Study Note No. 58: Economic Activity - June 2026

BCRP STUDY NOTES
No. 58 – August 21, 2026
1
ECONOMIC ACTIVITY: JUNE 2026
SUMMARY
Gross Domestic Product (GDP) grew 1.8 percent year-on-year in June, 2.6 percent in the second quarter, and 3.0 percent in the first half. In the month, primary GDP contracted 8.1 percent due to the fall of all sectors, except hydrocarbons. The decline in the fishing sector and its manufacturing stands out, due to the suspension of the first anchovy season. Non-primary GDP expanded 4.9 percent, explained mainly by the growth of construction, trade, and services. In June, formal employment increased 4.2 percent, accumulating a growth of 4.1 percent in the second quarter. During the month, employment in the private sector increased 5.6 percent mainly due to higher employment in the services, trade, and agricultural sectors. In June, the average formal nominal income increased 3.1 percent (decreased 0.8 percent in real terms), accumulating a growth of 0.3 percent in real terms in the second quarter. Total payroll increased 7.5 percent year-on-year in nominal terms, accumulating a growth of 8.7 percent in the second quarter (3.3 percent in real terms in the month and 4.5 percent in the second quarter). ECONOMIC ACTIVITY: JUNE 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)....................................................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. 58 – August 21, 2026
2
ECONOMIC ACTIVITY: JUNE 2026
I. Sectoral GDP

1. Gross Domestic Product grew 1.8 percent year-on-year in June. Primary GDP contracted 8.1 percent in the month, which is mainly explained by the contraction of the fishing sector and its manufacturing. Both results are associated with the suspension of the first anchovy fishing season, ordered by the Ministry of Production. Likewise, in June, metallic mining decreased due to maintenance carried out during the month; and the agricultural sector contracted mainly due to lower production of rice and export products (coffee, avocado, olive).
2. Non-primary GDP grew 4.9 percent year-on-year in June. The dynamism of the trade sector continued, with a growth of 7.8 percent in the month, along with greater activity in the electricity, construction, and services sectors.
   Table 1
   BCRPData/NEPBI202606C1
3. In seasonally adjusted terms, the annualized rolling quarter of total GDP decreased 0.4 percent, while non-primary GDP increased 6.2 percent.

	Pond. 2025 1/	I Trim.	Apr.	May.	Jun.	II Trim.	I Sem.
GROSS DOMESTIC PRODUCT
PBI Primario 2/	22.0	0.3	-0.7	-6.5	-8.1	-5.2	-2.7
Agricultural	6.2	1.5	0.2	2.2	-8.1	-2.0	-0.6
Fishing	0.4	-6.4	0.1	-72.9	-51.9	-48.9	-33.2
Metallic Mining	9.1	1.3	-0.2	2.8	-2.5	0.0	0.7
Hydrocarbons	1.2	-15.4	-24.7	3.2	0.2	-6.8	-11.2
Manufacturing	3.2	3.6	6.6	-33.4	-22.2	-18.5	-9.2
PBI No Primario	78.0	4.5	5.1	5.0	4.9	5.0	4.7
Manufacturing 3/	8.5	1.1	-0.4	3.5	1.1	1.4	1.2
Electricity and Water	1.9	3.0	4.8	5.2	6.8	5.6	4.3
Construction	6.4	13.2	12.8	4.8	9.0	8.9	10.9
Trade	10.8	4.9	7.3	6.9	7.8	7.3	6.2
Total Services	50.4	4.1	4.7	4.9	4.3	4.7	4.4
Services	41.7	3.1	3.1	3.7	3.8	3.5	3.3
Transport and Storage	5.2	2.9	1.5	2.8	2.5	2.3	2.6
Accommodation and Restaurants	2.7	5.9	4.5	5.0	5.0	4.8	5.4
Telecommunications	5.1	1.1	1.0	0.7	0.4	0.7	0.9
Financial and Insurance	5.3	-0.5	1.0	1.8	1.5	1.4	0.5
Business Services	4.2	3.7	3.3	3.5	3.6	3.5	3.6
Public Administration	5.3	4.0	4.1	3.7	3.6	3.8	3.9
Other Services	14.7	4.1	4.3	4.5	5.5	4.7	4.4
Taxes 4/	8.8	8.6	12.9	10.6	6.5	10.0	9.3
PBI	100.0	3.6	3.8	2.2	1.8	2.6	3.0

1/ At 2007 prices.
2/ Includes forestry, non-metallic mining and related services.
3/ Excludes milled rice.
4/ Includes import duties and product taxes
Source: INEI, BCRP.
(Year-on-year percentage variation)
II Trim. I Sem.
2026
Jun.
Pond.
2025 1/ I Trim. Apr. May.

BCRP STUDY NOTES
No. 58 – August 21, 2026
3
Productive Sectors
Agricultural Sector (weight of 6.2 percent)
4. The agricultural sector decreased 8.1 percent in June. In the month, there was a drop in the production of rice, due to early harvests in May; coffee and avocado, due to lower harvests; and olives, due to overproduction in June of the previous year. These results were mitigated by higher production of potatoes, starchy corn, blueberries, and poultry meat. In the first half of the year, a contraction of 0.6 percent accumulated; due to overproduction in the same previous period of olives and mango; and coffee and cocoa, affected by intense rains at the beginning of this year.
Table 2
BCRPData/NEPBI202606C2
5. Agricultural production oriented to the domestic market decreased 10.6 percent in June due to lower rice production, due to early harvests in May in the north of the country (Lambayeque, Piura, and La Libertad). This result was partially mitigated by higher production of potatoes and starchy corn, due to increased corresponding plantings in January and November, respectively, when rain availability improved in the highlands.
6. Agro-industrial production increased 4.8 percent due to higher production of sugar cane and oil palm due to increased harvests, and cotton due to increased plantings at the end of the previous year.

	Pond. 2025 1/	I Trim.	Apr.	May.	Jun.	II Trim.	I Sem.
AGRICULTURAL SECTOR
AGRICULTURAL	64.1	1.2	-0.8	2.3	-12.0	-3.6	-1.9
Domestic Market	33.0	1.0	1.8	12.0	-10.6	1.3	1.2
Potato	7.0	5.1	-7.4	-1.9	16.5	-0.2	1.1
Paddy Rice	6.4	0.6	47.3	112.3	-45.6	10.1	7.5
Onion	0.8	6.1	-0.4	-39.7	-32.8	-24.6	-12.7
Starchy Corn	1.0	14.4	6.7	-12.4	22.9	9.0	9.0
Lemon	0.3	8.7	8.5	-0.4	0.3	3.0	6.0
Others	10.6	-1.3	-3.0	-8.8	5.0	-2.9	-2.4
Agro-industrial	4.5	20.2	22.3	20.4	4.8	14.0	17.1
Yellow Hard Corn	1.9	20.2	11.0	3.5	-3.6	1.1	10.7
Raw Cotton	0.1	57.7	12.3	72.8	63.3	57.7	57.7
Oil Palm	1.1	20.0	22.1	1.4	16.8	13.2	16.7
Sugar Cane	1.4	18.0	39.1	42.5	11.1	28.7	23.0
Agro-export	26.7	-2.4	-9.3	-20.4	-17.4	-16.2	-10.5
Coffee	4.0	-12.8	-9.4	-4.5	-10.1	-8.0	-8.6
Asparagus	2.2	-1.0	17.1	1.1	5.8	7.8	3.2
Grape	3.4	-4.4	-9.5	17.2	-7.2	-3.0	-4.3
Avocado	3.2	6.7	12.1	-4.1	-10.8	-1.3	0.9
Mango	0.7	-19.0	-38.6	-63.3	11.0	-42.7	-20.4
Blueberry	8.1	24.1	0.0	27.1	28.3	21.7	23.7
Olive	1.4	-49.6	-77.6	-96.4	-98.3	-92.8	-90.0
LIVESTOCK	35.9	2.0	2.4	2.0	1.7	2.0	2.0
Poultry	19.9	2.2	2.3	2.0	1.5	1.9	2.0
TOTAL	100.0	1.5	0.2	2.2	-8.1	-2.0	-0.6

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

BCRP STUDY NOTES
No. 58 – August 21, 2026
4
7. Export-oriented production decreased 17.4 percent due to overproduction of olives in the same month of the previous year; and avocados, due to early harvests in previous months. Lower coffee production was also recorded, due to reduced harvests given the sanitary impact of intense rains and warm conditions at the beginning of the year in San Martín, the largest coffee-growing area in the country (in 2025 it represented 23 percent of annual production and 17 percent of June production). This result was mitigated by growth in the production of blueberries (from Ica, Ancash, and Lima); asparagus (Ica, Lima, and La Libertad); cocoa (Piura, Cusco, and Huánuco); and quinoa (Apurímac, and Cusco).
8. Poultry meat production grew 1.5 percent, with a greater placement of day-old chicks.
9. The volume of water stored as of August 14, 2026, is high in the northern reservoirs (above 82 percent), except in Tinajones, due to lower inflow levels, which are expected to increase according to forecasts of higher precipitation at the end of the year. In the south, the volume stored in the reservoirs is above 63 percent.
Chart 1
BCRPData/NEPBI202606G1

Volume stored in Main Reservoirs (MMC) 1/
Poechos 100.0%
Condoroma 75.8%
Tinajones 38.6%
Gallito Ciego 96.1%
Chili System 63.1%
San Lorenzo 82.9%

417
464
275
128
321
352
172 162
257
212 203 196
Avg. Aug. 2026 Avg. Aug. 2026 Avg. Aug. 2026 Avg. Aug. 2026 Avg. Aug. 2026 Avg. Aug. 2026

Source: Users' Board and Special Irrigation Projects.
1/ As of August 14, 2026, average of the last five years (2021-2025) for the same date and percentage with respect to total useful volume.

Fishing Sector (weight of 0.4 percent)
12. In June, fishing production registered a reduction of 51.9 percent. This result was mainly due to lower anchovy catches in the north-central region and, to a lesser extent, to lower availability of trout, which affected the performance of continental fishing. The decline in the month was partially offset by the growth of species destined for direct human consumption.

BCRP STUDY NOTES
No. 58 – August 21, 2026
5
Table 3
BCRPData/NEPBI202606C3

	Pond. 2025 1/	I Trim.	Apr.	May.	Jun.	II Trim.	I Sem.
FISHING SECTOR
MARITIME FISHING	91.0	-5.5	3.5	-75.6	-55.1	-51.0	-34.5
Human Consumption	46.0	11.9	6.7	4.1	9.5	6.6	9.5
Canned	2.2	-32.2	37.8	8.8	-50.7	1.0	-22.1
Fresh	20.9	11.1	-8.2	17.1	5.1	3.3	7.5
Frozen	22.1	22.6	24.4	-5.6	23.3	12.6	17.9
Salted Dry	0.8	-57.7	-20.1	-26.5	-66.1	-45.5	-52.3
Industrial Consumption	45.0	-41.2	0.8	-97.6	-99.9	-78.6	-70.5
Anchovy (thousands of TM)		363	444	32	1	476	840
CONTINENTAL FISHING	9.0	-13.9	-28.9	-10.0	-22.3	-21.3	-18.0
FISHING SECTOR	100.0	-6.4	0.1	-72.9	-51.9	-48.9	-33.2

1/ At 2007 prices.
Source: Ministry of Production – OGEIEE.
(Year-on-year percentage variation)
2026

13. Maritime fishing for human consumption grew 9.5 percent year-on-year in June, mainly due to increased catches of shrimp, squid, croaker, and shark. The result was partially offset by lower catches of mackerel, bonito, scallop, and machete. Continental fishing had a reduction of 22.3 percent due to lower availability of trout.
14. On April 9, the Ministry of Production authorized the start of the first anchovy fishing season in the north-central zone, with a quota of 1.9 million metric tons (TM). This quota reflects a lower biomass that has been observed since the end of 2025. In April, the total catch was 0.4 million TM; in May, around 0.03 million TM were caught; and in June, only 598 tons were caught. With this, the season ended with a catch of 24.6 percent of the quota. The Ministry of Production ordered the temporary suspension of anchovy 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 May 13, with extensions that prolonged the measure until June 10, when it was suspended indefinitely, to finally conclude it on August 201.
15. According to the NOAA Climate Prediction Center, the sea surface temperature anomaly in the Niño 1+2 zone was 2.8°C in June, 3.6°C in July, and 4.1°C as of August 12.
16. The ENFEN2 Multisectoral Commission maintains the state of “Coastal El Niño Alert.” In the Niño 1+2 region, the continuation of Coastal El Niño is expected with a most probable magnitude between strong and extraordinary until summer.
    1 RM-N.° 00285-2026-PRODUCE. 2 ENFEN Communiqué N° 14-2026 of August 14.

Regarding fishing resources, the north-central anchovy stock is expected to remain concentrated off the central coast, within 10 nautical miles and at depths greater than its usual average. Off the central coast, the presence of sawfish, samasa, mahi-mahi, skipjack, and yellowfin tuna would persist. Likewise, coastal species typical of the northern zone, such as the machete, would continue to be displaced south of their normal distribution.
17. With information as of August 13, it is observed that the sea surface temperature anomaly would have increased compared to the end of July in the northern stations.
Table 4
Sea temperature anomalies by port
BCRPData/NEPBI202606C4

	Paita	Chicama	Chimbote	Huacho	Callao	Pisco	Paita
Sea Surface Temperature Anomalies*
(In degrees Celsius)
Feb.26.	2.7	2.2	-0.2	-1.3	-1.1	0.7	25.5
Mar.26.	1.2	2.3	0.9	0.8	1.1	1.4	23.9
Apr.26.	0.9	1.5	1.0	1.0	1.5	2.2	21.4
May.26.	3.0	2.8	2.4	3.1	3.0	2.0	22.2
Jun.26.	6.0	4.8	3.4	3.5	4.3	2.4	24.1
Jul.26.	4.3	5.2	4.1	3.9	5.4	3.1	21.8
Aug.26.	4.2	5.8	4.6	4.3	4.7	3.2	21.5
I Sem.	4.0	5.7	4.3	4.2	4.5	3.0	21.3
II Sem.	4.5	6.0	4.9	4.5	4.8	3.4	21.7

As of August 13.
Source: Imarpe
Temperature
(In degrees
Celsius)
*Sea Surface Temperature Anomalies with respect to 1985-2010 climatology, with the exception of the ports of Huacho (1989-2010) and Pisco (1982-2010).

Mining and Hydrocarbons Sector (weight of 12.1 percent)
18. The mining and hydrocarbons sector decreased 2.2 percent year-on-year in June. In the month, the result reflected lower production of copper, gold, zinc, silver, lead, and oil. Part of the decline was partially offset by higher production of molybdenum, iron, tin, natural gas liquids, and natural gas.

BCRP STUDY NOTES
No. 58 – August 21, 2026
6
Table 5
BCRPData/NEPBI202606C5

Product	Pond. 2025 1/	I Trim.	Apr.	May.	Jun.	II Trim.	I Sem.
Mining and Hydrocarbons
Metallic Mining	87.4	1.3	-0.2	2.8	-2.5	0.0	0.7
Copper	49.3	3.1	4.4	2.5	-4.7	0.6	1.9
Gold	10.2	1.6	4.7	10.7	-1.1	4.5	3.0
Zinc	10.1	2.1	-20.2	-13.6	-25.8	-20.1	-10.2
Molybdenum	7.7	-9.2	-1.1	-0.4	5.4	1.2	-4.5
Silver	5.1	2.6	-3.8	-11.1	-9.0	-7.9	-2.9
Iron	2.8	1.9	2.1	181.1	6652.2	129.6	41.1
Lead	1.9	-3.6	-17.8	-11.3	-12.5	-14.0	-9.2
Tin	0.4	-0.8	12.6	15.0	12.9	13.5	6.5
Hydrocarbons	12.6	-15.4	-24.7	3.2	0.2	-6.8	-11.2
Oil	3.7	-20.2	-33.1	-17.5	-16.6	-23.0	-21.6
NGL	5.3	-15.3	-14.5	10.4	3.5	0.2	-7.8
Natural Gas	3.6	-10.3	-28.8	14.5	11.0	0.7	-4.8
Total	100.0	-0.8	-3.2	2.9	-2.2	-0.9	-0.8

1/ At 2007 prices.
Source: INEI, Ministry of Energy and Mines, Perupetro (Year-on-year percentage variation) 2026

19. In June, copper production decreased 4.7 percent year-on-year due to maintenance, lower grades, and processing.
    Lower production from Southern is due to maintenance at its Toquepala plant. For their part, Cerro Verde, Quellaveco, and Las Bambas carried out less processing; while Antapaccay and Marcobre had lower grades. The decline in the month was partially offset by higher production from Antamina and Chinalco.
    Table 6
    BCRPData/NEPBI202606C6

Mining Units	June			I Half
	2025	2026	Var. % 26/25	2025	2026	Var. % 26/25
Copper Production
Total	220	210	-4.7	1 288	1 312	1.9
Compañía Minera Antamina	25	29	17.3	167	249	49.5
Sociedad Minera Cerro Verde	35	32	-7.3	187	182	-2.5
Las Bambas - M.M.G	38	35	-6.8	211	210	-0.2
Southern Peru Copper Corporation	32	27	-16.5	198	176	-11.1
Toromocho - Chinalco	19	22	17.8	119	116	-3.0
Antapaccay	10	8	-24.9	47	45	-5.3
Constancia - Hudbay	6	6	-2.4	42	40	-4.7
Sociedad Minera El Brocal	4	5	19.0	25	25	-1.2
Mina Justa - Marcobre	8	6	-26.7	51	32	-36.7
Quellaveco - Anglo American	28	25	-10.7	157	148	-5.2
Rest	14	14	-3.7	85	89	4.4

Source: INEI, Ministry of Energy and Mines
(Thousands of metric tons of fine concentrates by flotation)

BCRP STUDY NOTES
No. 58 – August 21, 2026
7
20. Gold production decreased 1.1 percent year-on-year in June. The decline was mainly due to lower production from Boroo, Yanacocha, and Goldfield. Part of the decrease was offset by higher extraction from Buenaventura and the start of operations at Crespo.
Table 7
BCRPData/NEPBI202606C7

Mining Units	June			I Half
	2025	2026	Var. % 26/25	2025	2026	Var. % 26/25
Gold Production
Total	348	345	-1.1	2 103	2 166	3.0
Minera Yanacocha	49	43	-11.7	236	272	14.9
Minera Boroo Misquichilca	19	11	-40.2	88	73	-17.3
Compañía Minera Poderosa	22	0	-100.0	138	106	-23.5
Consorcio Minero Horizonte	13	9	-30.6	93	50	-45.9
Buenaventura	12	17	42.7	71	95	34.1
Pan American	13	9	-28.1	64	51	-20.8
Hochschild	12	12	5.1	71	64	-9.7
Antapaccay	2	2	-12.2	12	15	28.8
Constancia - Hudbay	3	2	-45.6	15	14	-7.8
Minera Laytaruma	6	6	0.3	35	32	-6.6
Gold Fields La Cima	12	5	-59.4	63	33	-46.9
Minera Aurífera Retamas	15	14	-8.3	87	80	-8.0
Paltarumi	4	9	107.2	55	61	10.7
Las Bambas - M.M.G	6	6	7.2	42	44	5.7
Sotrami	5	5	-5.3	24	29	20.2
Crespo	0	5	n.a.	0	13	n.a.
Artisanal	1	1	-4.7	9	8	-4.9
Madre De Dios	0	0	-5.0	3	3	-5.7
Puno	0	0	-1.6	2	2	-1.5
Arequipa	0	0	-8.3	3	2	-8.1
Piura	0	0	-2.0	1	1	-2.3
Others*	155	189	21.7	1002	1127	12.5

Source: INEI, Ministry of Energy and Mines
(Thousands of fine Troy ounces)
*Includes estimated informal gold production by INEI.

21. In June, zinc production decreased 25.8 percent, mainly due to lower grades at Antamina and, to a lesser extent, lower extraction from Volcan. Silver and lead production decreased 9.0 and 12.5 percent, respectively. In both cases, the lower contribution from Antamina stands out.
22. Iron production increased by 6,652 percent due to a base effect, given the paralysis of Shougang's operations as a result of an accident with its only ship loader last year. Tin production grew 12.9 percent due to Minsur; while molybdenum grew 5.4 percent due to higher grades at Cerro Verde, Las Bambas, and Quellaveco.
23. Hydrocarbon production grew 0.2 percent year-on-year in June. Natural gas liquids production (3.5 percent) and natural gas production (11.0 percent) increased mainly due to a base effect, given that maintenance was carried out in lots 56 and 57 in June 2025. The growth of the subsector was partially offset by lower oil production (-16.6 percent), due to lower performance of lot 95.

BCRP STUDY NOTES
No. 58 – August 21, 2026
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Electricity, Water and Gas Sector (weight of 1.9 percent)
24. In June, the production of the electricity, water, and gas sector increased 6.8 percent year-on-year. Electricity production, including self-producers, increased 7.6 percent in June.
Table 8
BCRPData/NEPBI202606C8

	Pond. 2025	I Trim.	Apr.	May.	Jun.	II Trim.	I Sem.
ELECTRICITY, GAS AND WATER SECTOR
Electricity	80.5	3.5	5.3	5.8	7.6	6.2	4.9
Gas	0.6	-12.9	1.4	-2.4	-2.4	-1.1	-6.9
Water	18.9	1.4	1.6	1.9	2.9	2.1	1.8
SECTOR	100.0	3.0	4.8	5.2	6.8	5.6	4.3

Source: INEI
(Year-on-year percentage variation)
2026

According to the Economic Operation Committee of the National Interconnected System (COES), total electricity production recorded in the National Interconnected Electric System (SEIN) was 7.3 percent higher than in June 2025. Manufacturing Sector (weight of 11.7 percent)
25. According to the Ministry of Production, the manufacturing sector fell 6.2 percent in June.
Primary manufacturing decreased 22.2 percent, mainly due to lower production of fishmeal and fish oil and milled rice.
Table 9
Source: Ministry of Production and INEI
BCRPData/NEPBI202606C9

	Pond. 2025	I Trim.	Apr.	May.	Jun.	II Trim.	I Sem.
Manufacturing Sector
PRIMARY RESOURCE PROCESSORS	100.0	3.6	6.6	-33.4	-22.2	-18.5	-9.2
Milled Rice	4.8	-2.2	47.3	112.3	-45.6	10.1	6.6
Sugar	3.3	1.8	20.0	26.1	-4.3	11.9	6.3
Meat Products	14.3	2.1	2.2	2.0	1.6	1.9	2.0
Fishmeal and Fish Oil	14.1	-38.3	2.2	-97.7	-99.9	-79.2	-70.0
Canned and Frozen Fish Products	9.3	8.6	11.5	-24.5	-8.3	-8.5	-1.4
Non-ferrous Metal Refining	39.7	13.9	4.9	-11.0	2.2	-1.6	5.7
Petroleum Refining	14.0	2.2	1.6	10.8	-18.7	-2.7	-0.1

2026

26. Non-primary manufacturing increased 1.1 percent year-on-year due to higher production of inputs, mass consumption goods, and investment-oriented goods. The increase in the month is mainly explained by the plastics, cement, metal products, dairy products, and soft drinks and water branches. In seasonally adjusted terms,

BCRP STUDY NOTES
No. 58 – August 21, 2026
10 non-primary manufacturing fell 6.0 percent, following the increase recorded in May (5.1 percent).

Table 10
BCRPData/NEPBI202606C10
I Trim. Apr. May. Jun. II Trim. I Sem.
NON-PRIMARY MANUFACTURING 100.0 1.1 -0.4 3.5 1.1 1.4 1.2 Mass Consumption 40.5 3.5 -3.8 1.3 1.9 -0.3 1.6 Dairy Products 2.5 3.5 11.6 8.8 20.6 13.5 8.4 Bakeries 4.5 3.0 -5.7 0.9 -6.0 -3.8 -0.4 Noodles 0.7 -4.0 16.4 -3.3 4.4 5.1 0.5 Oils and Fats 2.3 -4.3 18.2 14.1 -4.9 8.3 1.7 Cocoa, Chocolate and Confectionery 0.8 0.5 -39.0 -4.7 11.0 -15.7 -9.3 Diverse Food Products 2.1 2.9 4.8 -1.7 2.7 1.8 2.3 Alcoholic Beverages 1.3 10.3 30.8 55.7 16.7 33.5 20.8 Beer and Malt 2.6 13.0 -6.4 3.0 2.6 -0.2 6.3 Soft Drinks and Table Water 2.1 4.6 10.6 8.1 28.6 14.7 9.0 Clothing 2.7 -12.2 -18.6 -19.9 -16.7 -18.4 -15.3 Footwear 0.7 6.6 -3.6 15.0 6.6 6.0 6.3 Furniture 7.9 18.4 -15.4 -5.9 -7.1 -9.9 4.1 Other Paper and Cardboard Articles 1.6 6.9 6.2 5.1 4.6 5.3 6.1 Pharmaceutical Products and Medicines 2.3 -18.3 0.8 1.5 15.4 6.0 -7.1 Toiletry and Cleaning Products 4.2 0.6 1.5 2.3 3.2 2.3 1.5 Diverse Manufactures 2.4 -3.7 -9.3 -3.1 10.8 -2.5 -3.1 Inputs 20.2 1.7 10.3 10.9 9.7 10.3 6.0 Wheat Flour 2.1 -3.7 9.3 -8.8 0.0 -0.6 -2.1 Animal Feed 1.1 -12.3 -12.5 3.4 -20.3 -9.9 -11.0 Ropes, Twines, Lines and Nets 0.3 -8.3 8.6 -17.4 -15.6 -8.9 -8.6 Leather 0.0 -7.7 1.9 7.4 30.1 12.7 2.3 Other Textile Products 0.8 -6.0 -11.9 -9.9 4.0 -6.3 -6.2 Processed Wood 1.9 10.8 26.9 109.9 3.2 39.3 26.0 Paper and Cardboard 0.2 17.5 2.2 -21.9 -5.5 -9.0 2.6 Paper and Cardboard Containers 1.7 -3.0 6.0 4.2 0.3 3.4 0.2 Printing Activities 1.6 10.9 13.9 -7.7 19.6 7.6 9.4 Basic Chemical Substances 1.3 0.7 7.6 8.2 3.1 6.3 3.4 Explosives, Natural Essences and Chemicals 1.9 -1.8 -0.7 11.2 16.9 9.1 3.7 Rubber 0.5 -12.0 -4.6 -7.8 0.3 -4.1 -8.1 Plastics 5.7 6.7 20.0 11.4 24.4 18.4 12.5 Pesticides, Compound Fertilizers and Plastic Pri 0.5 14.3 3.7 6.9 -1.2 3.1 8.6 Glass and Glass Products 0.4 -11.5 42.0 3.0 42.0 27.6 6.3 Investment-Oriented 27.8 1.6 -1.6 2.4 1.5 0.8 1.2 Paints, Varnishes and Lacquers 1.9 0.0 -10.2 -4.0 -9.6 -7.9 -4.0 Cement 5.5 16.4 12.6 10.7 13.7 12.3 14.3 Construction Materials 2.8 -5.3 -8.7 5.3 -8.4 -4.1 -4.7 Diverse Non-Metallic Mineral Products 0.1 -6.4 -1.4 -13.0 26.9 1.7 -2.6 Iron and Steel Industry 3.5 0.0 14.0 7.2 8.7 9.9 5.0 Metal Products 5.9 -11.2 -7.1 10.9 12.2 4.7 -3.6 Machinery and Equipment 0.6 41.2 58.3 21.3 -16.2 16.7 27.2 Electrical Machinery 1.1 -13.9 -6.8 -14.2 29.5 0.2 -7.4 Transport Material 2.0 35.7 32.8 36.0 21.2 29.6 32.2 Industrial Services 4.3 -3.2 -37.9 -35.8 -35.0 -36.2 -24.2 Export-Oriented 11.7 -9.9 -4.8 -10.6 -7.8 -7.8 -8.8 Food Preserves 2.2 -16.2 4.8 -6.8 1.0 0.0 -9.3 Yarns, Fabrics and Finishes 3.3 -8.2 -4.2 -3.1 -5.0 -4.1 -6.1 Knitted Fabrics and Articles 3.2 -5.4 0.4 -14.2 -7.3 -7.5 -6.4 Clothing 2.7 -12.2 -18.6 -19.9 -16.7 -18.4 -15.3 Artificial Fibers 0.3 -2.3 7.7 11.1 -3.2 5.0 1.7 Source: INEI and PRODUCE. At 2007 prices. Wtd. 2025 Manufacturing Sector (Annual Percentage Variation) 2026

BCRP STUDY NOTES
No. 58 – August 21, 2026
11
Construction Sector (weight of 6.4 percent)
27. In June, the construction sector grew 9.0 percent, mainly due to increased private works. In seasonally adjusted terms, the sector grew 3.0 percent compared to the previous month. In the first half of the year, the sector accumulated a growth of 10.9 percent.
28. Domestic cement consumption increased 12.5 percent in June due to higher dispatches from Yura (22.4 percent), in the south of the country, and Pacasmayo (18.7 percent), in the north. Likewise, Unacem dispatches increased 8.7 percent.
29. The progress of public works increased 1.2 percent due to higher investment by local governments (11.2 percent) and regional governments (8.3 percent), offset by lower investment by the national government (-12.5 percent). By type of works, investment increased in non-residential building construction and road infrastructure.

Table 11
BCRPData/NEPBI202606C11
Sectors Commerce (weight of 10.8 percent) and Services (weight of 50.5 percent)
30. In June, the commerce sector grew 7.8 percent year-on-year and 1.2 percent month-on-month in seasonally adjusted terms.
31. The services sector grew 3.8 percent in June (4.3 percent if import taxes and duties are included). In seasonally adjusted terms, the sector grew 0.2 percent.
a. The transport and storage subsector grew 2.5 percent in June. The transport item increased 2.2 percent, due to increased transport by land and pipelines (2.9 percent), by water (1.6 percent) and by air (0.5 percent). On the other hand, I Trim. Apr. May. Jun. II Trim. I Sem. Construction 100.0 13.2 12.8 4.8 9.0 8.9 10.9 Domestic Cement Consumption 69.4 14.4 13.9 8.0 12.5 11.4 12.9 Local Cement Dispatches 66.4 14.9 14.1 8.6 13.9 12.1 13.5 Of which:

• Unacem 30.4 10.9 8.9 1.8 8.7 6.4 8.6
• Pacasmayo 14.0 11.7 16.8 13.8 18.7 16.4 14.0
• Yura and C. Sur 13.0 16.6 11.4 12.4 22.4 15.3 16.0
  Imports 3.0 1.7 10.2 -2.0 -13.7 -2.4 -0.6
  Progress of Works 30.6 10.4 10.9 -4.2 1.2 3.1 6.3 1/ At 2007 prices.
  Source: INEI
  2026
  Construction Sector
  (Annual Percentage Variation)
  Wtd.
  2025 1/

BCRP STUDY NOTES
No. 58 – August 21, 2026
12 storage and courier services were higher by 3.2 percent. In seasonally adjusted terms, the subsector decreased by 0.2 percent. b. The accommodation and restaurants subsector registered a growth of 5.0 percent in June. The restaurant subsector grew 5.1 percent, due to increased catering services (23.7 percent), beverage services (8.2 percent), food services for transport companies and dealers (6.7 percent) and restaurant group services (4.1 percent). Accommodation services grew by 2.8 percent.
c. The telecommunications and other information services subsector grew 0.4 percent in June. The contraction in telephone services by 5.7 percent offset the increase in internet and subscription television services by 7.9 percent and in data transmission and other services (including interconnection and text and multimedia message sending services) by 1.9 percent.
d. The financial and insurance subsector presented a growth of 1.5 percent in June. e. The business services subsector increased 3.6 percent in June, due to increased advertising services (5.5 percent), travel agency and tour operator services (5.3 percent), professional, scientific and technical services (3.4 percent) and administrative and support services for businesses (3.3 percent). f. The other services subsector grew 5.5 percent in June. This subsector comprises the branches of education, health, real estate services and personal services such as gambling, sports activities, libraries, recreational activities, among others. In seasonally adjusted terms, the subsector presented a growth of 1.4 percent.
II. Labor Market
Formal Employment – Electronic Payroll
10. In June, formal jobs increased 4.2 percent, a rate similar to that recorded in the first half of the year. Employment in the formal private sector grew 5.6 percent while in the public sector it grew 0.6 percent.

Table 12

BCRPData/NEPBI202606C12
Thousands % Thousands % Thousands %
Total 6,011 6,262 251 4.2 251 4.1 261 4.3
Private 4,331 4,572 241 5.6 235 5.3 240 5.4
Public 1,680 1,690 10 0.6 16 1.0 21 1.3
Source: Sunat - Monthly Payment Payroll
Var. 2026/2025 Var. 2026/2025 2025 2026 Var. 2026/2025 Formal Jobs (Thousands of Jobs) June II Trim. I Sem.

BCRP STUDY NOTES
No. 58 – August 21, 2026
13
Chart 2
BCRPData/NEPBI202606G2
11. In the private sector, the number of jobs increased 5.6 percent in June. Job growth was mainly recorded in the services, commerce and agricultural sectors.
Chart 3
BCRPData/NEPBI202606G3
5.1 4.9
7.8
5.0
4.0
4.8 4.6
5.2
4.6
3.5 3.8
4.2 4.2 4.4 4.8
4.0 4.2 4.2
Total Formal Jobs
(Annual Percentage Variation)
Jobs J.23 J.24 J.25 J A S O N D E.26 F M A M J Total (In thousands) 5,643 5,733 6,011 6,100 6,192 6,316 6,372 6,410 6,389 6,149 6,112 6,680 6,602 6,269 6,262 Source: Sunat - Monthly Payment Payroll
6.6 6.5
9.8
6.5
5.2
6.4 6.1
6.9
5.9
4.2 4.6 5.2 5.0 5.7 5.7
4.9 5.4 5.6
E.25 F M A M J J A S O N D E.26 F M A M J
Total Formal Jobs in the Private Sector
(Annual Percentage Variation)
Jobs J.23 J.24 J.25 J A S O N D E.26 F M A M J Total (In thousands) 4,021 4,070 4,331 4,415 4,505 4,618 4,666 4,694 4,666 4,525 4,467 5,022 4,923 4,582 4,572 Source: Sunat - Monthly Payment Payroll

BCRP STUDY NOTES
No. 58 – August 21, 2026
14
Table 13
BCRPData/NEPBI202606C13
12. Employment in the services sector increased 4.4 percent year-on-year in June, due to growth in branches such as business services, transport, restaurants and education.
Table 14
BCRPData/NEPBI202606C14
13. In June, employment growth was mainly recorded in companies with more than 50 workers. Among companies with more than 500 employees, jobs grew 7.0 percent.
Thousands % Thousands % Thousands %
Total 4,331 4,572 241 5.6 235 5.3 240 5.4
Agricultural 1/ 412 461 49 11.9 39 8.2 55 10.4 Fishing 20 19 -1 -6.1 -1 -3.8 0 -2.3 Mining 134 151 17 12.4 16 12.1 15 11.5 Manufacturing 512 522 10 2.0 11 2.2 11 2.0 Electricity 17 18 1 4.8 0 2.4 0 1.2 Construction 248 265 17 6.9 17 7.0 14 6.0 Commerce 750 793 43 5.8 49 6.5 46 6.0 Services 2,238 2,337 99 4.4 97 4.3 95 4.3 Memo:
Total without agriculture 3,919 4,111 192 4.9 196 4.9 185 4.7 1/ Includes the agro-export sector: Processing and conservation of fruits and vegetables Source: Sunat - Monthly Payment Payroll II Trim. Formal Jobs in the Private Sector (Thousands of Jobs) 2026 Var. 2026/2025 I Sem. Var. 2026/2025 Var. 2026/2025 June 2025 Thousands % Thousands % Thousands % Total 2,238 2,337 99 4.4 97 4.3 95 4.3 Restaurants 193 205 12 6.2 14 7.2 12 6.0 Hotels 45 47 2 4.7 2 5.3 2 5.5 Travel Agencies 73 77 4 5.5 4 5.4 4 5.9 Business Services 665 702 36 5.5 32 4.7 35 5.1 Education 296 308 12 4.1 13 4.2 11 4.1 Health Services 122 127 6 4.6 6 4.6 5 4.1 Transport 289 305 17 5.8 16 5.4 17 6.0 Financial Sector 127 134 7 5.2 7 5.5 7 5.5 Telecommunications 51 52 1 2.1 0 0.0 1 1.1 Personal Services 60 63 2 3.9 2 2.8 1 1.9 Other Services 138 141 4 2.8 4 3.1 3 2.4 Labor Intermediation 180 176 -4 -2.2 -3 -1.5 -3 -1.6 Source: Sunat - Monthly Payment Payroll Formal Private Jobs in the Services Sector (Thousands of Jobs) II Trim. I Sem. Var. 2026/2025 Var. 2026/2025 2025 2026 Var. 2026/2025 June

BCRP STUDY NOTES
No. 58 – August 21, 2026
15
Table 15
BCRPData/NEPBI202606C15
14. The change in formal employment is also explained by the variation in employment generated or lost due to the entry and exit of companies (extensive margin). In the second quarter of 2026, 51 thousand jobs were created by entering companies and 221 thousand by established companies, while 37 thousand jobs were lost by exiting companies. Thus, the net result of the quarter was the creation of 235 thousand jobs.
Chart 4
BCRPData/NEPBI202606G4
15. Jobs in the public sector increased 0.6 percent in the month, accumulating a growth of 1.0 in the second quarter; the month's result is explained by higher employment in the national government and regional governments.
Thousands % Thousands % Thousands %
Total 4,331 4,572 241 5.6 235 5.3 240 5.4
Between 1 and 10 920 974 54 5.8 42 4.6 34 3.8
Between 11 and 50 698 739 42 6.0 42 6.0 41 6.0 More than 50 2,713 2,858 145 5.4 151 5.3 165 5.8 Of which:
More than 500 1,624 1,738 114 7.0 99 5.7 119 6.7 Source: Sunat - Monthly Payment Payroll Formal Private Jobs by Company Size (Thousands of Jobs) II Trim. Var. 2026/2025 Var. 2026/2025 June I Sem. 2025 2026 Var. 2026/2025 Source: Sunat-Monthly Payment Payroll 165 99 114 141 50 -394-348 -259 -234 242 307 289 327 342 264 235 218 197 101 23 -14 84 141 267 317 255 268 209 245 235 -500 -400 -300 -200 -100 0 100 200 300 400 -500 -400 -300 -200 -100 0 100 200 300 400 500 1Q-19 2Q 3Q 4Q 1Q-20 2Q 3Q 4Q 1Q-21 2Q 3Q 4Q 1Q-22 2Q 3Q 4Q 1Q-23 2Q 3Q 4Q 1Q-24 2Q 3Q 4Q 1Q-25 2Q 3Q 4Q 1Q-26 2Q Decomposition of the Variation of Formal Private Employment (Thousands of jobs, quarterly average) Entering Co. Exiting Co. Established Co. Total Change

BCRP STUDY NOTES
No. 58 – August 21, 2026
16
Chart 5
BCRPData/NEPBI202606G5
16. The average formal income in June increased 3.1 percent year-on-year (4.9 percent in the first half of the year), standing at S/ 3,234 (-0.8 percent in the month and 0.3 percent in the second quarter in real terms).
Table 16
BCRPData/NEPBI202606C16
17. The total wage mass increased 7.5 percent year-on-year in nominal terms and 3.3 percent in real terms, due to the increase in employment.
1.3
1.2
2.4
0.8 0.9
1.0
0.9
0.7
1.0
1.6 1.7 1.6
1.8
1.1
1.8
1.3
0.9
0.6
E.25 F M A M J J A S O N D E.26 F M A M J
Total Formal Jobs in the Public Sector
(Annual Percentage Variation)
Jobs J.23 J.24 J.25 J A S O N D E.26 F M A M J Total (In thousands) 1,622 1,663 1,680 1,685 1,687 1,698 1,705 1,716 1,723 1,624 1,645 1,657 1,679 1,687 1,690 Source: Sunat - Monthly Payment Payroll Nominal Real Nominal Real Nominal Real Total 3,135 3,234 3.1 -0.8 4.3 0.3 4.9 1.5 Public 3,839 4,222 10.0 5.7 10.0 5.8 8.9 5.5 Private 2,938 2,946 0.3 -3.6 2.3 -1.6 3.6 0.3 Agricultural 1/ 1,691 1,608 -4.9 -8.5 -2.7 -6.5 -4.3 -7.3 Fishing 4 248 2,317 -45.4 -47.5 -38.7 -41.0 -28.9 -31.0 Mining 6,752 6,282 -7.0 -10.5 2.7 -1.2 9.3 5.7 Manufacturing 3,046 3,105 2.0 -2.0 0.8 -3.0 1.1 -2.1 Electricity 5,698 6,316 10.8 6.6 -0.6 -4.4 8.8 5.2 Construction 3,125 3,229 3.3 -0.7 3.3 -0.6 2.2 -1.1 Commerce 2,564 2,619 2.1 -1.8 3.1 -0.8 3.0 -0.3 Services 2,986 3,018 1.1 -2.8 3.3 -0.6 4.5 1.1 1/ Includes the agro-export sector: Processing and conservation of fruits and vegetables Source: Sunat - Monthly Payment Payroll Average Formal Income (Current Soles) Var. 2026/2025 2025 2026 Var. 2026/2025 I Sem. Var. 2026/2025 June II Trim.

BCRP STUDY NOTES
No. 58 – August 21, 2026
17
Chart 6
BCRPData/NEPBI202606G6
18. The private sector wage mass increased 5.8 percent in June; in real terms it increased 1.8 percent, due to the higher employment of the month.
Chart 7
BCRPData/NEPBI202606G7
8.6
10.0
12.7
8.2 7.4 7.9
8.8 9.4
10.4
8.2 8.4 8.4 8.1 7.6
13.6
11.4
6.9 7.5
E.25 F M A M J J A S O N D E.26 F M A M J
Total Formal Wage Mass
(Annual Percentage Variation)
Total Wage Mass J.23 J.24 J.25 J A S O N D E.26 F M A M J Millions of Soles 16,003 17,471 18,846 29,041 19,068 19,665 19,666 19,886 32,439 19,906 20,593 30,481 22,455 20,057 20,250 Formal Jobs 3.4 1.6 4.8 4.6 5.2 4.6 3.5 3.8 4.2 4.2 4.4 4.8 4.0 4.2 4.2 Average Nominal Income 3.2 7.5 2.9 4.0 4.0 5.6 4.6 4.4 4.0 3.7 3.0 8.4 7.1 2.7 3.1 Average Real Income -3.1 5.1 1.2 2.3 2.9 4.2 3.2 3.0 2.5 2.0 0.8 4.4 3.0 -1.2 -0.8 Var. % annual Source: Sunat - Monthly Payment Payroll
10.3 10.2
13.9
8.4
7.1
10.4
9.3
11.4 11.4
8.9
7.8 7.3 7.8 7.1
14.8
10.8
6.6
5.8
E.25 F M A M J J A S O N D E.26 F M A M J
Formal Wage Mass Private Sector
(Annual Percentage Variation)
Private Sector Wage Mass J.23 J.24 J.25 J A S O N D E.26 F M A M J Millions of Soles 10,843 11,528 12,726 20,882 12,920 13,469 13,484 13,552 23,290 13,375 13,825 23,410 15,586 13,575 13,469 Formal Jobs 4.8 1.2 6.4 6.1 6.9 5.9 4.2 4.6 5.2 5.1 5.7 5.8 4.9 5.4 5.6 Average Nominal Income 1.0 5.1 3.7 3.0 4.2 5.2 4.5 3.1 2.0 2.6 1.3 8.5 5.6 1.1 0.3 Average Real Income -5.2 2.7 2.0 1.3 3.0 3.7 3.1 1.7 0.4 0.9 -0.9 4.6 1.5 -2.7 -3.6 Var. % annual Source: Sunat - Monthly Payment Payroll

BCRP STUDY NOTES
No. 58 – August 21, 2026
18
Job Announcements
19. According to information on job announcements at the national level from two internet pages (Bumeran and Computrabajo3), the number of job announcements amounted to 47,664 during the second week of August, a level 14.8 percent higher than that recorded in 2025.
Chart 8
BCRPData/NEPBI202606G8
You can find all the tables and charts of this report in BCRPData/NEPBI202606 3 http://www.bumeran.com.pe/ and https://www.computrabajo.com.pe/ 39,296 32,043 47,664 0 10,000 20,000 30,000 40,000 50,000 60,000 Jan.20 Feb Apr Jun Aug Oct Dec Jan. 21 Mar May Jul Sep Nov Dec Feb Apr Jun Aug Oct Dec Jan. 23 Mar May Jul Sep Nov Dec Feb Apr Jun Aug Oct Nov Jan.25 Mar May Jul Sep Oct Dec Feb Apr Jun Aug Oct Nov Number of Job Ads on Web Pages 1/ (4-week moving average) 1/ Job ads with 7 days of age from the publication date. Source: Aptitus, Bumeran and Computrabajo