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2026-08-14

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Study Note No. 56: Report on the Monthly Survey of Macroeconomic Expectations: July 2026

The Central Bank of Peru conducted the Monthly Survey of Macroeconomic Expectations in the second half of July 2026 among a representative sample of companies, financial institutions, and economic analysts. The survey results indicate that inflation expectations for 2026 rose to a range of 3.00% to 3.85%, while GDP growth expectations for 2026 remained between 3.1% and 3.3%. Exchange rate expectations for the end of 2026 decreased to a range of S/ 3.35 to S/ 3.40 per dollar, and reference interest rate expectations for 2026 and 2027 remained stable at 4.25%. Business sentiment indicators generally improved in July, with most current situation and expectation indicators rising and remaining in the optimistic range.

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Study Notes of the BCRP

No. 56 - August 14, 2026 1 / 16

Report on the Monthly Survey of Macroeconomic Expectations: July 20261

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

Inflation Expectations

  1. The inflation expectation for 2026 rose to a range between 3.00 and 3.85 percent; while, for 2027, it is between 2.50 and 2.53 percent. For 2028, inflation is expected to be between 2.25 and 2.50 percent.

BCRPData/NEEXP202607C1

  1. The 12-month inflation expectation, for the average of economic analysts and the financial system, increased from 2.83 percent in June to 3.01 percent in July.

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

May 29Jun 30Jul 31
ECONOMIC ANALYSTS 1/
20263.503.203.85
20272.602.502.53
20282.352.422.50
FINANCIAL SYSTEM 2/
20262.953.103.55
20272.252.502.50 =
20282.202.302.25
NON-FINANCIAL COMPANIES 3/
20262.802.803.00
20272.50 =
20282.50 =

1/ 20 analysts in May, 18 in June, and 20 in July 2026 2/ 14 financial companies in May, 13 in June, and 14 in July 2026 3/ 278 non-financial companies in May, 302 in June, and 288 in July 2026

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

Study Notes of the BCRP

No. 56 - August 14, 2026 2 / 16

BCRPData/NEEXP202607G1

  1. The 24-month inflation expectation, for the average of economic analysts and the financial system, remained at 2.43 percent in July. This rate approximates the expected year-on-year inflation for July 2028, a period comprising the twelve months elapsed between August 2027 and July 2028. For its calculation, the inflation expectations corresponding to 2027 and 2028 are combined, weighting them respectively by the five months comprised between August and December 2027 and the first seven months of 2028.

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 Dic-07 May-08 Oct-08 Mar-09 Ago-09 Ene-10 Jun-10 Nov-10 Abr-11 Set-11 Feb-12 Jul-12 Dic-12 May-13 Oct-13 Mar-14 Ago-14 Ene-15 Jun-15 Nov-15 Abr-16 Set-16 Feb-17 Jul-17 Dic-17 May-18 Oct-18 Mar-19 Ago-19 Ene-20 Jun-20 Nov-20 Abr-21 Set-21 Feb-22 Jul-22 Dic-22 May-23 Oct-23 Mar-24 Ago-24 Ene-25 Jun-25 Nov-25 Abr-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.

Inflation Target RangeMaxMin
3.01%
Apr. 262.82
May. 262.89
Jun. 262.83
Jul. 263.01

Study Notes of the BCRP

No. 56 - August 14, 2026 3 / 16

BCRPData/NEEXP202607G2

Growth Expectations

  1. The GDP growth expectation for 2026 was in a range between 3.1 and 3.3 percent; and for 2027, it was between 3.2 and 3.4 percent. For 2028, growth is expected to be between 3.2 and 3.7 percent.

Jul.26; 3.01 Jul.26; 2.43 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Ene-2017 Jun-2017 Nov-2017 Abr-2018 Set-2018 Feb-2019 Jul-2019 Dic-2019 May-2020 Oct-2020 Mar-2021 Ago-2021 Ene-2022 Jun-2022 Nov-2022 Abr-2023 Set-2023 Feb-2024 Jul-2024 Dic-2024 May-2025 Oct-2025 Mar-2026

24-Month Expectations 12-Month Expectations

24-Month Inflation Expectations of Analysts and the Financial System (Percentage Points)

Note: 24-month inflation expectations are constructed in two stages. First, for each group (financial entities and economic analysts), a weighted average is calculated between the inflation forecasts for the following year and the subsequent year. For each group in the month (m), the forecast for the following year receives a weight of ((12-m)/12), while the forecast for the subsequent year receives a weight of (m/12). Second, the aggregate 24-month expectation is obtained as the simple average of the estimates of both groups.

*For the case of January, the inflation expectation of the subsequent year is not asked. For this reason, the inflation expectation at the end of the following year is used.

Inflation Target Range %MaxMin
Apr. 262.44
May. 262.36
Jun. 262.43
Jul. 262.43

Study Notes of the BCRP

No. 56 - August 14, 2026 4 / 16

BCRPData/NEEXP202607C2

Exchange Rate and Interest Rate Expectations

  1. The exchange rate expectation for the end of 2026 decreased to a range of S/ 3.35 and S/ 3.40 per dollar; while, for 2027, between S/ 3.35 and S/ 3.45 per dollar. For 2028, it passed to a range between S/ 3.40 and S/ 3.50 per dollar.
May 29Jun 30Jul 31
ECONOMIC ANALYSTS 1/
20263.03.23.3
20273.33.33.4
20283.13.53.7
FINANCIAL SYSTEM 2/
20263.13.13.2
20273.03.23.2 =
20283.03.23.2 =
NON-FINANCIAL COMPANIES 3/
20263.13.23.1
20273.23.53.4
20283.33.53.5 =

1/ 20 analysts in May, 18 in June, and 20 in July 2026 2/ 14 financial companies in May, 13 in June, and 14 in July 2026 3/ 278 non-financial companies in May, 302 in June, and 288 in July 2026

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

Study Notes of the BCRP

No. 56 - August 14, 2026 5 / 16

BCRPData/NEEXP202607C3

  1. The 12-month exchange rate expectation, for the average of economic analysts and the financial system, went from S/ 3.39 per dollar in June to S/ 3.37 per dollar in July.
May 29Jun 30Jul 31
ECONOMIC ANALYSTS 1/
20263.503.363.35
20273.503.393.35
20283.503.413.40
FINANCIAL SYSTEM 2/
20263.463.403.36
20273.463.403.40 =
20283.483.413.41 =
NON-FINANCIAL COMPANIES 3/
20263.463.443.40
20273.503.503.45
20283.533.503.50 =

1/ 20 analysts in May, 18 in June, and 20 in July 2026 2/ 14 financial companies in May, 13 in June, and 14 in July 2026 3/ 278 non-financial companies in May, 302 in June, and 288 in July 2026

  • Exchange rate at year-end

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

Study Notes of the BCRP

No. 56 - August 14, 2026 6 / 16

BCRPData/NEEXP202607G3

  1. For 2026 and 2027, the reference interest rate expectation for analysts and financial entities remained at 4.25 percent. For 2028, the prospects for this variable are at 4.0 percent.

BCRPData/NEEXP202607C4

2.0 2.5 3.0 3.5 4.0 4.5 Feb-07 Jul-07 Dic-07 May-08 Oct-08 Mar-09 Ago-09 Ene-10 Jun-10 Nov-10 Abr-11 Set-11 Feb-12 Jul-12 Dic-12 May-13 Oct-13 Mar-14 Ago-14 Ene-15 Jun-15 Nov-15 Abr-16 Set-16 Feb-17 Jul-17 Dic-17 May-18 Oct-18 Mar-19 Ago-19 Ene-20 Jun-20 Nov-20 Abr-21 Set-21 Feb-22 Jul-22 Dic-22 May-23 Oct-23 Mar-24 Ago-24 Ene-25 Jun-25 Nov-25 Abr-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.

S/ per USDMaxMin
3.37
Apr. 263.44
May. 263.48
Jun. 263.39
Jul. 263.37
May 29Jun 30Jul 31
ECONOMIC ANALYSTS 1/
20264.25 =
20274.25 =
20284.00 =
FINANCIAL SYSTEM 2/
20264.25 =
20274.004.254.25 =
20284.00 =

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

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

Study Notes of the BCRP

No. 56 - August 14, 2026 7 / 16

Business Expectations

  1. In July, most of the current situation indicators increased. Likewise, most of the expectation indicators increased and all are in the optimistic range.

Sixteen indicators out of a total of 18 were in the optimistic range. The expectations for input prices and sales prices at 3 months decreased.

Dec 2019Mar 2020May 2026Jun 2026Jul 2026Correlation with GDP 1/Historical Average
CURRENT BUSINESS SITUATION
BUSINESS SITUATION53.441.156.456.6~ > 57.6> 0.5654.4
SALES LEVEL54.230.356.255.3> 59.2> 0.4954.3
PRODUCTION LEVEL50.023.557.959.8> 58.7> 0.4452.9
DEMAND LEVEL WITH RESPECT TO EXPECTED40.023.047.048.6< 48.4~ < 0.6844.3
PURCHASE ORDERS WITH RESPECT TO PREVIOUS MONTH51.227.551.554.3> 56.5> 0.5251.5
UNWANTED INVENTORY DAYS 2/8.95.99.511.7 < 8.7 < -0.3610.3
EXPECTATION OF:
THE ECONOMY AT 3 MONTHS50.821.846.255.5> 62.3> 0.6354.8
THE ECONOMY AT 12 MONTHS61.541.555.968.6> 72.1> 0.4261.4
THE SECTOR AT 3 MONTHS51.528.550.056.0> 58.6> 0.6756.6
THE SECTOR AT 12 MONTHS61.543.458.868.4> 67.8> 0.3362.7
YOUR COMPANY'S SITUATION AT 3 MONTHS56.128.353.858.6> 60.8> 0.6660.3
YOUR COMPANY'S SITUATION AT 12 MONTHS66.646.463.470.3> 69.9> 0.6664.8
DEMAND FOR YOUR PRODUCTS AT 3 MONTHS55.130.756.562.0> 62.7> 0.6658.7
DEMAND FOR YOUR PRODUCTS AT 12 MONTHS68.047.466.371.3> 71.1~ > 0.6666.9
PERSONNEL HIRING AT 3 MONTHS48.635.953.254.6> 56.6> 0.6651.6
PERSONNEL HIRING AT 12 MONTHS54.039.659.063.0> 64.4> 0.5856.1
YOUR COMPANY'S INVESTMENT AT 3 MONTHS 3/51.329.957.257.5> 59.2> 0.6550.6
YOUR COMPANY'S INVESTMENT AT 12 MONTHS 3/59.340.063.767.2> 67.3~ > 0.6558.9
EXPECTATION OF AVERAGE PRICE OF:
INPUTS AT 3 MONTHS51.552.960.758.9 > 58.6 > 0.6356.8
SALES AT 3 MONTHS56.449.761.258.5 > 57.0 > 0.5957.5

: 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 (July 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 advanced 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.

Study Notes of the BCRP

No. 56 - August 14, 2026 8 / 16

Current Situation Indicators

BCRPData/NEEXP202607G4

Reported PercentagesIndex
GreaterEqualLess
Jun. 2625631256.6
Jul. 2627611257.6
Variation1.0

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 J

BCRPData/NEEXP202607G5

Reported PercentagesIndex
GreaterEqualLess
Jun. 2618612148.6
Jul. 2616651948.4
Variation-0.2

DEMAND LEVEL WITH RESPECT TO EXPECTED

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 J

BCRPData/NEEXP202607G6

Reported PercentagesIndex
GreaterEqualLess
Jun. 2625611455.3
Jul. 2630591159.2
Variation3.9

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 J

Study Notes of the BCRP

No. 56 - August 14, 2026 9 / 16

BCRPData/NEEXP202607G7

Reported PercentagesIndex
GreaterEqualLess
Jun. 2619701154.3
Jul. 2623671056.5
Variation2.2

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 J

BCRPData/NEEXP202607G8

Reported PercentagesIndex
GreaterEqualLess
Jun. 2631571259.8
Jul. 2628611158.7
Variation-1.1

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 J

BCRPData/NEEXP202607G9

Reported PercentagesIndex
GreaterEqualLess
Jun. 2624661056.7
Jul. 2620691154.8
Variation-1.9

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 J

Study Notes of the BCRP

No. 56 - August 14, 2026 10 / 16

BCRPData/NEEXP202607G10

Current Situation by Sector

BCRPData/NEEXP202607C6

Days
Jun. 2611.7
Jul. 268.7
Variation-3.0

UNWANTED INVENTORIES

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 J

BCRPData/NEEXP202607C7

JuneJulyJuneJulyJuneJuly
Mining and Hydrocarbons41.747.250.044.150.053.1
Manufacturing57.159.860.958.954.951.7
Construction53.353.1~65.471.453.6
Commerce53.258.5n.a.n.a.n.a.50.0
Services57.762.7n.a.n.a.n.a.58.1
Total55.359.259.858.754.356.5
Sales LevelProduction LevelPurchase Orders
JuneJulyJuneJuly
Mining and Hydrocarbons66.775.052.655.3
Manufacturing52.853.444.642.0
Construction46.743.346.946.9
Commerce57.960.549.254.4
Services59.159.650.650.0
Total56.657.648.648.4
Current Business SituationDemand with respect to expected

Study Notes of the BCRP

No. 56 - August 14, 2026 11 / 16

Expectation Indicators

BCRPData/NEEXP202607G11

GreaterEqualLessIndex
Jun-261875755
Jul-262967462
Variation6.8
Jun-264155469
Jul-264848472
Variation3.5

12 MONTHS

EXPECTATION OF THE ECONOMY AT 3 AND 12 MONTHS Reported Percentages

3 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 J

ECONOMY AT 3 MONTHS ECONOMY AT 12 MONTHS

BCRPData/NEEXP202607G12

GreaterEqualLessIndex
Jun-262072856
Jul-262469759
Variation2.6
Jun-264154568
Jul-264350768
Variation-0.6

12 MONTHS

EXPECTATION OF THE SECTOR AT 3 AND 12 MONTHS Reported Percentages

3 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 J

SECTOR AT 3 MONTHS SECTOR AT 12 MONTHS

BCRPData/NEEXP202607G13

GreaterEqualLessIndex
Jun-262567859
Jul-262866661
Variation2.2
Jun-264747670
Jul-264648670
Variation-0.4

12 MONTHS

EXPECTATION OF YOUR COMPANY'S SITUATION AT 3 AND 12 MONTHS Reported Percentages

3 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 J

COMPANY AT 3 MONTHS COMPANY AT 12 MONTHS

BCRPData/NEEXP202607G14

GreaterEqualLessIndex
Jun-261579655
Jul-261877557
Variation2.0
Jun-263164563
Jul-263362564
Variation1.4

3 MONTHS

EXPECTATION OF PERSONNEL HIRING AT 3 AND 12 MONTHS Reported Percentages

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 J

HIRING AT 3 MONTHS HIRING AT 12 MONTHS

Study Notes of the BCRP

No. 56 - August 14, 2026 12 / 16

BCRPData/NEEXP202607G15

GreaterEqualLessIndex
Jun-263162762
Jul-263163663
Variation0.7
Jun-264748571
Jul-264748571
Variation-0.2

3 MONTHS

EXPECTATION OF DEMAND AT 3 AND 12 MONTHS Reported Percentages

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 J

DEMAND AT 3 MONTHS DEMAND AT 12 MONTHS

BCRPData/NEEXP202607G16

GreaterEqualLessIndex
Jun-262173658
Jul-262372559
Variation1.7
Jun-263858467
Jul-264055567
Variation0.1

12 MONTHS

EXPECTATION OF INVESTMENT AT 3 AND 12 MONTHS Reported Percentages

3 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 J

INVESTMENT AT 3 MONTHS INVESTMENT AT 12 MONTHS

BCRPData/NEEXP202607G17

Reported PercentagesIndex
GreaterEqualLess
Jun. 262371658.5
Jul. 262074657.0
Variation-1.5

EXPECTATION OF AVERAGE SALES PRICE AT 3 MONTHS Indicate your forecast for the next three months regarding the price of the final good

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 J

Study Notes of the BCRP

No. 56 - August 14, 2026 13 / 16

BCRPData/NEEXP202607G18

Sectoral Expectations

BCRPData/NEEXP202607C8

Reported PercentagesIndex
GreaterEqualLess
Jun. 2628611158.9
Jul. 262764958.6
Variation-0.3

EXPECTATION OF AVERAGE INPUT PRICE AT 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 J

BCRPData/NEEXP202607C9

JuneJulyJuneJuly
Mining and Hydrocarbons50.058.855.973.5
Manufacturing56.558.369.770.5
Construction53.860.061.560.7
Commerce51.661.065.671.1
Services58.967.371.675.3
Total55.562.368.672.1
Economy at 3 monthsEconomy at 12 months
JuneJulyJuneJuly
Mining and Hydrocarbons55.652.861.866.7
Manufacturing53.358.266.965.2
Construction57.162.571.473.3
Commerce55.659.368.064.3
Services59.660.572.472.4
Total56.058.668.467.8
Sector at 3 monthsSector at 12 months
JuneJulyJuneJuly
Mining and Hydrocarbons61.155.364.763.9
Manufacturing61.362.871.971.9
Construction54.263.350.064.3
Commerce58.157.870.770.0
Services65.768.475.975.3
Total62.062.771.371.1
Demand at 3 monthsDemand at 12 months

Study Notes of the BCRP

No. 56 - August 14, 2026 14 / 16

BCRPData/NEEXP202607C10

BCRPData/NEEXP202607C11

BCRPData/NEEXP202607C12

Regional Expectations Survey

  1. In July 2026, the regional perception survey was conducted with coverage of 326 companies operating in the different regions of the country. With respect to the June survey, most of the current situation indicators improved in the north, south, and east zones, while in the center zone a decrease was recorded. Regarding the expectation indicators, most increased in the north and south zones, while the center and east zones presented mixed results.

Out of a total of 18 indicators, the north and south zones recorded 16 indicators in the optimistic range; and 17 in the center and east zones.

JuneJulyJuneJuly
Mining and Hydrocarbons55.650.061.863.9
Manufacturing57.157.167.661.9
Construction58.353.658.353.8
Commerce58.262.165.371.4
Services55.762.768.872.0
Total57.559.267.267.3
Investment at 3 monthsInvestment at 12 months
JuneJulyJuneJuly
Mining and Hydrocarbons52.855.364.763.2
Manufacturing53.254.157.357.0
Construction53.656.360.763.3
Commerce53.257.664.267.5
Services57.958.868.669.5
Total54.656.663.064.4
Employment at 3 monthsEmployment at 12 months

Study Notes of the BCRP

No. 56 - August 14, 2026 15 / 16

BCRPData/NEEXP202607C13

  1. The expectations for the economy at 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.

BCRPData/NEEXP202607G19

Jun. 26Jul. 26Jun. 26Jul. 26Jun. 26Jul. 26Jun. 26Jul. 26
CURRENT SITUATION
CURRENT BUSINESS SITUATION66.474.2>65.461.5>57.360.7
SALES LEVEL57.066.4>70.864.3>49.252.1
PRODUCTION LEVEL39.350.0=81.357.1>55.651.9
DEMAND LEVEL WITH RESPECT TO EXPECTED49.250.9>50.050.0=51.253.2
PURCHASE ORDERS WITH RESPECT TO PREVIOUS MONTH61.271.1>58.863.3>50.750.0
UNWANTED INVENTORY DAYS 1/9.5n.d.-6.8-9.0>1.34.3
EXPECTATIONS OF:
THE ECONOMY AT 3 MONTHS55.462.1>57.759.1>52.962.3
THE ECONOMY AT 12 MONTHS65.668.8>59.670.0>60.171.5
THE SECTOR AT 3 MONTHS57.470.4>61.560.9>57.959.8
THE SECTOR AT 12 MONTHS69.176.1>57.764.3>62.367.4
YOUR COMPANY'S SITUATION AT 3 MONTHS58.178.8>64.863.0>64.660.1
YOUR COMPANY'S SITUATION AT 12 MONTHS70.284.5>63.067.5>66.968.0
DEMAND FOR YOUR PRODUCTS AT 3 MONTHS69.876.7>65.463.0>66.063.3
DEMAND FOR YOUR PRODUCTS AT 12 MONTHS77.085.4>65.462.5>70.070.9
PERSONNEL HIRING AT 3 MONTHS64.059.2>57.758.3>52.457.0
PERSONNEL HIRING AT 12 MONTHS72.968.3>61.559.5>57.466.8
YOUR COMPANY'S INVESTMENT AT 3 MONTHS69.175.0>61.558.7>58.862.0
YOUR COMPANY'S INVESTMENT AT 12 MONTHS82.084.2>63.562.5>63.068.9
PRICES:
INPUTS AT 3 MONTHS60.954.8>52.653.6>
SALES AT 3 MONTHS54.852.5>64.061.4>
NUMBER OF RESPONSES12912027271281245455

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.

ZoneNorthCenterSouthEast
EXPECTATION OF THE ECONOMY AT 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 J

ZoneCenterNorthSouth
Average Index
Oct.20 - Jul.26Jul.26
Center Zone47.159.1
North Zone51.762.1
South Zone44.862.3

12

BCRP STUDY NOTES No. 56 - August 14, 2026 16 / 16 BCRPData/NEEXP202607G20 Sub-Department of Macroeconomic Statistics Economic Information and Analysis Management Central Management of Economic Studies Lima, August 13, 2026 12-MONTH ECONOMIC EXPECTATION 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 J Central Zone Northern Zone Southern Zone Average Index Oct.20 - Jul.26 Jul.26 Central Zone 53.9 70.0 Northern Zone 61.3 68.8 Southern Zone 54.0 71.5 12

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