70 80 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26 SECTOR IN 3 MONTHS SECTOR IN 12 MONTHS

EXPECTATION OF YOUR COMPANY'S SITUATION IN 3 AND 12 MONTHS Greater Equal Less Index May-26 15 77 8 54 Jun-26 25 67 8 59 Variation 4.8 May-26 35 57 8 63 Jun-26 47 47 6 70 Variation 6.9 12 months 3 months Reported Percentages 0 10 20 30 40 50 60 70 80 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26 COMPANY IN 3 MONTHS COMPANY IN 12 MONTHS

EXPECTATION OF PERSONNEL HIRING IN 3 AND 12 MONTHS Greater Equal Less Index May-26 13 81 6 53 Jun-26 15 79 6 55 Variation 1.4 May-26 25 68 7 59 Jun-26 31 64 5 63 Variation 4.0 12 months 3 months Reported Percentages 0 10 20 30 40 50 60 70 80 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26 HIRING IN 3 MONTHS HIRING IN 12 MONTHS

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EXPECTATION OF DEMAND IN 3 AND 12 MONTHS Greater Equal Less Index May-26 21 71 8 56 Jun-26 31 62 7 62 Variation 5.5 May-26 38 57 5 66 Jun-26 47 48 5 71 Variation 5.0 3 months 12 months Reported Percentages 0 10 20 30 40 50 60 70 80 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26 DEMAND IN 3 MONTHS DEMAND IN 12 MONTHS

EXPECTATION OF INVESTMENT IN 3 AND 12 MONTHS Greater Equal Less Index May-26 20 74 6 57 Jun-26 21 73 6 58 Variation 0.3 May-26 33 62 5 64 Jun-26 38 58 4 67 Variation 3.5 12 months 3 months Reported Percentages 0 10 20 30 40 50 60 70 80 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26 INVESTMENT IN 3 MONTHS INVESTMENT IN 12 MONTHS

12 Reported Percentages
Greater Equal Less Index
May. 26 27 68 5 61.2
Jun. 26 23 71 6 58.5
Variation -2.7
Indicate your forecast for the next three months regarding the prices of the final good EXPECTATION OF AVERAGE SALES PRICE IN 3 MONTHS 30 35 40 45 50 55 60 65 70 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26

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Sectoral Expectations

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12 Reported Percentages
Greater Equal Less Index
May. 26 32 57 11 60.7
Jun. 26 28 61 11 58.9
Variation -1.8
EXPECTATION OF AVERAGE INPUT PRICE IN 3 MONTHS Indicate your forecast for the next three months regarding input prices 30 35 40 45 50 55 60 65 70 75 E.16 J E.17 J E.18 J E.19 J E.20 J E.21 J E.22 J E.23 J E.24 J E.25 J E.26

May June May June
Mining and Hydrocarbons 50.0 50.0 53.1 55.9 Manufacturing 47.8 56.5 57.1 69.7 Construction 46.7 53.8 60.0 61.5 Commerce 43.2 51.6 52.6 65.6 Services 47.3 58.9 57.6 71.6 Total 46.2 55.5 55.9 68.6 Economy in 3 months Economy in 12 months

May June May June
Mining and Hydrocarbons 50.0 55.6 61.8 61.8 Manufacturing 49.4 53.3 58.3 66.9 Construction 46.9 57.1 59.4 71.4 Commerce 50.0 55.6 58.8 68.0 Services 52.8 59.6 59.0 72.4 Total 50.0 56.0 58.8 68.4 Sector in 3 months Sector in 12 months

May June May June
Mining and Hydrocarbons 47.1 61.1 67.6 64.7 Manufacturing 57.6 61.3 65.7 71.9 Construction 46.7 54.2 60.0 50.0 Commerce 53.4 58.1 63.6 70.7 Services 62.3 65.7 70.6 75.9 Total 56.5 62.0 66.3 71.3 Demand in 3 months Demand in 12 months

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Regional Expectations Survey

9. In June 2026, the regional perception survey was conducted with coverage of 284 companies operating in the different regions of the country.
   With respect to the May survey, a decrease was recorded in most current situation indicators in the north and south zones, while those in the center zone improved. However, increases were recorded in most expectation indicators and all were located in the optimistic range in all zones. Out of a total of 18 indicators, the north zone registers 15 indicators in the optimistic range; the center zone, 17; and the south zone, 16.

May June May June
Mining and Hydrocarbons 55.9 55.6 70.6 61.8 Manufacturing 56.0 57.1 61.0 67.6 Construction 56.7 58.3 70.0 58.3 Commerce 55.2 58.2 60.7 65.3 Services 60.6 55.7 65.7 68.8 Total 57.2 57.5 63.7 67.2 Investment in 3 months Investment in 12 months

May June May June
Mining and Hydrocarbons 55.6 52.8 61.1 64.7 Manufacturing 53.8 53.2 57.0 57.3 Construction 50.0 53.6 59.4 60.7 Commerce 51.7 53.2 57.9 64.2 Services 54.8 57.9 61.1 68.6 Total 53.2 54.6 59.0 63.0 Employment in 3 months Employment in 12 months

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10. The expectations for the economy in 3 and 12 months are in the optimistic range in all zones. The north zone, since May 2023, on average has been showing higher values with respect to the others in both indicators.

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May. 26 Jun. 26 Historical Average May. 26 Jun. 26 Historical Average May. 26 Jun. 26 Historical Average CURRENT SITUATION CURRENT BUSINESS SITUATION 69.0 66.4 > 56.2 54.2 65.4 > 50.2 58.9 57.3 > 48.9 SALES LEVEL 69.4 57.0 > 53.2 54.5 70.8 > 49.8 52.9 49.2 < 49.9 PRODUCTION LEVEL 50.0 39.3 < 52.7 66.7 81.3 > 48.3 57.7 55.6 > 51.8 DEMAND LEVEL WITH RESPECT TO EXPECTATIONS 57.1 49.2 < 46.0 46.0 50.0 = 43.0 47.1 51.2 > 40.2 PURCHASE ORDERS WITH RESPECT TO PREVIOUS MONTH 69.1 61.2 > 52.9 52.9 58.8 > 49.8 54.7 50.7 > 48.9 UNWANTED INVENTORY DAYS 1/ 2.5 9.5 ↑ < 1.7 4.3 -6.8 > -1.7 2.5 1.3 ↓ < 0.7 EXPECTATIONS OF:
THE ECONOMY IN 3 MONTHS 51.5 55.4 > 51.5 47.9 57.7 > 47.0 48.8 52.9 > 44.5 THE ECONOMY IN 12 MONTHS 57.9 65.6 > 61.2 47.8 59.6 > 53.7 52.0 60.1 > 53.7 THE SECTOR IN 3 MONTHS 58.1 57.4 > 57.6 50.0 61.5 > 50.5 57.9 57.9 > 51.4 THE SECTOR IN 12 MONTHS 65.4 69.1 > 66.1 50.0 57.7 > 56.5 56.6 62.3 > 61.5 YOUR COMPANY'S SITUATION IN 3 MONTHS 63.3 58.1 > 59.9 62.0 64.8 > 54.8 63.1 64.6 > 56.0 YOUR COMPANY'S SITUATION IN 12 MONTHS 69.2 70.2 > 69.2 63.0 63.0 > 61.9 64.2 66.9 > 66.6 DEMAND FOR YOUR PRODUCTS IN 3 MONTHS 69.6 69.8 ~ > 63.0 64.6 65.4 > 56.5 66.8 66.0 > 57.4 DEMAND FOR YOUR PRODUCTS IN 12 MONTHS 77.4 77.0 > 71.6 65.9 65.4 > 64.1 66.7 70.0 > 70.1 PERSONNEL HIRING IN 3 MONTHS 59.3 64.0 > 56.8 56.0 57.7 > 52.4 51.7 52.4 > 51.0 PERSONNEL HIRING IN 12 MONTHS 66.7 72.9 > 65.5 58.7 61.5 > 59.1 55.8 57.4 > 59.8 YOUR COMPANY'S INVESTMENT IN 3 MONTHS 66.4 69.1 > 58.1 62.5 61.5 > 54.8 54.2 58.8 > 53.2 YOUR COMPANY'S INVESTMENT IN 12 MONTHS 74.2 82.0 > 66.3 61.4 63.5 > 61.1 57.0 63.0 > 62.6 PRICES:
INPUTS IN 3 MONTHS 61.5 60.9 ↓ > 57.5 52.9 52.6 ↓ > 50.8 62.7 57.6 ↓ > 57.0 SALES IN 3 MONTHS 59.0 54.8 ↓ > 57.4 64.6 64.0 ↓ > 61.7 63.5 56.2 ↓ > 61.5 NUMBER OF RESPONSES 135 129 25 27 125 128

1/ Unwanted inventory days show the difference between the inventory days corresponding to each month minus the desired inventory days according to companies.

">" greater than 50 points (optimistic range), "<" less than 50 points (pessimistic range) and "=" equal to 50 points (neutral). Summary Table ~ : Indicates that the monthly difference of each diffusion index is not greater, in absolute value, than 0.2. Arrows up or down indicate that this threshold was exceeded, while the "-" sign implies that the index did not vary.

North Zone Center Zone South Zone
EXPECTATION OF THE ECONOMY IN 3 MONTHS

0
10
20
30
40
50
60
70
80
O E.21 A J O E.22 A J O E.23 A J O E.24 A J O E.25 A J O E.26 A Center Zone North Zone South Zone 12

Historical Average Index
Oct.20 - Jun.26 Jun.26
Center Zone 47.0 57.7
North Zone 51.5 55.4
South Zone 44.5 52.9
12

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Subgerencia de Estadísticas Macroeconómicas Gerencia de Información y Análisis Económico Gerencia Central de Estudios Económicos Lima, July 2, 2026

EXPECTATION OF THE ECONOMY IN 12 MONTHS 0 10 20 30 40 50 60 70 80 90 100 O E.21 A J O E.22 A J O E.23 A J O E.24 A J O E.25 A J O E.26 A Center Zone North Zone South Zone Historical Average Index Oct.20 - Jun.26 Jun.26 Center Zone 53.7 59.6 North Zone 61.2 65.6 South Zone 53.7 60.1 12