Study Note No. 59: Macroeconomic Report - Second Quarter of 2026 — BCRP — PE

BCRP STUDY NOTES
No. 59 – August 21, 2026
MACROECONOMIC REPORT: SECOND QUARTER OF 20261 SUMMARY Economic activity grew 2.6 percent year-on-year in the second quarter of 2026. This growth was supported by the continuous advance of private spending, in a context of dynamism and solidity of the labor market, favorable credit conditions, high terms of trade, and business expectations in the optimistic range. Among the components, private investment stood out, mainly due to the rebound in the non-mining component. Ho-wever, the GDP expansion rate was lower than that of the previous quarter, due to the decline in public investment by the National Government and a negative contribution from the change in inventories. Terms of trade increased 15.8 percent year-on-year in the second quarter of 2026, driven by the 30.9 percent increase in export prices, led by traditional mining products, particularly copper and gold. This rebound is associated with a global context of consolidation of structural demand linked to electrification, renewable energies, and data centers, specific supply constraints in the production and smelting of industrial metals, and the continuity of geopolitical and commercial uncertainty that sustained demand for safe-haven assets. This dynamic was partially offset by the 13.0 percent increase in import prices, associated mainly with the higher cost of oil and its derivatives and industrial inputs, in a context of persistent geopolitical tensions in the Middle East. The current account surplus reached 2.7 percent of GDP in the second quarter of 2026 (year-on-year increase of 0.9 p.p.) and a cumulative result in the last four quarters of 4.5 percent. The year-on-year expansion was explained mainly by the widening of the trade surplus, in line with the rising trend of terms of trade and the advance of shipped volumes of gold and copper. On the other hand, the financial account recorded a net capital inflow of USD 2,487 million in the quarter (2.6 percent of GDP), lower than that observed a year ago (USD 3,460 million or 4.3 percent of GDP), due to lower net external borrowing by the public sector, in response to the absence of issuances and a lower pace of bond purchases by non-residents. The increase in net external financing of short and long term received by the private sector partially counteracted this trend. The accumulated fiscal deficit in the last twelve months of the Non-Financial Public Sector was reduced from 2.6 to 1.3 percent of GDP between the second quarter of 2025 and the second quarter of 2026. This reduction was explained mainly by the reduction of non-financial spending as a percentage of GDP, mainly due to the lower share of capital spending. Meanwhile, current revenues of the General Government increased, associated with the greater dynamism of economic activity and the favorable evolution of export prices. The liquidity ratio to GDP rose from 43 to 45 percent between the second quarter of 2025 and 2026; in nominal terms, this result responded to the
sustained growth of liquidity, driven by the general increase in its components, especially in currency in circulation and demand and savings deposits. The credit ratio to GDP 1 Report prepared by Joseph Amaya, Diego Mamani, Catyry Ramos, Carmen Rojas, Janice Mamani and Bruno Gonzaga from the Current Analysis Department; and by Marina Beteta, Oscar Carrión, Guillermo Chumpitaz, Gabriel Gálvez, Jonathan Luna, Rosaura Venegas and María del Rosario Bernedo from the Balance of Payments Statistics Department.

BCRP STUDY NOTES
No. 59 – August 21, 2026 decreased from 36 to 35 percent, despite credit registering a year-on-year growth of
8.7 percent. This reduction is explained by the greater expansion of nominal GDP, associated, in part, to the improvement of terms of trade. The nominal expansion of credit was due to the consumption segment and the corporate sector.
BCRPData/NEMAC202606C0
II Q III Q IV Q Year I Q II Q
YoY real % change

Gross Domestic Product 2.7 3.7 3.3 3.4 3.6 2.6
Domestic Demand 5.5 5.9 5.0 5.6 6.7 5.2
Private Consumption 3.6 3.6 3.4 3.6 3.6 3.7
Fixed Private Investment 9.2 11.5 10.1 10.0 13.2 17.6
Export Volume of Goods 1.1 2.5 4.6 4.5 0.7 3.4
Import Volume of Goods 14.1 12.3 11.6 14.3 12.4 14.2
Millions of USD
Current Account Balance 1,539 3,717 5,729 12,005 4,723 2,625
Trade Balance 6,429 9,588 12,539 35,433 13,208 9,547
Net International Reserves (balance) 85,263 85,148 90,214 90,214 94,716 95,553
BCRP Exchange Position (balance) 56,049 57,229 61,501 61,501 67,082 68,251
% GDP
Current Account Balance 1.9 4.2 5.8 3.5 5.1 2.7
Private Long-Term Financial Account 1/ 0.2 -0.6 -2.6 -0.9 -1.6 -0.7
Medium and Long-Term External Private Debt Balance 16.3 15.8 15.3 15.3 14.2 14.3
External Public Debt Balance 23.5 22.5 21.4 21.4 19.9 19.6
General Government Current Revenues 20.4 17.7 17.7 19.0 19.4 22.8
General Government Non-Financial Expenditure 18.9 19.9 21.9 19.9 17.8 18.4
Economic Result of the Non-Financial Public Sector 0.8 -4.1 -4.5 -2.2 -0.4 3.9
Credit to the Private Sector 36.2 36.0 35.8 35.8 35.0 35.4
Total Liquidity 42.6 42.9 44.8 44.8 44.9 44.5
YoY % change
Export Prices 12.8 16.4 26.3 17.5 38.8 30.9
Import Prices -3.9 -1.5 -0.4 -2.0 1.5 13.0
Inflation (end of period) 1.7 1.4 1.5 1.5 3.8 4.0
Inflation excluding food and energy (end of period) 1.7 1.8 3.7 4.5
Exchange Rate (end of period) 2/ -7.7 -6.4 -10.8 -10.8 -4.9 -3.6
1/ Negative (positive) sign indicates net capital inflow (outflow). 2/ Interbank exchange rate, average buy and sell. 2025 2026 INDICATOR SUMMARY

BCRP STUDY NOTES
No. 59 – August 21, 2026
I. ECONOMIC ACTIVITY: GDP grew 2.6 percent year-on-year in the second
quarter of 2026.

The Gross Domestic Product (GDP) grew 2.6 percent year-on-year in the second
quarter, a result explained by the boost from consumption and private investment. However, the year-on-year growth of the period was lower than that of the previous quarter (3.6 percent), due to the decline in public investment and a negative contribution from inventories in the period. Private consumption grew 3.7 percent in the quarter. This result was supported mainly by the dynamism of the labor market, highlighting the expansion of employment in the services, commerce, and agricultural sectors. Despite the rebound in inflation during the quarter, the solidity of the labor market indicators allowed the real wage mass to continue growing, albeit at a more moderate pace. The resilience of household purchasing power, combined with lower credit delinquency and access to digital payment channels, contributed to a favorable evolution of consumption. This was reflected in the growth of indicators related to private consumption at double-digit rates, such as the imports of durable consumer goods, currency in circulation, payment receipts, and card transactions. Private investment accelerated its growth again in the second quarter, at a rate of 17.6 percent year-on-year. This performance was explained by flexible financial conditions, reflected in lower active interest rates and an expansion of credit to companies, while capital goods imports continued to grow at double digits. Expectations for the economy at 3 and 12 months registered a temporary moderation in April, due to higher fuel prices and uncertainty about the electoral process. However, these recovered in the following months and closed the quarter in the optimistic range, reflecting renewed business confidence. By component, the acceleration of the non-residential component stood out, especially by infrastructure projects in the transport sector; likewise, the result of the quarter was aided by the growth of over 30 percent in mining investment, driven by higher disbursements in development and preparation projects, and infrastructure. Regarding external demand, goods exports rebounded, going from growing 0.7 percent in the first quarter to 3.4 percent in the second quarter of 2026. This result was mainly due to higher exports of traditional products, particularly gold and copper, partially offset by lower shipments of non-traditional products. On the other hand, services exports slowed their growth from 6.5 to 0.3 percent, mainly due to the lower number of non-resident travelers. Goods imports continued to grow at double-digit rates (14.2 percent year-on-year), in line with the advance of private spending and the high terms of trade that contributed to the increase in national disposable income. By category, higher acquisitions of capital goods (excluding construction materials and cell phones) were observed, particularly heavy machinery and cargo or transport vehicles; consumer goods, mainly the durable category (cars, motorcycles, and bicycles); and oil and derivatives. Services imports
increased 6.0 percent, explained especially by a higher outflow of residents abroad and outflows for telecommunications, IT, and information services.

BCRP STUDY NOTES
No. 59 – August 21, 2026
Chart 1
Source: BCRP.
BCRPData/NEMAC202606G1
The GDP of the second quarter of 2026, in seasonally adjusted terms, decreased 0.1 percent compared to the previous period, as did domestic demand. In this way, economic activity in the first quarter was 11.9 percent above the pre-pandemic level. Chart 2 SEASONALLY ADJUSTED INDICES, BASE 100 = 4Q19 GDP Domestic Demand Source: BCRP. BCRPData/NEMAC202606G2 Domestic Demand
2. Domestic demand grew 5.2 percent year-on-year in the second quarter of
2026, which represented a moderation compared to the 6.7 percent observed in the previous quarter. However, domestic demand excluding the effect of inventories accelerated its growth from 5.7 to 6.0 percent between the first and the second quarter. The expansion of the quarter was due to the growth of private spending (5.9 percent), particularly private investment (17.6 percent). It also contributed, albeit to a lesser extent, the increase in public consumption (4.1 percent). On the other hand, in the quarter, a negative contribution from inventories to product growth was observed (-1.0 percentage points).
Table 1
GROSS DOMESTIC PRODUCT BY TYPE OF SPENDING 1/ (Year-on-year real percentage change) 1/ At 2007 prices. 2/ Contribution. 3/ Includes investment of the General Government (National Government and Subnational Governments) and non-financial public companies. Source: BCRP. BCRPData/NEMAC202606C1
3. Private consumption in the second quarter increased 3.7 percent year-on-year, a rate
slightly higher than the 3.6 percent observed in the previous quarter. Thus, 11 consecutive quarters of growth were recorded. The result of the quarter was driven by the dynamism of employment and income, the expansion of consumer credit, and the greater liquidity of the private sector. Nationally, labor market indicators maintained a favorable performance. Formal employment registered a year-on-year growth of 4.1 percent in the second quarter, which represented the incorporation of approximately 251 thousand new jobs. The expansion was led by the private sector, with 235 thousand new jobs. In particular, the services sector stood out (97 thousand), driven by activities linked to business services and transport and communications, commerce (49 thousand) and agriculture (39 thousand). Likewise, total real wage mass grew 4.4 percent, which represented a moderation compared to the 7.3 percent observed in the previous quarter. This result was supported by the increase in both employment and average income, partially offset by the increase in inflation. During the quarter, imports of durable consumer goods maintained double-digit growth (37.4 percent). This performance was explained mainly by an increase in the acquisition of cars, televisions, motorcycles, and bicycles. The growth of consumer credit showed an acceleration and reached 6.4 percent, above the 4.0 percent observed in the previous quarter. This expansion was II Q. III Q. IV Q. Year I Q. II Q. I Domestic Demand 5.5 5.9 5.0 5.6 6.7 5.2 Private Consumption 3.6 3.6 3.4 3.6 3.6 3.7 Public Consumption 3.8 4.7 0.9 3.3 7.1 4.1 Private Investment 9.2 11.5 10.1 10.0 13.2 17.6 Non-mining Investment 9.2 10.0 6.7 8.8 10.8 15.9 Mining Investment 9.5 25.7 35.3 20.3 39.0 34.0 Public Investment 2.6 4.8 5.6 5.7 -0.2 -2.6 Change in Inventories 2/ 0.8 0.5 0.5 0.6 0.8 -1.0 II Exports 1.9 2.7 4.9 4.7 1.2 3.1 III Imports 12.7 10.6 10.7 12.6 11.7 12.7 IV GDP ( I + II - III ) 2.7 3.7 3.3 3.4 3.6 2.6 Public Investment 3/ Of which:
National Government 9.1 -13.8 -4.0 0.5 -16.8 -17.8 Subnational Governments 3.7 17.9 14.7 12.4 16.0 8.1 2025 2026

BCRP STUDY NOTES
No. 59 – August 21, 2026 boosted by the increase in credits associated with cards and vehicle credit, in a context of reduction of delinquency rates. Indicators of transactions and monetary, such as the internal IGV, payment receipts, and currency in circulation, maintained a favorable evolution. In addition, the Digital Payments Indicator (DPI) 2 continued with its growing trend, explained mainly by a greater use of digital wallets and payment cards.
4. Private investment accelerated its growth again, from 13.2 to 17.6 percent year-on-year between the first and second quarters of 2026. This acceleration was credited to non-residential investment, which increased by 22.5 percent, higher than the 16.0 percent observed in the previous quarter. This result was mainly due to the acceleration of the non-mining sector, as well as the good performance of mining investment.
On the other hand, residential investment grew 5.1 percent.
Table 2
PRIVATE INVESTMENT, BY COMPONENTS
(Year-on-year real percentage change)
Source: BCRP.
BCRPData/NEMAC202606C2
Within the non-residential non-mining component of investment, the advance of infrastructure projects stood out, mainly in the transport sector, such as Line 2 of the Lima and Callao Metro and road projects linked to IIRSA North and IIRSA South. To this were added investments aimed at expanding and renewing installed capacity in other sectors, in line with the increase in imports of capital goods (excluding construction materials), as well as greater credit to companies. According to the notes to the financial statements of large private sector companies, increases in investment levels were recorded in several sectors. The electrical sector stood out, with a joint execution of approximately S/ 400 million in the second quarter. Pluz Energía, Luz del Sur, and Electroperú led the expansion, with around S/ 51 million additional invested compared to the same quarter of the previous year, aimed mainly at expanding and renewing distribution networks, mass electrification projects, and replacement of facilities. In the telecommunications sector, Integratel invested nearly S/ 259 million, compared to nearly S/ 88 million the previous year, particularly in data networks and transmission, coverage expansion, and transmission capacity and modernization of its mobile network. 2 The DPI includes operations of clients of participants in the BCRP's Real-Time Gross Settlement System (LBTR) and digital retail payments (credit and immediate transfers via CCE, intrabank and interbank transfers via wallets (includes interoperable transfers via wallets) and other digital channels, payment cards, direct debit, and operations with electronic money (BIM). II Q. III Q. IV Q. Year I Q. II Q. Total Private Investment 9.2 11.5 10.1 10.0 13.2 17.6 Residential Investment 3.1 2.4 5.3 3.5 7.3 5.1 Non-Residential Investment 11.8 15.6 11.9 12.8 16.0 22.5 Mining 9.5 25.7 35.3 20.3 39.0 34.0 Non-Mining 12.2 14.0 7.3 11.6 12.7 20.7 2025 2026

BCRP STUDY NOTES
No. 59 – August 21, 2026
Regarding the hydrocarbons sector, Petroperú and La Pampilla Refinery executed approximately S/ 139 million, an increase of S/ 68 million compared to the second quarter of 2025. Petroperú allocated the amounts to various ongoing works and to the final stage of the Talara Refinery Modernization Project. Meanwhile, Backus and Gloria made investments of nearly S/ 121 million. Gloria's disbursements stood out, aimed at projects for expanding bottling and dairy product manufacturing lines, for approximately S/ 37 million. The Ministry of Energy and Mines reported that in the second quarter of 2026 mining investment amounted to USD 1,795 million. The main investments of the quarter were executed by Southern (USD 245 million), Shougang (USD 162 million), Antamina (USD 156 million), and Las Bambas (USD 131 million). The total investment amount in the period exceeded that of the same quarter of 2025 by USD 529 million, and the increase corresponded mainly to development and preparation and infrastructure items. By company, the increase in mining investment was explained mainly by: (i) Southern Peru, which increased its investment by approximately USD 175 million, mainly due to higher disbursements in development and preparation associated with the Tía María project, as well as in infrastructure and equipment in its Toquepala and Ilo Refinery operations; (ii) Antapaccay, whose investment increased by around USD 114 million, mainly due to higher disbursements in the Coroccohuayco concession aimed at operational support components, in addition to the acquisition of machinery and equipment; and (iii) Shougang, which increased its investment by approximately USD 77 million, associated mainly with infrastructure at the San Nicolás Accumulation Beneficiation Plant and development and preparation work at the CPS 1 UEA.
5. Public spending grew 2.3 percent year-on-year in the second quarter of 2026,
mainly due to the increase in public consumption, partially offset by the decline in public investment. Public consumption increased 4.1 percent, which represented a slowdown compared to the 7.1 percent registered in the previous quarter. The expansion responded mainly to higher spending on goods and services, particularly professional and technical services, service leasing, and maintenance services. Public investment decreased 2.6 percent in the second quarter, a more pronounced contraction than the 0.2 percent drop in the first quarter. This result is explained mainly by the lower investment of the National Government, partially compensated by the greater execution of Subnational Governments. In the National Government, lower disbursements were recorded for projects under the former National Plan for Sustainable Infrastructure for Competitiveness (PNISC), mainly due to the completion of the first stage of the Bicentennial Schools, and those in charge of the National Infrastructure Authority (ANIN). Regarding Regional Governments, greater execution was observed in 13 of the 25 departments, with emphasis on Education, Health, and Sanitation functions. Meanwhile, Local Governments showed higher disbursements in 16 of the 25 departments, mainly in projects associated with Transport, Education, and Housing functions.

BCRP STUDY NOTES
No. 59 – August 21, 2026

Savings-Investment Gaps

The accumulated external gap for the last 4 quarters continued in positive territory (net financing to the exterior) for the eleventh consecutive quarter and stood at 4.5 percent of GDP in the second quarter of 2026, higher by 2.1 percentage points (p.p.) than in the same quarter of the previous year. This result is explained by the greater increase in savings as a percentage of GDP and, to a lesser extent, by the fall in public investment. Internal savings increased by 2.0 p.p. of GDP compared to the same period of the previous year, driven by the increase in private and public savings.

Table 3
1/ Includes inventory variation.
2/ Adjusted mainly by the effect of informal gold exports.
Note: The savings-investment gap methodology considers that the public gap is equal to the economic result of the Non-Financial Public Sector. The data in this table are preliminary. Source: BCRP. BCRPData/NEMAC202606C3

Chart 3
Source: BCRP.
BCRPData/NEMAC202606G3

Differences
II Trim. (a) III Trim. IV Trim I Trim. II Trim. (b) (b) - (a) 1 Gross Internal Investment 1/ 21.2 21.3 21.1 20.9 21.1 -0.1 2 Internal Savings 23.6 24.0 24.6 25.3 25.6 2.0 External Gap (=2-1) 2.4 2.7 3.5 4.4 4.5 2.1
1.1 Gross Private Internal Investment 1/ 16.1 16.2 16.0 16.1 16.3 0.2
a. Gross private fixed investment 16.8 16.8 16.6 16.5 16.7 -0.1 b. Inventory variation 2/ -0.7 -0.6 -0.6 -0.4 -0.4 0.3
1.2 Private Savings 21.0 21.4 21.7 22.5 22.1 1.1
Private Gap (=1.2-1.1) 4.9 5.2 5.7 6.5 5.7 0.8
2.1 Public Investment 5.1 5.1 5.0 4.9 4.8 -0.4
2.2 Public Savings 2.6 2.6 2.9 2.8 3.5 0.9
Public Gap (=2.2-2.1) -2.6 -2.5 -2.2 -2.1 -1.3 1.3

SAVINGS-INVESTMENT GAPS
(Accumulated last 4 quarters, % of nominal GDP) 2025 2026 4.5
5.4 6.2 5.8 5.7 4.9 5.2 5.7 6.5
5.7
-3.3 -3.8 -3.9 -3.4 -3.3 -2.6 -2.5 -2.2 -2.1 -1.3
1.2 1.6
2.2 2.4 2.7
3.5
4.4 4.5
I Trim
II. Trim III. Trim IV. Trim I. Trim
II. Trim III. Trim IV. Trim I. Trim
II. Trim
SAVINGS-INVESTMENT GAPS
(Accumulated last 4 quarters, % of nominal GDP) Private gap Public gap External gap

BCRP STUDY NOTES
No. 59 – August 21, 2026

II. BALANCE OF PAYMENTS: the current account surplus was 2.7 percent of GDP
in the second quarter of 2026, higher by 0.9 p.p. than a year ago. With this, the annualized surplus increased to 4.5 percent of GDP, the highest level since 2006.

The current account of the balance of payments recorded a surplus of USD 2,625
million in the second quarter of 2026, equivalent to 2.7 percent of GDP. The mentioned result is higher by USD 1,086 million than the surplus of the same period of 2025 (1.9 percent of output). In nominal terms, this result is explained fundamentally by the expansion of the merchandise trade balance surplus by USD 3,118 million, in turn due to the continuous growth of the terms of trade —due to higher export prices of minerals— and to the increase in the shipped volume of traditional products such as gold and copper.

This was slightly reinforced by the increase in secondary income by USD 179 million, explained by higher income from non-resident income tax. However, the surplus pressures on the current account were limited by the increase in profits of companies with foreign capital by USD 1,895 million, mainly mining, as a consequence of the high international metal quotes, complemented by companies in the industry and hydrocarbon sectors. To a lesser extent, the increase in the deficit by services by USD 497 million —due to the increase in freight costs and expenditures for travel— limited the expansion of the current account surplus.

Table 4
BCRPData/NEMAC202606C4

The annualized current account surplus increased by USD 9,451 million between
the second quarter of 2025 and 2026, which was explained by a series of factors occurring over the last year, among which stand out: (i) the increase in the commercial surplus by USD 17,321 million, influenced by higher terms of trade; and (ii) a greater flow of secondary income by USD 530 million, coming from remittances and from the non-resident income tax. In contrast, the primary income deficit increased by USD 7,616 million, due to the increase in profits of companies with foreign participation, in line with the high metal quotes during the last year and the results of the banking and industry sectors.

II Trim. (a) III Trim. IV Trim. Year I Trim. II Trim.(b) (b) - (a)
I. CURRENT ACCOUNT 1.9 4.2 5.8 3.5 5.1 2.7 0.9

Merchandise trade balance 7.9 10.9 12.7 10.4 14.2 10.0 2.1
Exports 24.8 28.1 28.7 27.5 31.2 28.5 3.7
Imports 16.9 17.2 16.0 17.1 17.1 18.5 1.6
Balance of services -2.0 -2.1 -2.6 -2.4 -2.5 -2.3 -0.2
Primary income (similar to factor income) -6.4 -7.0 -6.2 -6.8 -8.7 -7.2 -0.8
Secondary income (similar to transfers) 2.4 2.5 1.9 2.3 2.2 2.3 -0.2
Source: BCRP.
CURRENT ACCOUNT
(Percentage of GDP)
2025 2026 Differences

BCRP STUDY NOTES
No. 59 – August 21, 2026

Chart 4
Source: BCRP.
BCRPData/NEMAC202606G4

In terms of output, the accumulated current account surplus by the second quarter of 2026 rose from 2.4 to 4.5 percent, which represents 3 years of consecutive surplus (2023-2025) and 11 quarters of positive results in accumulated terms (Q4 2023-Q2 2026). This episode of continuous surplus results (from 2023 to 2025) exceeds in extent that at the beginning of the COVID-19 pandemic (2020), although it is still smaller than that of the period prior to the international financial crisis (2004-2007).

The variation in the current account result can be decomposed into 2 main
factors, that attributed to domestic absorption (net nominal demand for goods and services from the exterior), to the net return paid to production factors (capital) and to the assets that foreigners have in Peru (debt instruments). Other factors include current transfers and the return earned on external assets.

The year-on-year expansion of the surplus during the second quarter of 2026 came mainly from the price effect of domestic absorption by 4.3 percentage points (p.p.), in response to the growing trend of the terms of trade (4.6 p.p.). In the same direction contributed the "rest" item (0.4 p.p.), due to an increase in the flow of current transfers from abroad and to the higher balance of external reserve assets; and, the net volume effect of services (0.1 p.p.), resulting from higher income from passenger transport and other business services.

On the contrary, the higher returns paid on FDI liabilities (-1.6 p.p.), explained by the 34.2 percent expansion of profits of companies with foreign investment, partially compensated the effects of the components mentioned in the previous paragraph. Its dynamics are associated mainly to operations of companies in the mining and hydrocarbon sectors, due to the high international quotes of their products (minerals, oil and natural gas). Likewise, the good performance of the industry sector contributed. Another factor that exerted deficitary pressures was the negative volume effect of net goods trade (-2.5 p.p.), due to greater dynamism in import volumes, mainly capital goods and durable consumer goods —both consistent with

-4.2 -3.8
-3.1
-2.2
-1.6
-0.9 -0.5
-0.9-0.9 -1.1 -1.5 -1.2 -1.5 -1.5 -1.2
-0.7
-0.2
0.0
0.8 0.6
0.1
-0.7
-1.5
-2.3
-3.2 -3.4
-4.1 -4.0
-3.0
-1.8
-0.6
0.5
1.2
1.6
2.2 2.4
2.7
3.5
4.4 4.5
I
Trim
II III IV I
Trim
II III IV I
Trim
II III IV I
Trim
II III IV I
Trim
II III IV I
Trim
II III IV I
Trim
II III IV I
Trim
II III IV I
Trim
II III IV I
Trim
II III IV I
Trim
II
CURRENT ACCOUNT
(Percentage of GDP - Accumulated last 4 quarters) Historical average IT 2001-IIT 2026:

1.2 percent

BCRP STUDY NOTES
No. 59 – August 21, 2026 the strength of private spending—, and oil, given the geopolitical context; as well as lower shipments of agricultural and steel products.

Table 5
FACTORS BEHIND THE VARIATION IN CURRENT ACCOUNT RESULT, 2025-2026 Current Account (% of GDP) Year-on-year variation of CA (p.p. of GDP)

Includes volume variations of services and prices of other categories other than transport.
Includes net current transfers and returns earned on external assets. Source: BCRP. BCRPData/NEMAC202606C5

The financial account of the second quarter of 2026 recorded a net capital inflow
of USD 2,487 million, equivalent to 2.6 percent of GDP. This result is lower than the net inflow flow of USD 3,460 million, recorded in the second quarter of 2025 (4.3 percent of output). This contraction in the net flow of capital inflows was explained basically by the lower indebtedness of the public sector. In addition to a drop in the pace of accumulation of external liabilities by USD 3,445 million, the government's operations allowed moving from a reduction of external assets of USD 163 million in the second quarter of 2025 to an increase of USD 37 million in the same quarter of 2026.

In contrast, the private sector recorded an expansion of net external debt by USD 2,673 million, reaching the equivalent of 1.3 percent of GDP in the second quarter of 2026. This evolution responded mainly to an increase in short-term external liabilities by USD 688 million, particularly from the banking sector, in contrast with the continuous reductions it had been recording since the second quarter of 2025. Likewise, the drop in long-term loan amortizations by USD 3,375 million, from the non-financial sector —mainly mining— and higher disbursements to the banking sector —to finance foreign trade operations and working capital—, contributed to greater private external financing.

7.9
10.0
-2.0 -2.3
-6.4 -7.2
2.4
2.3
1.9 2.7
2 T 2025 2 T 2026
Goods Services Primary income
Secondary income Current account
2T 2026/
2T 2025
A. Domestic absorption 1.9
1. Price effect 4.3
1.1 Terms of Trade 4.6
1.2 Freight -0.3
2. Volume effect -2.5
2.1 Goods -2.5
2.2 Services* 0.1
B. Return paid on external liabilities -1.4
1. Foreign Direct Investment -1.6
2. Medium and long-term debt 0.3
C. Rest 0.4
TOTAL (A + B + C) 0.9

BCRP STUDY NOTES
No. 59 – August 21, 2026

Table 6
BCRPData/NEMAC202606C6

According to the latest available information, Peru stands out as the only country
with a current account surplus among the main economies of the region, a position it has maintained since the fourth quarter of 2023 and that it consolidated in the last quarter with an accumulated result of 4.5 percent of output.

Table 7
BCRPData/NEMAC202606C7

The terms of trade recorded a year-on-year growth of 15.8 percent in the second
quarter of 2026, driven by the increase in export prices (30.9 percent), mainly of traditional products, mostly mining, such as copper (45.5 percent), gold (37.1 percent) and zinc (21.5 percent). To a lesser extent, higher lead prices contributed, due to silver content in their concentrates, and oil and natural gas, due to the rise in their international quotes. This trend was reinforced by higher prices in almost all non-traditional sectors, with the exception of fishing (-19.9 percent) and non-metallic mining (-0.2 percent), highlighting the performance of prices of steel products (31.3 percent).

In particular, average export prices increased in the second quarter of 2026 due to global supply shocks associated with the negative impact of II Trim. (a) III Trim. IV Trim. Year I Trim. II Trim.(b) (b) - (a) FINANCIAL ACCOUNT -4.3 2.1 0.2 -1.0 0.1 -2.6 1.7 Net creditor (+) / Net debtor (-)
I. LONG-TERM FINANCIAL ACCOUNT -5.8 0.7 -2.1 -2.2 -1.0 -2.0 3.8

PRIVATE 0.2 -0.6 -2.6 -0.9 -1.6 -0.7 -0.9
Net foreign direct investment -4.1 -2.7 -1.3 -2.6 -2.6 -1.5 2.7 Net portfolio investment 2/ 2.0 3.2 -0.8 1.4 -0.4 1.5 -0.5 Loans received (net of amortization) 2.3 -1.1 -0.5 0.3 1.4 -0.8 -3.0
PUBLIC -6.0 1.3 0.5 -1.3 0.6 -1.3 4.7
Portfolio investment in the country -6.3 0.9 -0.1 -1.7 0.4 -1.5 4.8 Sovereign bonds - non-residents -2.5 -0.6 -0.1 -1.2 -0.8 -1.4 1.1 Loans received (net of amortization) 0.5 0.0 0.4 0.3 0.1 0.1 -0.3 Assets -0.2 0.3 0.2 0.1 0.1 0.0 0.2
II. SHORT-TERM CAPITAL 1.6 1.3 2.3 1.2 1.1 -0.6 -2.2
2/ Includes financial derivatives operations.
Source: BCRP.
1/ The result of the Financial Account represents the flow of Net External Assets (Assets-Liabilities). Any increase in net external assets (liabilities) is with a positive (sign) and its reduction with negative (positive). FINANCIAL ACCOUNT 1/ (Percentage of GDP) 2025 2026 Differences 2025 2T2026 Differences (a) (b) (b)-(a) Brazil -2.2 -1.2 -3.0 -2.9 -2.7 -2.5 0.5 Chile 1/ -8.9 -3.1 -1.2 -1.2 -0.6 n.d. 0.6 Colombia 1/ -6.0 -2.3 -1.7 -2.4 -2.3 n.d. 0.2 Mexico 1/ -1.0 -0.6 -0.9 -0.5 -0.6 n.d. -0.1 Peru -4.0 0.3 2.2 3.5 4.4 4.5 1.0 Source: Central banks of each country. LATIN AMERICA: CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS (Percentage of GDP, accumulated last 4 quarters) 1/ The Differences column shows the subtraction of the accumulated data for the first quarter of 2026 and 2025. 2022 2023 2024 1T2026

BCRP STUDY NOTES
No. 59 – August 21, 2026 the Middle East conflict and stoppages in various mines. On the other hand, demand remains for electrification, renewable energy, data centers and for safe-haven assets like gold. This favorable evolution was partially attenuated by the fall in prices of non-traditional fishing products, associated with a greater supply of Peruvian squid.

This effect was partially counteracted by the increase in average import prices (13.0 percent), explained mainly by the increase in the cost of oil and its derivatives (56.9 percent), which impacted the increase in industrial input prices (9.4 percent). The price of oil rose as a consequence of the closure of the Strait of Hormuz, in the context of the conflict between the United States and Iran, while industrial inputs —particularly plastics, fertilizers and chemical products— rose due to higher energy costs and the shortage of petrochemical inputs associated with the same conflict.

The merchandise trade balance surplus amounted to USD 9,547 million in the
second quarter of 2026, a result higher by USD 3,118 million than in the similar period of 2025. This result was explained mainly by the increase in the value of exports by 35.2 percent due to higher prices of traditional products, basically mining and hydrocarbons, complemented by the expansion of the shipped volumes of gold and copper. However, this effect was partially attenuated by the 29.0 percent increase in imports, both due to the impact of greater internal demand on volumes and due to the effect of the conflict in the Middle East on the prices of imported inputs.

With the result of this period, Peru records 24 consecutive quarters of trade surplus. If we exclude the pandemic episode, Peru would have recorded more than 9 consecutive years of surplus results (39 quarters). On an annual basis, the commercial surplus of the second quarter of 2026 was USD 44,882 million (increase of USD 9,450 million compared to the end of 2025) and as a percentage of GDP was 12.0 percent (increase of 1.6 p.p. compared to 2025), marking a new historical maximum.

Chart 5
TRADE BALANCE, 1994-2026
(In percentage of GDP)
*Accumulated to the second quarter of 2026. Source: BCRP.
BCRPData/NEMAC202606G5

10.3
5.4
6.5
4.1
6.2
8.2
12.0
-6.0
-4.0
-2.0
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0

BCRP STUDY NOTES
No. 59 – August 21, 2026

Exports amounted to USD 27,279 million during the second quarter of 2026, which represented a year-on-year expansion of USD 7,106 million (35.2 percent). The greater year-on-year dynamism of export prices —mainly of traditional products (39.2 percent)— was reinforced by the growth in the shipped volumes of these same products (5.4 percent), driven basically by gold (12.2 percent) and copper (1.9 percent). These effects were partially counteracted by a drop in shipments of non-traditional products of 5.5 percent, explained basically by agricultural products (-5.6 percent), steel products (-14.6 percent) and textiles (- 9.2 percent).

The growth in shipments of traditional products was sustained mainly by gold dispatches. To a lesser extent, it contributed the increase in the volume of exported copper, explained by a statistical base effect, due to anomalous waves that had limited shipments at the beginning of the second quarter of 2025. On the contrary, a drop was observed in shipments of fish meal —lower availability of anchovy biomass, aggravated by the El Niño phenomenon—, zinc — lower mineral grades in Antamina— and hydrocarbons, due to scheduled maintenance in the natural gas export lot.

On the other hand, the lower shipments of non-traditional sectors are explained by agricultural products, such as some cocoa manufactures, asparagus and tangerines; the production of the latter has begun to be compromised by temperature anomalies. The contraction of steel product dispatches is associated with the United States (US) tariff, a measure that continued to affect shipments of copper products. Finally, in the textile sector, lower sales of clothing to the US were recorded.

Total annualized exports, as a percentage of GDP, were 29.1 percent by the second quarter of 2026, higher compared to 2025 (27.5 percent), due to the increase by 2.2 p.p. of traditional exports.

BCRP STUDY NOTES
No. 59 – August 21, 2026

Chart 6
EXPORTS, 1994-2026
(In percentage of GDP)
*Accumulated to the second quarter of 2026.
Source: BCRP.
BCRPData/NEMAC202606G6

Imports amounted to USD 17,731 million during the second quarter of 2026, which implied a year-on-year increase of USD 3,988 million (29.0 percent). This increase was explained by both greater volumes of imported goods and by the increase in prices, mainly oil and derivatives (56.9 percent) and industrial inputs (9.4 percent). In terms of volume, the most dynamic items were capital goods other than construction materials (28.7 percent), durable consumer goods (37.4 percent) and oil and derivatives (13.5 percent).

At the item level, the greater volume of capital goods imports responded mainly to greater purchases of heavy machinery and cargo or transport vehicles (dump trucks, pickup trucks, tractors, buses), a trend linked to the expansion of private investment in the economy. The purchases of durable consumer goods were driven by the acquisition of cars, motorcycles and bicycles, consolidating the trend observed so far this year, which is motivated by the solid performance of private spending.

Although to a lesser magnitude, the categories of industrial inputs and non-durable consumer goods also showed expansion in their volumes, by 1.5 and 4.3 percent, respectively. Within industrial inputs, the aggregate result was sustained by organic chemical and plastic products. As for non-durable consumer goods, purchases of food, human-use medicines and perfumery and cosmetics products stood out.

Total imports, on an annual basis and as a percentage of GDP, were 17.2 percent by the second quarter of 2026, slightly higher compared to the end of 2025 (17.1 percent). From the peak reached in 2022 (22.6 percent of output), the

0.5 0.6
0.8 1.0 1.2 1.4 1.6 1.7
2.1 2.4
2.6
3.2 3.4
3.4
3.8 3.7
3.4
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
NON-TRADITIONAL - AGRICULTURAL
10.4 12.1
10.7
13.8 15.5
19.4
23.4
27.2 25.6
22.1
27.1
24.5
21.1
17.7 18.6
20.7 20.4
27.5 26.7
24.6 25.8
27.5
29.1
5.0
10.0
15.0
20.0
25.0
30.0
35.0
TOTAL
7.4 7.9 8.4
6.9
9.6 10.9
14.0
17.4
21.2
19.3
17.0
21.1
18.7
15.6
13.6
12.1
13.1
15.5
14.3
20.4 19.3
17.7
18.8
20.6
22.8
5.0
7.0
9.0
11.0
13.0
15.0
17.0
19.0
21.0
23.0
25.0
TRADITIONAL
2.9 3.6
3.9
4.3
4.2
4.5
5.3
6.0 6.2
5.0 5.2
6.0
5.5
5.7
5.3
5.8 6.1
7.0
7.3
6.8
6.9
6.8
6.3
2.0
3.0
4.0
5.0
6.0
7.0
8.0
NON-TRADITIONAL

BCRP STUDY NOTES
No. 59 – August 21, 2026

Imports have been decreasing, a dynamic explained by the inputs component; meanwhile, capital and consumption goods have recovered in recent quarters.

Chart 7
IMPORTS, 1994-2026
(In percentage of GDP)
*Accumulated to the second quarter of 2026.
Source: BCRP.
BCRPData/NEMAC202606G7

In the second quarter of 2026, the deficit on services totaled USD 2,156 million, which was USD 497 million higher than that observed in the same period of 2025. Outflows increased by USD 599 million (16.8 percent year-on-year). This result is explained by higher outflows in freight, information and IT services, and travel services.

Outflows for freight increased by USD 301 million (35.2 percent), in a context of high oil prices associated with the closure of the Strait of Hormuz. In telecommunications, IT, and information, outflows rose by USD 98 million, mainly due to higher imports of services from the last two components. Travel outflows increased by USD 97 million due to the higher outflow of resident travelers via airports, which grew by 9.1 percent year-on-year, partially offsetting the flow via land borders (-13.0 percent), resulting in a 1 percent drop in total outbound flows.

Service inflows increased by USD 103 million. This result is mainly explained by higher inflows from tickets (transport) by USD 78 million and other business services by USD 23 million. Travel inflows decreased by USD 6 million. The arrival of non-resident travelers fell by 5.6 percent year-on-year—2.9 percent via airports and -9.5 percent via land borders—with the number of tourists remaining at levels below pre-pandemic—25.0 percent below that observed in the second quarter of 2019.

4,0 4,5 4,7 4,2
3,4 3,6
4,7
7,6
6,1
6,9 6,7 6,2 5,6 5,1 5,1 5,0
6,0 5,6
5,0
5,1
5,1 5,2
-
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
9,0
CAPITAL
12,9
14,7 15,2
13,8 14,6 13,7
14,8
17,0
23,5
17,1
21,7 20,9
19,2
17,6
18,2
17,4
16,6
21,0
22,6
18,3
17,6 17,1
17,2
10,0
12,0
14,0
16,0
18,0
20,0
22,0
24,0
26,0
TOTAL
3,2
3,5 3,6
3,0
3,2 3,1
3,7
3,2
3,7
3,9
4,3 4,4 4,3 4,2 4,2
4,5 4,5
4,1 4,0
4,1
4,1
2,0
2,5
3,0
3,5
4,0
4,5
5,0
CONSUMPTION
5,2
6,0 6,2
7,2 6,9
8,1
9,1
12,0
8,2
10,7
9,6
8,2 8,1
8,9
8,1
7,4
10,4
12,5
9,1 8,6 7,9 7,7
2,0
4,0
6,0
8,0
10,0
12,0
14,0
INPUTS

BCRP STUDY NOTES
No. 59 – August 21, 2026

The primary income deficit amounted to USD 6,932 million, which was USD 1,715 million higher than that of the same period in 2025, mainly due to higher profits of companies with foreign participation. This result was mitigated by a more favorable performance of the public sector, which recorded lower outflows—particularly lower interest on loans and bonds—as well as higher revenues, especially from the BCRP—associated with the higher level of international reserves—with the public sector surplus increasing by USD 135 million compared to the same period in 2025.

The profits of FDI companies in the second quarter of 2026 exceeded those recorded in the same period of 2025 by USD 1,810 million. This result was mainly due to the better performance of the mining sector, favored by higher export prices for metals. Likewise, companies in the industry and hydrocarbons sectors also recorded higher profits. On the other hand, the services sector showed lower results, mainly due to non-financial services, while the energy sector showed no major variation.

The mining sector recorded an increase in profits of USD 1,650 million, driven mainly by the rise in export prices of copper, gold, and zinc. The international price of copper increased from USD 4.62 per pound in the second quarter of 2025 to USD 6.66 per pound in the second quarter of 2026; gold went from USD 3,292 to USD 4,502 per ounce; and zinc from USD 0.99 to USD 1.21 per pound. Profits in the industry sector increased by USD 112 million, explained mainly by beverage producers and refineries, given the rise in international oil quotations during the second quarter. In this regard, the hydrocarbons sector also recorded an increase in net results, in a context of rising export prices for both natural gas and oil.

Conversely, profits in the services sector decreased by USD 40 million, mainly due to the lower results of airlines—affected by the rise in fuel—as well as telecommunications and non-bank financial companies. On the other hand, banking sector companies recorded better results, supported mainly by higher financial income derived from a broader credit portfolio. Finally, the energy sector showed no major variation. Companies related to energy generation presented lower profits, mainly due to the expiration of old contracts. Companies related to energy distribution presented better profits due mainly to lower operating costs and lower interest expenses.

BCRP STUDY NOTES
No. 59 – August 21, 2026

Table 8
1/ Includes the Financial Sector.
Source: Companies. Includes estimates.
BCRPData/NEMAC202606C8

In the second quarter of 2026, secondary income amounted to USD 2,165 million, representing an increase of USD 179 million compared to the same period of 2025. This result was explained by higher income from income tax on non-residents, offset by lower income from payment of extraordinary insurance claim indemnities to resident insurers. Remittances from Peruvian workers residing abroad amounted to USD 1,331 million, representing a reduction of USD 10 million (-0.7 percent year-on-year), partly due to restrictive migration measures in the United States, including a 1.0 percent tax on cash remittances, and the slowdown in the growth of European economies. The United States remains the main origin of this type of remittance.
During the second quarter of the year, net long-term external financing of the private sector was USD 641 million, contrary to the increase in external assets of USD 160 million in the same period of the previous year. This result is mainly explained by:

(i) A greater increase in external liabilities compared to that observed in the same quarter of 2025. External liabilities rose by USD 4,221 million, which was USD 2,894 million higher than the liability flow of the second quarter of 2025. Lower amortization of long-term loans and an increase in portfolio liabilities due to higher net issuances by the non-financial private sector were observed.

Loans increased by USD 718 million, which was USD 2,557 million higher than in the second quarter of 2025. The financial sector increased its disbursements by USD 461 million, a result that contrasts with the net amortization recorded in the second quarter of last year. The higher disbursements are mainly explained by the banking sector. In the non-financial sector, disbursements to the industrial sector stand out, along with a significant reduction in the amortization flow, mainly from mining companies.

Portfolio liabilities showed greater growth compared to the second quarter of 2025. Reopenings of previously issued debt instruments were recorded by an infrastructure company and a mining company, to strengthen their financial position and optimize their capital structure.

Differences
II Qtr. (a) III Qtr. IV Qtr. Year I Qtr. II Qtr. (b) (b)-(a)

Mining 2,507 3,267 3,746 12,084 4,496 4,157 1,650
Hydrocarbons 298 290 240 1,264 417 386 89
Industry 442 542 547 1,970 643 554 112
Services 1/ 1,949 1,788 1,633 6,959 1,884 1,910 -40
Energy and others 269 229 217 990 250 268 -1
TOTAL 5,466 6,116 6,383 23,268 7,690 7,276 1,810 FDI PROFITS BY SECTOR (USD Millions) 2025 2026

BCRP STUDY NOTES
No. 59 – August 21, 2026

FDI liabilities increased by USD 3,224 million, slightly lower compared to the second quarter of 2025. The liability flow of the quarter is explained mainly by the reinvestment of profits (mainly mining); and to a lesser extent, by capital contributions. The lower result compared to the previous year is supported by slightly lower financing via debt, although it stands out that another mining company received the entire resources of the bond issued by its parent company for a project.

(ii) The higher liabilities were limited by a greater increase in external assets, compared to that observed in the same quarter of 2025.

FDI assets increased by USD 1,831 million, which was USD 1,899 million higher compared to the second quarter of 2025. This is mainly due to an increase in debt instruments in the mining and industry sectors.

Portfolio investment flow totaled USD 1,749 million (USD 1,555 million in the second quarter of 2025). This was mainly due to higher purchases of external assets by mutual funds (USD 1,066 million) and insurance companies (USD 344 million). The portfolio investment flow of AFPs remained negative for the third consecutive quarter (net sales), although at a lower rate than that observed in the first quarter of this year, to cope with withdrawals by their affiliates.

The public sector recorded a net inflow of capital (increase in its net debtor position) of USD 1,245 million in the second quarter of 2026, a figure lower than the net inflow of USD 4,891 million, recorded in the same quarter of 2025.
This evolution is the result of a drop in portfolio investment by USD 3,705 million, explained mainly by lower issuances due to a base effect resulting from comparison with the second quarter of 2025, a period in which a global bond auction took place for USD 3,000 million, destined to finance the repurchase of bonds with near-term maturities. To a lesser extent, the reduction in the pace of purchases of sovereign bonds by non-residents by USD 732 million contributed.
The short-term capital account reflected a net sale of external assets by USD 601 million, a result contrary to the net purchase observed in the same quarter of the previous year by USD 1,271 million.

In the financial sector, an increase in bank liabilities (USD 745 million) was observed, due to national currency deposits from non-residents and loans, which was similar to the increase in its assets (USD 695 million), resulting in a net result of lower purchases by USD 50 million. In the non-financial sector, a reduction in external assets was observed, lower deposits, and collections from the mining sector.

External assets at the second quarter of 2026 amounted to USD 215,845 million (57.5 percent of GDP), which was USD 26,053 million higher than the level at the close of the second quarter of 2025. This increase is explained by higher reserve assets by USD 10,105 million compared to the balance of the same quarter of last year. Likewise, higher external assets of the financial system were recorded, which were USD 5,904 million higher than the balance recorded in the same quarter of last year (mainly from mutual fund and AFP portfolios). The increase in the rest of external assets is due to the

BCRP STUDY NOTES
No. 59 – August 21, 2026

higher short-term assets of the non-financial sector and higher FDI in debt instruments.

On the other hand, external liabilities reached USD 307,425 million (81.9 percent of GDP), an amount USD 21,690 million higher than the balance of the second quarter of 2025. This increase is explained by the increase in the balance of foreign direct investment liabilities by USD 11,155 million, as well as the portfolio liabilities of the private sector held by non-residents, mainly due to valuation effects on holdings of equity income, particularly mining shares; and debt liabilities by USD 2,347 million.

Chart 8
VALUATION OF NON-RESIDENT HOLDINGS IN EQUITY BY SECTOR (USD Millions) Source: Cavali. BCRPData/NEMAC202606G8

In relative terms of GDP, the balance of private external debt fell from 16.3 to 14.3 percent between the second quarter of 2025 and 2026, while that of public external debt fell from 23.5 to 19.6 percent in the same period.

10000
15000
20000
25000
Banks and Other Financials Diversified Industrial Mining Insurance Public Services Rest

BCRP STUDY NOTES
No. 59 – August 21, 2026

Chart 9
BALANCE OF MEDIUM AND LONG-TERM EXTERNAL DEBT: 2018-2026 (Percentage of GDP) 1/ The balance of public external debt includes sovereign bonds held by non-residents. Source: BCRP. BCRPData/NEMAC202606G9

15,0 14,2
22,8 21,3 20,2 18,5 18,7 18,4 17,8 17,2 16,8 16,3 15,8 15,3 14,2 14,3 15,2 16,6 23,2 26,3 24,2 22,2 21,6 21,4 22,7 22,1 22,1 23,5 22,5 21,4 19,9 19,6 30,2 30,8 46,0 47,6 44,4 40,7 40,3 39,7 40,5 39,3 39,0 39,8 38,2 36,7 34,1 33,9 2018 2019 2020 2021 2022 2023 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

Public 1/ Private

BCRP STUDY NOTES
No. 59 – August 21, 2026

III. PUBLIC FINANCES: the fiscal deficit accumulated over the last 12 months fell from 2.6 percent of GDP to 1.3 percent between the second quarter of 2025 and 2026.

Economic Result

By the second quarter of 2026, the annualized fiscal deficit of the Non-Financial Public Sector (NFPS) stood at 1.3 percent of GDP, representing a reduction of 1.3 percentage points compared to the level observed in the same quarter of 2025. This improvement was mainly due to the increase in current government revenues.

The annualized current revenues of the quarter increased by 9.7 percent in real terms compared to the same period of the previous year and represented 19.4 percent of GDP, which was 0.2 percentage points higher than that recorded a year ago. This performance was associated with the greater dynamism of economic activity and the favorable evolution of export prices.

Tax revenues reached 15.2 percent of GDP and registered a year-on-year real growth of 10.5 percent. This result responded, mainly, to the increase in collection from advance payments of the Corporate Income Tax, the Selective Consumption Tax (ISC), the internal VAT, and other tax revenues, including the special tax on mining, casinos, and slot machines, the transfer of detractions, and fines. However, this increase was partially compensated by a higher amount of tax refunds. On the other hand, non-tax revenues remained at 4.3 percent of GDP, because the increase in the Special Mining Levy, mining royalties, and transfers from public entities were compensated by a drop in canon and oil royalties, as well as interest income.

Table 9
NON-FINANCIAL PUBLIC SECTOR OPERATIONS
(Accumulated last 4 quarters, percentage of GDP) 1/ General Government. 2/ Real percentage variations reflect the year-on-year change in the accumulated last four quarters. The difference is shown in percentage points. 3/ Includes capital income of the General Government and primary result of state-owned enterprises. Source: MEF, Banco de la Nación, Sunat, EsSalud, public benefit societies, state-owned enterprises, and public institutions. BCRPData/NEMAC202606C9

Difference
II Qtr. (a) III Qtr. IV Qtr. I Qtr. II Qtr. (b) (b) - (a)

Current Revenues 1/ 19,2 19,1 19,0 18,8 19,4 0,2
YoY Real Var. 2/ 11,5 10,2 9,5 8,3 9,7 -1,8 a. Tax Revenues 14,9 14,9 14,8 14,7 15,2 0,3 b. Non-Tax Revenues 4,3 4,2 4,2 4,1 4,3 -0,1
Non-Financial Expenditure 1/ 20,6 20,1 19,9 19,6 19,5 -1,1
YoY Real Var. 2/ 7,7 2,1 3,6 3,2 2,9 -4,8 a. Current 14,5 14,5 14,3 14,2 14,3 -0,2 b. Capital 6,1 5,6 5,6 5,4 5,2 -0,9 Of which:
Gross Capital Formation 4,9 4,7 4,6 -0,3
Others 3/ 0,5 0,2 0,3 0,4 0,3 -0,1
Primary Result -0,9 -0,8 -0,6 -0,5 0,3 1,2
Interest 1,7 1,7 1,6 1,6 1,5 -0,2
Economic Result -2,6 -2,5 -2,2 -2,1 -1,3 1,3
2025 2026

BCRP STUDY NOTES
No. 59 – August 21, 2026

Non-financial expenditure represented 19.5 percent of GDP in the accumulated last twelve months, a figure 1.1 percentage points lower than that observed in the second quarter of 2025. However, in real terms, it registered a year-on-year growth of 2.9 percent, driven mainly by the increase in current expenditure. This increase was explained by higher disbursements in remuneration—especially in the Education, Public Order and Security, Health, Defense and National Security, Legislative, Justice and Planning and Management sectors—as well as by higher spending on goods and services and transfers. In contrast, capital expenditure decreased from 6.1 to 5.2 percent of GDP, mainly due to the lower execution of other capital expenditures. This decrease is explained, in part, because the expenditure accumulated to June 2025 includes the capitalization of Petroperú by S/ 6.1 billion (September 2024), while the annualized expenditure to June 2026 considers support for the same company through the honoring of guarantees associated with a foreign trade credit from the Banco de la Nación, by S/ 3.1 billion.

In quarterly terms, the NFPS recorded a fiscal surplus equivalent to 3.9 percent of GDP, which was 3.0 percentage points higher than that achieved in the same quarter of 2025. This performance responded to the increase in current revenues as a percentage of GDP and the reduction in non-financial expenditure. Current revenues accumulated eight consecutive quarters of growth in real terms, favored by greater economic activity, the expansion of formal employment, high export prices, and the effect of higher coefficients applied to advance payments of the Income Tax (IT).

Table 10
NON-FINANCIAL PUBLIC SECTOR OPERATIONS
(Percentage of GDP)
1/ General Government.
2/ The difference is shown in percentage points.
3/ Includes capital income of the general government and primary result of state-owned enterprises. Source: MEF, Banco de la Nación, Sunat, EsSalud, public benefit societies, state-owned enterprises, and public institutions. BCRPData/NEMAC202606C10

Difference
II Qtr. (a) III Qtr. IV Qtr. Year I Qtr. II Qtr. (b) (b) - (a)

Current Revenues 1/ 20,4 17,7 17,7 19,0 19,4 22,8 2,4
YoY Real Var. 2/ 14,1 6,2 7,0 9,5 6,1 18,7 4,6 a. Tax Revenues 16,0 13,5 13,8 14,8 15,4 17,9 1,9 b. Non-Tax Revenues 4,4 4,2 3,9 4,2 4,0 4,9 0,5
Non-Financial Expenditure 1/ 18,9 19,9 21,9 19,9 17,8 18,4 -0,5
YoY Real Var. 2/ 4,8 -2,0 4,1 3,6 6,6 3,6 -1,3 a. Current 14,0 14,2 15,1 14,3 13,6 14,3 0,4 b. Capital 4,9 5,7 6,8 5,6 4,2 4,1 -0,8
Others 3/ 0,2 0,3 0,5 0,3 0,5 0,1 -0,1
Primary Result 1,7 -1,9 -3,7 -0,6 2,2 4,5 2,8
Interest 0,9 2,1 0,7 1,6 2,6 0,6 -0,3
External 0,7 0,4 0,7 0,6 -0,1
Internal 0,2 1,7 0,1 1,0 2,1 0,0 -0,1
Economic Result 0,8 -4,1 -4,5 -2,2 -0,4 3,9 3,0
Financing -0,8 4,1 4,5 2,2 0,4 -3,9 -3,0
External 3,3 -2,2 -0,7 0,2 -1,4 -0,3 -3,6
Internal -4,1 6,3 5,1 2,0 1,9 -3,5 0,6
2025 2026

BCRP STUDY NOTES
No. 59 – August 21, 2026
General Government Revenues and Expenses
22. Current revenues grew 18.7 percent in real terms compared to the second quarter of 2025. This result was mainly due to greater dynamism in economic activity and high export prices, which have remained at favorable levels since the second quarter of 2024.
By component, the growth was mainly explained by higher tax revenue collection, highlighting Income Tax (IR), both for individuals and corporations, the General Sales Tax (IGV) on domestic sales, and the Selective Consumption Tax (ISC). Likewise, tax refunds registered a decrease compared to the same period of the previous year. Regarding non-tax revenues, an increase was observed in transfers from public entities, the Special Levy on Mining, mining royalties, and oil canon and royalties. This result was partially offset by lower interest income and other revenues of the national government. Income Tax collection grew 13.5 percent in real terms compared to the second quarter of 2025, driven mainly by higher revenues from corporations. In particular, the collection of third-category IR increased 40.1 percent in real terms, as a result of the increase in coefficients applied to advance payments determined in the regularization of March-April 2026. Likewise, the collection of IR for individuals showed a favorable performance, explained mainly by the growth of fifth-category incomes, associated with the expansion of the formal wage mass, and second-category incomes, due to higher payments for dividend distribution.

Chart 10 Table 11
Current revenues and export prices
(Annual nominal percentage variations)
IR by categories
(Annual real percentage variations)

In parentheses is included a characteristic keyword of each IR category, but not necessarily limited to them. Source: Sunat and BCRP. BCRPData/NEMAC202606G10 BCRPData/NEMAC202606C11

Revenues from IGV grew 14.6 percent in real terms compared to the same quarter of the previous year, due to the increase in both domestic IGV and IGV on imports. The growth of domestic IGV (14.7 percent) responded to greater economic activity, reflected in higher collection from the mining, commerce, manufacturing, and services sectors. On the other hand, the growth of IGV on imports (14.4 percent) was driven by the higher value of these and by higher payments associated with guaranteed imports, partially compensated by the appreciation of the sol.

The Selective Consumption Tax (ISC) increased 9.6 percent year-on-year in real terms. The component applied to fuels showed a contraction of 3.4 percent, mainly due to the reduction of the domestic component, in turn due to lower payments made by one of the country's main refineries. This effect was partially compensated by the higher ISC applied to imports, associated with the increase in fuel imports. On the other hand, ISC on other goods grew 17.0 percent, due to higher collection in the items of slot machines, imported goods, and soft drinks.

Table 12 Chart 11
Domestic IGV by sectors
(Annual real percentage variations)
Domestic IGV
(Contribution to the annual real percentage variation, by sector, in p.p.)

Source: Sunat.
BCRPData/NEMAC202606C12
BCRPData/NEMAC202606G11

Other tax revenues increased 19.5 percent in real terms compared to the same quarter of the previous year, driven mainly by (i) higher collection of the Special Mining Tax (IEM), associated with higher operating profits of the mining sector due to high export prices; (ii) higher revenues from the transfer of detracciones, due to SUNAT's audit actions; and (iii) the tax on casinos and slot machines.

Tax refunds decreased 9.0 percent in real terms, mainly due to lower refunds for early recovery of IGV, for overpayments or improper payments, and for the "other" item, the latter explained by a reduction in ex officio refunds.

Non-tax revenues grew 19.2 percent in real terms compared to the same quarter of the previous year. This result responded mainly to higher profit transfers from public entities (BCRP and Fonafe) to the Public Treasury, to the increase in mining royalties and the Special Levy on Mining, associated with higher operating profits of the mining sector favored by high export prices, and to the increase in social contributions, in line with the growth of

II Trim. Year II Trim.
TOTAL 5.9 6.5 14.7
Mining 19.4 28.7 78.7
Commerce 13.7 0.8 29.3
Construction -8.1 12.8 20.1
Manufacturing 5.9 -14.0 4.8
Services 17.4 5.6 2.4
Hydrocarbons -6.8 8.3 -2.7
Agriculture and fishing -9.2 -12.5 -17.2
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
IIT.25 IIIT.25 IVT.25 IT.26 IIT.26
Services Commerce
Manufacturing Mining
Hydrocarbons Agriculture and fishing
Construction Domestic IGV

the formal wage mass. Likewise, higher revenues from own resources contributed. This result was partially compensated by lower interest income.
23. Non-financial expenditures of the second quarter of 2026 increased 3.6 percent year-on-year in real terms, due to an increase in current spending, which was partially counteracted by a fall in capital spending.
Current spending registered a growth of 8.9 percent in real terms, explained by the increase in disbursements for remuneration (4.8 percent), mainly in the sectors of Education, Public Order and Security, Health, Defense and National Security; goods and services (13.9 percent), associated with the increase in spending on professional and technical services, service leasing, and maintenance services; and transfers (7.5 percent), due mainly to higher transfers destined to social programs and the payment of pensions, as well as to a higher level of compensation to the Fuel Price Stabilization Fund (FEPC). In April, spending on goods and services was additionally driven by the recording of an advance of S/ 1,589 million for the acquisition of fighter jets by the Armed Forces. General Government capital spending decreased 11.6 percent in real terms, due to a fall in both gross capital formation (-3.7 percent) and other capital spending (-70.8 percent). The gross capital formation of the National Government showed a real contraction of 19.3 percent, due to lower incurred spending on projects under the former National Plan for Sustainable Infrastructure for Competitiveness (PNISC), particularly in Bicentennial Schools, due to the completion of the first stage of this project, as well as in projects under the National Infrastructure Authority (ANIN), mainly those oriented to integral solutions for flood protection of river margins, basins, and banks, and rainwater drainage. In Regional Governments, gross capital formation increased 0.9 percent in real terms, mainly due to greater execution in Education, Health, and Sanitation functions. By department, 13 of the 25 Regional Governments showed a higher level of incurred spending during the second quarter of 2026 compared to the same period of the previous year, highlighting those located in Ucayali, Ancash, and Ica. In Local Governments, gross capital formation increased 10.1 percent in real terms. This expansion was recorded mainly in the functions of Transport, Education, and Housing. By department, an increase was observed in 16 of the 25 departments, highlighting the Local Governments located in Lima, Cajamarca, and Ica.

Chart 12
INVESTMENT PROJECT EXECUTION OF REGIONAL AND LOCAL GOVERNMENTS BY DEPARTMENT: IT-2026 (Year-on-year variation in millions of soles) Regional Governments Local Governments Source: MEF. Elaboration: BCRP. BCRPData/NEMAC202606G12

The item of other capital spending registered a real contraction of 70.8 percent, mainly due to a base effect associated with the honoring of state guarantees of credit recorded in June 2025 for S/ 438 million, corresponding to the foreign trade credit granted by the National Bank to Petroperú, as well as for lower transfers to the Mivivienda Fund and for the promotion of private investment. Public Debt
24. Gross public debt stood at 28.3 percent of GDP at the end of the second quarter of 2026, representing a reduction of 1 p.p. compared to the level recorded at the end of the first quarter. This evolution was explained mainly by the decrease in external debt and, to a lesser extent, by the reduction in internal debt, both measured as a percentage of GDP.
The balance of gross public debt amounted to S/ 363.4 billion, an amount S/ 3.3 billion lower than that recorded at the end of the first quarter of the year. External debt decreased by S/ 4.5 billion, mainly due to the amortization of external credits with commercial banks and the effect of the appreciation of the sol against the dollar. On the other hand, internal debt increased by S/ 1.2 billion, mainly due to the placement of sovereign bonds carried out within the framework of the Market Makers program. At the end of the second quarter of 2026, the balance of net public debt reached S/ 262.5 billion, equivalent to 20.4 percent of GDP, a level 2.1 percentage points lower

BCRP STUDY NOTES
No. 59 – August 21, 2026 than that recorded at the end of the first quarter. In nominal terms, net debt decreased by S/ 20.2 billion, mainly due to the fiscal surplus and the net effect of the exchange rate appreciation on gross debt and financial assets.

Chart 13
GROSS AND NET DEBT OF THE NON-FINANCIAL PUBLIC SECTOR (In percentage of GDP and balance in thousands of millions of soles)

Source: BCRP and MEF.
BCRPData/NEMAC202606G13

31.7 32.0 31.9 32.0
31.0 31.6 30.9 30.1
29.2
28.3
21.9 22.0 22.4
23.4 22.9
21.8 22.4 22.7 22.5
20.4
16.0
22.0
28.0
34.0
2024 IT 2024 IIT 2024 IIIT 2024 2025 IT 2025 IIT 2025 IIIT 2025 2026 IT 2026 IIT Gross Debt Net Debt Balances Gross Debt Net Debt 2024 IT 327.1 226.4 2024 IIT 338.2 232.0 2024 IIIT 345.2 243.0 2024 355.2 259.6 2025 IT 351.9 259.6 2025 IIT 365.7 251.8 2025 IIIT 364.7 264.6 2025 365.6 276.1 2026 IT 366.7 282.7 2026 IIT 363.4 262.5

BCRP STUDY NOTES
No. 59 – August 21, 2026
IV. LIQUIDITY AND CREDIT RATIOS: the credit-to-GDP ratio fell from 36 to 35 percent between the second quarter of 2025 and 2026, while the liquidity ratio rose from 43 to 45 percent.
25. The credit monetization coefficient, defined as the ratio of credit to GDP, was reduced from 36 to 35 percent of output between the second quarter of 2025 and 2026. The evolution in terms of output is a reflection of the faster recovery rate of GDP compared to credit. In nominal terms, credit to the private sector rose 8.7 percent between June 2025 and 2026, mainly due to the increase in consumer and corporate credit.
Liquidity to GDP increased to 45 percent of output compared to that observed in the second quarter of the previous year (43 percent). Total liquidity advanced 16.4 percent year-on-year in nominal terms due to the increase in all its components. The expansion of currency in circulation by 17.9 percent stood out, as well as that of demand, savings, time, and CTS deposits, which also registered positive variations.

Chart 14
Note: Calculated with constant exchange rate (S/ 3.36 per USD).
Source: BCRP.
BCRPData/NEMAC202606G14

Chart 15
Note: Calculated with constant exchange rate (S/ 3.36 per USD).
Source: BCRP.
BCRPData/NEMAC202606G15

31.8
37.8 40.5 40.1 38.8 35.9 35.0 34.7 34.6 34.3 33.8 33.3 32.6 32.1 31.6 31.4 30.7 30.5 29.5 29.1 28.5 28.4 28.2 28.0 27.3 27.5
11.2
11.6 10.8 10.5 10.0
9.7 8.7 8.6 8.7 9.0 9.1 9.0 9.1 8.9 8.9 8.7 8.5 8.3 8.0 7.7 7.6 7.9 7.8 7.9 7.7 7.9
49 51 51 49
46 44 43 42 42 41 40 40 39 39 37 37 36 35 35
IT 20 IIT IIIT IVT IT 21 IIT IIIT IVT IT 22 IIT IIIT IVT IT 23 IIT IIIT IVT IT 24 IIT IIIT IVT IT 25 IIT IIIT IVT IT 26 IIT CREDIT (In percentage of GDP) MN ME 31.1
39.0 41.5 42.6 41.8 36.1 35.7 34.8 33.2 31.9 33.2 32.8 31.9 31.1 31.1 31.8 31.1 32.0 32.8 32.9 31.6 31.2 31.3 33.5 33.5 32.8
12.9
14.3 14.9 15.4 15.0
13.5 12.5 12.8 13.4 12.9 12.6 12.3 12.2 12.0 11.7 11.7 12.4 11.1 11.5 11.2 11.3 11.4 11.6 11.4 11.3 11.8
53 56 58 57
50 48 48 47 45 46 45 44 43 44 44 43 45
IT 20 IIT IIIT IVT IT 21 IIT IIIT IVT IT 22 IIT IIIT IVT IT 23 IIT IIIT IVT IT 24 IIT IIIT IVT IT 25 IIT IIIT IVT IT 26 IIT LIQUIDITY (In percentage of GDP) MN ME

BCRP STUDY NOTES
No. 59 – August 21, 2026
V. TOTAL FINANCING OF THE PRIVATE SECTOR: rose 7.7 percent year-on-year in June 2026.
26. Total financing to the private sector (credit from financial intermediaries, local capital market funding, and borrowing from abroad) increased by 7.7 percent in June 2026 compared to the same month in 2025, reflecting a widespread expansion of its financing sources. The advance was driven mainly by credit provided by other financial companies (12.1 percent); and, credit granted by deposit companies (8.7 percent). To a lesser extent, private external borrowing contributed, whose medium and long-term component increased 2.4 percent.

Table 13
1/ The dollarization coefficient is shown in percentage for the columns of millions of soles and the difference in percentage points for the columns of growth rates. Note: Credit from deposit companies does not include foreign currency credit granted by branches of banks abroad. Balances in foreign currency are valued at constant exchange rate (S/ 3.36 per USD). Source: BCRP. BCRPData/NEMAC202606C13

Dec-24 Jun-25 Dec-25 Jun-26 Dec-25/
Dec-24
Jun-26/
Jun-25
Credit from deposit companies 407 894 418 994 434 916 455 305 6.6 8.7 National currency 322 605 328 106 339 523 353 282 5.2 7.7 Foreign currency (millions of USD) 25 384 27 050 28 391 30 364 11.8 12.3 Dollarization (%) 1/ 20.9 21.7 21.9 22.4 1.0 0.7 Credit from other financial companies 38 200 39 057 44 174 43 766 15.6 12.1 National currency 25 946 25 725 29 360 27 582 13.2 7.2 Foreign currency (millions of USD) 3 647 3 968 4 409 4 816 20.9 21.4 Dollarization (%) 1/ 32.1 34.1 33.5 37.0 1.5 2.8 Private external borrowing 94 784 87 064 89 099 88 121 -6.0 1.2 (millions of US$) 28 210 25 912 26 518 26 227 -6.0 1.2 Short term (millions of USD) 4 675 4 439 4 204 4 235 -10.1 -4.6 Medium and long term (millions of USD) 23 534 21 473 22 313 21 991 -5.2 2.4 TOTAL 540 878 545 116 568 188 587 192 5.0 7.7 National currency 348 551 353 830 368 883 380 865 5.8 7.6 Foreign currency (millions of USD) 57 240 56 930 59 317 61 407 3.6 7.9 Dollarization (%) 1/ 35.6 35.1 -0.5 0.0 EXPANDED FINANCING TO THE PRIVATE SECTOR Millions of S/ Percentage variation

BCRP STUDY NOTES
No. 59 – August 21, 2026
ANNEX 1: DETAILED TABLES OF THE BALANCE OF PAYMENTS
BCRPData/NEMAC202606A1.1
II Trim. (a) III Trim. IV Trim. Year I Trim. II Trim. (b) (b) - (a)
I. CURRENT ACCOUNT (1+2+3+4) 1 539 3 717 5 729 12 005 4 723 2 625 1 086
1. Goods (a-b) 6 429 9 588 12 539 35 433 13 208 9 547 3 118
a. Exports 1/ 20 173 24 690 28 285 93 993 29 159 27 279 7 106 b. Imports 13 743 15 103 15 746 58 560 15 951 17 731 3 988
2. Services (a-b) -1 659 -1 882 -2 516 -8 230 -2 376 -2 156 -497
a. Exports 1 913 2 033 1 986 7 643 1 890 2 016 103 b. Imports 3 572 3 916 4 503 15 873 4 266 4 171 599
3. Primary income (a+b) -5 217 -6 162 -6 122 -23 104 -8 122 -6 932 -1 715
a. Private -5 409 -6 030 -6 288 -23 049 -7 693 -7 259 -1 850 b. Public 192 -132 166 -55 -428 327 135
4. Secondary income 1 986 2 173 1 828 7 906 2 012 2 165 179
of which: Remittances from abroad 1 341 1 343 1 360 5 299 1 309 1 331 -10
II. FINANCIAL ACCOUNT (1+2+3) 2/ -3 460 1 813 201 -3 342 104 -2 487 973
Net Creditor (+) / Net Debtor (-)
1. Private sector (a-b) 160 -489 -2 542 -2 948 -1 513 -641 -800
a. Assets 1 487 3 214 620 8 040 1 778 3 580 2 093 b. Liabilities 1 327 3 703 3 162 10 987 3 291 4 221 2 894
2. Public sector (a-b) -4 891 1 124 454 -4 558 589 -1 245 3 646
a. Assets -163 277 153 226 92 37 201 b. Liabilities 3/ 4 727 -847 -302 4 785 -497 1 283 -3 445
3. Short-term capital (a-b) 1 271 1 177 2 289 4 164 1 028 -601 -1 872
a. Assets 429 1 033 1 059 2 267 749 87 -342 b. Liabilities -842 -144 -1 230 -1 897 -279 688 1 530
III. NET ERRORS AND OMISSIONS -1 583 -2 734 -1 137 -7 492 -79 -3 152 -1 570
IV. BALANCE OF PAYMENTS RESULT
IV = (I + III) - II = (1-2) 3 416 -830 4 391 7 855 4 539 1 960 -1 456
1. Variation in RIN balance 4 247 -115 5 066 11 228 4 502 837 -3 410
2. Valuation effect 831 715 676 3 373 -38 -1 123 -1 954
1/ Includes estimate of gold exports not registered by Customs.
3/ Considers the purchase and sale between residents and non-residents of government bonds issued abroad or in the local market. BALANCE OF PAYMENTS (Millions of USD) Source: BCRP, Ministry of Economy and Finance (MEF), Superintendence of Banks, Insurance and AFP (SBS), National Superintendence of Customs and Tax Administration (Sunat), Ministry of Foreign Trade and Tourism (Mincetur), Commission for the Promotion of Peru for Export and Tourism (Promperú), Ministry of Foreign Relations, Cofide, ONP, FCR, Zofratacna, National Bank, Cavali S.A. ICLV, Private Investment Promotion Agency (Proinversión), Bank for International Settlements (BIS) and companies. 2/ The financial account and its components (private sector, public sector, and short-term capital) are expressed as net assets of liabilities. 2025 2026 Differences

BCRP STUDY NOTES
No. 59 – August 21, 2026
BCRPData/NEMAC202606A1.2
II Trim.(a) III Trim. IV Trim. Year I Trim. II Trim. (b) (b) - (a)
I. CURRENT ACCOUNT (1+2+3+4) 1.9 4.2 5.8 3.5 5.1 2.7 0.9
1. Goods (a-b) 7.9 10.9 12.7 10.4 14.2 10.0 2.1
a. Exports 1/ 24.8 28.1 28.7 27.5 31.2 28.5 3.7 b. Imports 16.9 17.2 16.0 17.1 17.1 18.5 1.6
2. Services (a-b) -2.0 -2.1 -2.6 -2.4 -2.5 -2.3 -0.2
a. Exports 2.4 2.3 2.0 2.2 2.0 2.1 -0.2 b. Imports 4.4 4.5 4.6 4.4 0.0
3. Primary income (a+b) -6.4 -7.0 -6.2 -6.8 -8.7 -7.2 -0.8
a. Private -6.6 -6.9 -6.4 -6.7 -8.2 -7.6 -0.9 b. Public 0.2 -0.1 0.2 0.0 -0.5 0.3 0.1
4. Secondary income 2.4 2.5 1.9 2.3 2.2 2.3 -0.2
of which: Remittances from abroad 1.6 1.5 1.4 1.5 1.4 1.4 -0.3
II. FINANCIAL ACCOUNT (1+2+3) 2/ -4.3 2.1 0.2 -1.0 0.1 -2.6 1.7
Net Creditor (+) / Net Debtor (-)
1. Private sector (a-b) 0.2 -0.6 -2.6 -0.9 -1.6 -0.7 -0.9
a. Assets 1.8 3.7 0.6 2.4 1.9 3.7 1.9 b. Liabilities 1.6 4.2 3.2 3.2 3.5 4.4 2.8
2. Public sector (a-b) -6.0 1.3 0.5 -1.3 0.6 -1.3 4.7
a. Assets -0.2 0.3 0.2 0.1 0.1 0.0 0.2 b. Liabilities 3/ 5.8 -1.0 -0.3 1.4 -0.5 1.3 -4.5
3. Short-term capital (a-b) 1.6 1.3 2.3 1.2 1.1 -0.6 -2.2
a. Assets 0.5 1.2 1.1 0.7 0.8 0.1 -0.4 b. Liabilities -1.0 -0.2 -1.2 -0.6 -0.3 0.7 1.8
III. NET ERRORS AND OMISSIONS -1.9 -3.1 -1.2 -2.2 -0.1 -3.3 -1.3
IV. BALANCE OF PAYMENTS RESULT
IV = (I + III) - II = (1-2) 4.2 -0.9 4.5 2.3 4.9 2.0 -2.2
1. Variation in RIN balance 5.2 -0.1 5.1 3.3 4.8 0.9 -4.3
2. Valuation effect 1.0 0.8 0.7 1.0 0.0 -1.2 -2.2
Gross Domestic Product, quarterly 81 366 87 907 98 409 341 924 93 329 95 739 14 374 1/ Includes estimate of gold exports not registered by Customs. 3/ Considers the purchase and sale between residents and non-residents of government bonds issued abroad or in the local market. 2/ The financial account and its components (private sector, public sector, and short-term capital) are expressed as net assets of liabilities. Source: BCRP, MEF, SBS, Sunat, Mincetur, Promperú, Ministry of Foreign Relations, Cofide, ONP, FCR, Zofratacna, National Bank, Cavali S.A. ICLV, Proinversión, BIS and companies. BALANCE OF PAYMENTS (Percentage of GDP) 2025 2026 Differences

No. 59 – August 21, 2026
BCRPData/NEMAC202606A1.3
BCRPData/NEMAC202606A1.4
I Trim. II Trim. III Trim. IV Trim. YEAR I Trim. II Trim.
1. Value:
Exports 25.5 14.1 19.5 32.1 23.1 39.9 35.2
Traditional products 27.9 11.5 22.3 42.4 26.3 52.1 46.7 Non-traditional products 19.3 23.2 11.3 8.3 14.5 3.2 0.6 Imports 17.8 9.6 10.6 11.1 12.2 14.2 29.0
2. Volume:
Exports 10.0 1.1 2.6 4.6 4.7 0.8 3.3
Traditional products 6.9 -6.6 -2.5 4.3 0.7 0.2 5.4 Non-traditional products 19.1 28.8 18.9 11.0 18.4 0.2 -5.5 Imports 20.2 14.1 12.3 11.6 14.4 12.5 14.2
3. Price:
Exports 14.1 12.8 16.4 26.3 17.5 38.8 30.9
Traditional products 19.6 19.3 25.4 36.5 25.4 51.8 39.2 Non-traditional products 0.1 -4.4 -6.4 -2.4 -3.3 3.0 6.5 Imports -2.0 -3.9 -1.5 -0.4 -2.0 1.5 13.0 Note:
Terms of trade 16.5 17.4 18.1 26.9 19.9 36.8 15.8 Source: BCRP.
GOODS TRADE BALANCE
(Annual percentage variations)
2025 2026 Differences
II Trim. (a) III Trim. IV Trim. Year I Trim II Trim. (b) (b) - (a)
I. TRANSPORT (a-b) -639 -686 -732 -2 772 -679 -870 -230
a. Credit 525 597 617 2 280 629 611 86 b. Debit 1,165 1,283 1,349 5,052 1,308 1,481 316
1. Freight -841 -941 -999 -3 698 -940 -1,142 -301
Credit 14 53 11 15 0
Debit 855 955 1,013 3,751 952 1,156 301
2. Passengers 67 111 123 379 133 133 66
Credit 305 367 382 1,387 415 382 78
Debit 238 256 258 1,008 282 249 12
3. Others 1/ 135 144 144 547 129 139 4
Credit 207 216 221 840 203 214 7
Debit 72 72 78 293 74 75 3
II. TRAVEL (a-b) 150 86 -55 40 -229 47 -103
a. Credit 1,024 1,072 1,017 3,963 921 1,018 -6 b. Debit 874 986 1,072 3,923 1,149 970 97
III. TELECOMMUNICATIONS,
INFORMATION TECHNOLOGY AND INFORMATION (a-b) -507 -609 -644 -2,338 -693 -605 -98 a. Credit 44 44 50 175 45 45 1 b. Debit 552 652 694 2,513 737 650 98
IV. INSURANCE AND REINSURANCE (a-b) -158 -187 -389 -923 -199 -169 -12
a. Credit 7 3 2 15 1 7 0 b. Debit 165 190 390 938 201 177 12
V. OTHER SERVICES (a-b) 2/ -505 -487 -697 -2,237 -576 -559 -54
a. Credit 312 318 301 1,209 295 335 23 b. Debit 817 804 997 3,447 871 894 77
VI. TOTAL (a-b) -1,659 -1,882 -2,516 -8,230 -2,376 -2,156 -497
a. Credit 1,913 2,033 1,986 7,643 1,890 2,016 103 b. Debit 3,572 3,916 4,503 15,873 4,266 4,171 599 SERVICES (Millions of USD) 1/ Includes courier and postal services, port expenses for ships and aircraft, and transport commissions, mainly. 2/ Includes government services, financial services (including financial intermediation services measured indirectly - FISIM), IT, royalties, equipment rental, and business services, among others. Source: BCRP, SBS, Sunat, Micentur, Promperú, Ministry of Foreign Affairs and companies. 2025 2026 Differences

No. 59 – August 21, 2026
BCRPData/NEMAC202606A1.5
BCRPData/NEMAC202606A1.6
II Trim. (a) III Trim. IV Trim. Year I Trim. II Trim. (b) (b) - (a)
I. INCOME 1,649 1,656 1,684 6,531 1,661 1,697 48
Private sector 743 763 775 2,973 727 732 -11
Public sector 906 894 910 3,557 934 964 59
II. EXPENDITURE 6,866 7,818 7,806 29,634 9,783 8,628 1,762
Private sector 6,152 6,793 7,063 26,022 8,421 7,991 1,839 Profits 2/ 5,540 6,201 6,479 23,598 7,864 7,435 1,895 Interest 612 592 583 2,424 556 556 -56 Bonds 236 239 249 959 249 255 19 Loans 376 353 334 1,465 307 301 -75 Long-term 242 229 227 961 214 207 -34 Short-term 3/ 134 124 108 504 94 94 -41 Public sector 4/ 714 1,025 743 3,612 1,363 637 -77 Of which:
Interest on loans 331 63 320 786 67 270 -61
Interest on bonds 383 963 424 2,826 1,296 368 -15
III. TOTAL (I-II) -5,217 -6,162 -6,122 -23,104 -8,122 -6,932 -1,715
Private sector -5,409 -6,030 -6,288 -23,049 -7,693 -7,259 -1,850 Public sector 192 -132 166 -55 -428 327 135 PRIMARY INCOME 1/ (Millions of USD) 2025 2026 Differences 1/ Excludes financial intermediation services measured indirectly (FISIM). 2/ Includes reinvested earnings and dividends from direct investment, as well as returns on equity participation in portfolio investment. 3/ Includes private and public companies and includes interest on debt with non-residents denominated in national currency. 4/ Includes commissions. Source: BCRP, MEF, Cofide, ONP and companies. II Trim. (a) III Trim. IV Trim. Year I Trim. II Trim. (b) (b) - (a)
I. ASSETS 1,487 3,214 620 8,040 1,778 3,580 2,093
1. Direct investment -68 615 116 1,422 1,871 1,831 1,899
2. Portfolio investment 2/ 1,555 2,599 504 6,618 -93 1,749 194
II. LIABILITIES 1,327 3,703 3,162 10,987 3,291 4,221 2,894
1. Direct investment (a+b) 3,276 3,030 1,403 10,353 4,279 3,224 -52
a. Equity 1,757 3,421 1,952 9,760 3,970 1,811 54 Reinvestment 1,558 3,359 2,041 9,639 3,610 1,667 109 Contributions and other capital operations 199 63 -88 121 360 144 -55 b. Debt instruments 1,519 -392 -550 593 309 1,413 -106
2. Portfolio investment -111 -254 1,255 1,691 315 279 389
Equity participations 3/ 14 11 64 89 66 20 5
Fixed income 4/ -125 -265 1,191 1,602 249 259 384
3. Loans -1,838 926 504 -1,057 -1,304 718 2,557
Disbursements 1,931 1,544 1,573 5,531 314 1,113 -819 Amortization -3,770 -618 -1,068 -6,588 -1,618 -395 3,375
III. TOTAL (I-II) 160 -489 -2,542 -2,948 -1,513 -641 -800
FDI in the country, old methodology 3,758 2,428 1,454 9,703 2,887 1,865 -1,893 1/ Expressed in terms of net assets of liabilities. Source: BCRP, Cavali S.A. ICLV, Proinversión and companies. 2/ Includes shares and other assets abroad of the financial and non-financial sectors. Includes financial derivatives. 3/ Considers the net purchase of shares by non-residents through the Lima Stock Exchange (BVL), registered by CAVALI S.A. ICLV (Central Registry of Securities and Settlements). 2025 2026 Differences PRIVATE SECTOR FINANCIAL ACCOUNT 1/ (Millions of USD) 4/ Includes bonds and similar instruments.

No. 59 – August 21, 2026
BCRPData/NEMAC202606A1.7
BCRPData/NEMAC202606A1.8
I Trim. (a) II Trim. III Trim. IV Trim. Year I Trim. (b) (b) - (a)
I. ASSETS -40 -163 277 153 226 92 132
II. LIABILITIES 1,206 4,727 -847 -302 4,785 -497 -1,704
1. Portfolio investment 3/ 1,269 5,126 -815 125 5,705 -411 -1,680
Issuances 0 3,400 480 0 3,880 400 400
Of which:
General government 0 3,000 480 0 3,480
Financial companies 0 400 400
Amortizations 0 -165 -1,714 0 -1,879 -1,516 -1,516 Of which:
General government 0 0 -1,530 0 -1,530 -1,141 -1,141 Financial companies 0 -165 -184 0 -349 -375 -375 Other operations (a-b) 4/ 1,269 1,891 419 125 3,704 705 -564 a. Sovereign bonds acquired by non-residents 1,442 2,067 494 121 4,124 713 -730 b. Global bonds acquired by residents 173 176 75 -4 420 8 -165
2. Loans -63 -398 -33 -426 -920 -86 -23
Disbursements 138 107 171 111 528 659 520
General government 118 103 169 111 501 659 540 Financial companies 20 20 0 -20 Non-financial companies 0 4 2 1 7 0 0 Amortizations -201 -505 -204 -538 -1,448 -745 -544 General government -134 -387 -136 -417 -1,074 -680 -546 Financial companies -54 -42 -54 -43 -193 -54 0 Non-financial companies -13 -77 -14 -78 -182 -11 2
III. TOTAL (I-II) -1,246 -4,891 1,124 454 -4,558 589 1,836
1/ Medium and long-term debt.
2/ Expressed in terms of net assets of liabilities.
For financial public companies, since 2012, COFIDE Corporate Bonds are included and since 2013 the Mivienda Fund Corporate Bonds. For non-financial public companies, since 2017, Petroperú Corporate Bonds are included. 4/ For the purchase and sale between residents and non-residents of government bonds issued abroad or in the local market. 5/ Includes Special Drawing Rights (SDR) allocations. Source: MEF and BCRP. PUBLIC SECTOR FINANCIAL ACCOUNT 1/ 2/ (Millions of USD) 2025 2026 Differences 3/ Bonds, classified according to the market where they were issued. Brady and Global bonds, issued abroad, are part of external public debt, including those acquired by residents. II Trim. (a) III Trim. IV Trim. Year I Trim. II Trim. (b) (b) - (a)
1. BANKING COMPANIES (a-b) 339 461 141 406 611 -50 -389
a. Assets -267 645 -217 -200 307 695 962 b. Liabilities -606 185 -357 -606 -304 745 1,351
2. BANK OF THE NATION (a-b) -1 18 -37 7 -16 -8 -6
a. Assets -1 18 -37 7 -16 -8 -6 b. Liabilities 0
3. NON-BANKING FINANCIALS (a-b) 128 1 48 232 -11 15 -113
a. Assets 2 83 38 135 -24 -36 -38 b. Liabilities -126 82 -9 -97 -13 -51 75
4. NON-FINANCIAL SECTOR (a-b) 806 698 2,137 3,519 444 -557 -1,364
a. Assets 696 286 1,274 2,324 481 -563 -1,259 b. Liabilities -110 -411 -863 -1,195 37 -6 105
5. TOTAL (a-b) 1,271 1,177 2,289 4,164 1,028 -601 -1,872
a. Assets 429 1,033 1,059 2,267 749 87 -342 b. Liabilities -842 -144 -1,230 -1,897 -279 688 1,530 1/ Expressed in terms of net assets of liabilities. Source: BCRP, BIS and companies. SHORT-TERM CAPITAL FINANCIAL ACCOUNT 1/ (Millions of USD) 2025 2026 Differences

No. 59 – August 21, 2026
BCRPData/NEMAC202606A1.9
II Trim.(a) III Trim. IV Trim. I Trim. II Trim. (b) (b) - (a)
I. ASSETS 189,791 196,449 204,210 215,845 210,824 215,845 26,053
1. BCRP reserve assets 85,541 85,434 90,262 94,792 95,645 10,105
2. Financial system assets 2/ 40,033 44,541 45,184 42,668 45,938 5,904
3. Other assets 64,217 66,474 69,035 73,363 74,261 10,044
II. LIABILITIES 285,735 291,179 295,629 300,810 307,425 21,690
1. Direct investment 135,038 138,460 140,412 144,382 146,193 11,155
2. Equity participation (portfolio) 15,023 17,333 19,606 23,453 23,431 8,407
3. Debt from loans, bonds and others 132,801 132,511 132,976 130,336 135,147 2,347
Medium and long-term 123,938 123,793 125,488 123,128 127,251 3,312 Private sector 3/ 50,758 51,018 52,196 51,389 53,813 3,055 Public sector (i+ii-iii) 4/ 73,180 72,775 73,293 71,739 73,438 257
i. External public debt 51,181 49,881 49,475 48,188 47,874 -3,307
ii. Domestic secondary market securities
acquired by non-residents 5/ 23,280 24,250 25,171 24,911 26,838 3,557
iii. External secondary market securities
acquired by residents 6/ 1,281 1,356 1,353 1,360 1,274 -7 Short-term 8,862 8,718 7,488 7,208 7,897 -965 Financial system 3/ 2,774 3,041 2,674 2,358 3,052 278 Others 6,088 5,677 4,813 4,851 4,845 -1,243
4. Central Reserve Bank of Peru 2,873 2,875 2,634 2,638 2,654 -219
Short-term 277 286 47 76 92 -185
Long-term 7/ 2,595 2,590 2,587 2,562 2,562 -34
III. TOTAL (I-II) -95,943 -94,731 -91,149 -89,986 -91,580 4,363
1/ Expressed in terms of net assets of liabilities.
2/ Includes assets in national currency against non-residents. Excludes BCRP. 3/ Includes obligations in national currency with non-residents. 4/ Includes general government debt and public companies. 7/ Includes Special Drawing Rights (SDR) allocations. Source: BCRP, MEF, Cavali S.A. ICLV, Proinversión, BIS and companies. EXTERNAL ASSETS AND LIABILITIES POSITION 1/ (Levels at end of period in millions of USD) 6/ Government bonds issued abroad and held by residents are excluded from the external liabilities of the public sector. 2025 2026 Differences 5/ Government bonds issued locally and held by non-residents are included in the external liabilities of this same sector. Includes non-resident holdings of the primary bond issuance of the Metropolitan Municipality of Lima (MML).

No. 59 – August 21, 2026
BCRPData/NEMAC202606A1.10
You can find the tables and graphs of this report in BCRPData/NEMAC202606 II Trim.(a) III Trim. IV Trim. I Trim. II Trim. (b) (b) - (a)
I. ASSETS 60.9 60.7 59.8 58.4 57.5 -3.4
1. BCRP reserve assets 27.4 26.4 26.4 26.3 25.5 -2.0
2. Financial system assets 2/ 12.8 13.8 13.2 11.8 12.2 -0.6
3. Other assets 20.6 20.5 20.2 20.3 19.8 -0.8
II. LIABILITIES 91.7 90.0 86.5 83.3 81.9 -9.8
1. Direct investment 43.3 42.8 41.1 40.0 38.9 -4.4
2. Equity participation (portfolio) 4.8 5.4 5.7 6.5 6.2 1.4
3. Debt from loans, bonds and others 42.6 40.9 38.9 36.1 36.0 -6.6
Medium and long-term 39.8 38.2 36.7 34.1 33.9 -5.9 Private sector 3/ 16.3 15.8 15.3 14.2 14.3 -2.0 Public sector (i+ii-iii) 4/ 23.5 22.5 21.4 19.9 19.6 -3.9
i. External public debt 16.4 15.4 14.5 13.3 12.8 -3.7
ii. Domestic secondary market securities
acquired by non-residents 5/ 7.5 7.5 7.4 6.9 7.1 -0.3
iii. External secondary market securities
acquired by residents 6/ 0.4 0.3 -0.1
Short-term 2.8 2.7 2.2 2.0 2.1 -0.7
Financial system 3/ 0.9 0.9 0.8 0.7 0.8 -0.1
Others 2.0 1.8 1.4 1.3 1.3 -0.7
4. Central Reserve Bank of Peru 0.9 0.9 0.8 0.7 0.7 -0.2
Short-term 0.1 0.1 0.0 -0.1
Long-term 7/ 0.8 0.7 0.7 -0.2
III. TOTAL (I-II) -30.8 -29.3 -26.7 -24.9 -24.4 6.4
Gross Domestic Product, annualized 311,671 323,711 341,924 361,012 375,385 63,714 1/ Expressed in terms of net assets of liabilities. 2/ Includes assets in national currency against non-residents. Excludes BCRP. 3/ Includes obligations in national currency with non-residents. 4/ Includes general government debt and public companies. 7/ Includes Special Drawing Rights (SDR) allocations. Source: BCRP, MEF, Cavali S.A. ICLV, Proinversión, BIS and companies. EXTERNAL ASSETS AND LIABILITIES POSITION 1/ (Levels at end of period as percentage of GDP) 2025 2026 Differences 6/ Government bonds issued abroad and held by residents are excluded from the external liabilities of the public sector. 5/ Government bonds issued locally and held by non-residents are included in the external liabilities of this same sector. Includes non-resident holdings of the primary bond issuance of the Metropolitan Municipality of Lima (MML).