Study Note No. 66: Economic Activity - July 2026

BCRP STUDY NOTES
No. 66 – September 18, 2026
2
ECONOMIC ACTIVITY: JULY 2026
I. Sectoral GDP

1. Gross Domestic Product grew 3.6 percent year-on-year in July. Primary GDP decreased by 1.4 percent in the month due to the contraction of all sectors except metal mining. Fishing and its manufacturing contracted due to the suspension of the anchovy season in the north-central zone. The agricultural sector contracted due to the advance of harvests in previous months of some products for the domestic market (potato and rice), the impact of thermal anomalies, and the overproduction of olives the previous year. Hydrocarbon production decreased mainly due to lower oil production in block 95.
2. Non-primary GDP grew 5.0 percent year-on-year in July. The dynamism of commerce (growth of 6.8 percent) and services continued. The expansion of construction and electricity also continued, driven by higher residential and commercial consumption, due to higher ambient temperatures.
   Table 1
   BCRPData/NEPBI202607C1
   Primary GDP 2/ 22.0 0.3 -5.2 -1.4 -2.5
   Agricultural 6.2 1.5 -2.0 -1.2 -0.7
   Fishing 0.4 -6.4 -48.9 -27.4 -32.6
   Metal mining 9.1 1.3 0.0 1.1 0.7
   Hydrocarbons 1.2 -15.4 -6.8 -5.1 -10.2
   Manufacturing 3.2 3.6 -18.5 -6.0 -8.7
   Non-Primary GDP 78.0 4.5 5.0 5.0 4.8
   Manufacturing 3/ 8.5 1.1 1.4 -0.3 1.0
   Electricity and water 1.9 3.0 5.6 7.3 4.7
   Construction 6.4 13.2 8.9 9.9 10.7
   Commerce 10.8 4.9 7.3 6.8 6.3
   Total Services 50.4 4.1 4.7 4.7 4.4
   Services 41.7 3.1 3.5 3.7 3.4
   Transport and storage 5.2 2.9 2.3 2.9 2.7
   Accommodation and restaurants 2.7 5.9 4.8 3.5 5.1 Telecommunications 5.1 1.1 0.7 0.3 0.8 Financial and insurance 5.3 -0.5 1.4 3.1 0.9 Business services 4.2 3.7 3.5 4.1 3.7 Public administration 5.3 4.0 3.8 3.5 3.8 Other services 14.7 4.1 4.7 5.1 4.5 Taxes 4/ 8.8 8.6 10.0 9.7 9.3 GDP 100.0 3.6 2.6 3.6 3.1 1/ At 2007 prices. 2/ Includes the forestry sector, non-metallic mining, and related services. 3/ Excludes milled rice. 4/ Includes import duties and taxes on products Source: INEI, BCRP. Jan.-Jul. 2026 (Year-on-year percentage change) GROSS DOMESTIC PRODUCT Jul. Wt. 2025 1/ I Trim. II Trim.

BCRP STUDY NOTES
No. 66 – September 18, 2026
3
3. In seasonally adjusted terms, the annualized moving quarterly GDP increased by 0.7 percent, while non-primary GDP increased by 6.8 percent.
Productive sectors
Agricultural Sector (weight of 6.2 percent)
4. The agricultural sector decreased by 1.2 percent in July. In the month, a drop in the production of rice, potato, avocado, olive, hard yellow corn, and sugarcane was observed. These results were mitigated by higher production of blueberries, coffee, cassava, and poultry meat. Through July, a drop of 0.7 percent was accumulated, mainly due to olives, due to overproduction the previous year; and coffee, affected by heavy rains at the beginning of this year.
Table 2
BCRPData/NEPBI202607C2
5. Agricultural production oriented to the domestic market decreased by 9.4 percent in July due to the advance of rice harvests in May on the north coast (Lambayeque, Piura, and Tumbes), due to anomalous warm temperatures since March of this year. Potato harvests were also advanced in June, in the south (Arequipa and Apurímac), due to better prices
Wt.
2025 I Trim. II Trim. Jul. Jan. - Jul.
AGRICULTURAL 64.1 1.2 -3.6 -2.7 -2.0
Domestic Market 33.0 1.0 1.3 -9.4 -0.2
Potato 7.0 5.1 -0.2 -19.6 -0.5
Rice Hull 6.4 0.6 10.1 -39.4 1.5
Onion 0.8 6.1 -24.6 -5.4 -11.0
Plantain 1.7 -0.9 2.0 2.5 0.8
Cassava 1.1 5.6 -3.5 20.1 3.4
Lime 0.3 8.7 3.0 10.2 6.4
Others 10.6 -1.3 -2.9 3.4 -1.6
Agroindustrial 4.5 20.2 14.0 -9.6 11.4
Hard yellow corn 1.9 20.2 1.1 -12.2 4.7
Sugarcane 1.4 18.0 28.7 -6.9 17.0
Agro-export 26.7 -2.4 -16.2 8.9 -7.6
Coffee 4.0 -12.8 -8.0 8.0 -5.3
Asparagus 2.2 -1.0 7.8 5.1 3.5
Grape 3.4 -4.4 -3.0 17.4 -3.9
Avocado 3.2 6.7 -1.3 -9.4 -0.9
Mango 0.7 -19.0 -42.7 166.1 -20.2
Blueberry 8.1 24.1 21.7 105.6 43.5
Olive 1.4 -49.6 -92.8 -99.0 -91.3
LIVESTOCK 35.9 2.0 2.0 1.5 1.9
Poultry 19.9 2.2 1.9 1.4 1.9
TOTAL 100.0 1.5 -2.0 -1.2 -0.7
1/ At 2007 prices.
Source: INEI, and MIDAGRI.
2026
AGRICULTURAL SECTOR
(Year-on-year percentage change)

BCRP STUDY NOTES
No. 66 – September 18, 2026
4 on the farm1. This result was partially mitigated by higher production of cassava from Loreto, Amazonas, and Cusco.
6. Agro-industrial production decreased by 9.6 percent due to lower production of hard yellow corn. This was due to thermal stress in La Libertad, associated with the presence of El Niño, which reduces grain yield or filling. Sugar cane production also contracted due to lower yields, associated with a delay in cane cutting in anticipation of higher sucrose concentration. However, this concentration tends to decrease in a context of warm anomalies, so the sugar mills in La Libertad recorded eleven fewer days of milling.
7. Production oriented to export grew by 8.9 percent due to higher production of blueberries and coffee. Among the aspects explaining the increase in blueberry production are the varietal replacement towards higher-yielding varieties, the increase in commercial areas with young plantations, and the greater participation of new zones such as Ica, Lima, and Piura. Higher coffee production came from areas with agronomic improvements such as Amazonas and Cajamarca. These results were mitigated by lower olive production due to overproduction in the same month of the previous year; and avocado, due to lower yields due to thermal stress in Lambayeque and La Libertad that affected the weight gain of the fruit (caliber).
8. Poultry meat production grew by 1.4 percent, due to higher placement of BB chickens.
9. The volume of water stored as of September 8, 2026, is high in the northern reservoirs (above 66 percent), except in Tinajones. This is due to lower inflow levels, which are expected to recover according to forecasts of higher precipitation at the end of the year. In the south, the volume stored in the reservoirs is between 60 and 70 percent.
Chart 1
BCRPData/NEPBI202607G1
1 Grew 19.2 percent on average during January – June.
,
360
392
249
77
313
266
148 131
236 204
182 176
Avg. Sep.
2026
Avg. Sep.
2026
Avg. Sep.
2026
Avg. Sep.
2026
Avg. Sep.
2026
Avg. Sep.
2026
Stored Volume of Main Reservoirs (MMC) 1/
Poechos 88.0%
Condoroma 68.0%
Tinajones 23.2
Gallito Ciego 72.6%
Chili System 60.6
Source: User Juntas and Special Irrigation Projects.
1/ As of September 08, 2026, average of the last five years (2021-2025) of the same date and percentage with respect to total useful volume. San Lorenzo 66.7%

BCRP STUDY NOTES
No. 66 – September 18, 2026
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Fishing Sector (weight of 0.4 percent)
12. In July, fishing production registered a reduction of 27.4 percent. This result was mainly due to lower anchovy catches in the north-central region and, to a lesser extent, to lower trout availability, which affected continental fishing yields. The monthly drop was partially compensated by the growth of species destined for direct human consumption.
Table 3
BCRPData/NEPBI202607C3
13. Maritime fishing for human consumption grew 49.6 percent year-on-year in July, mainly due to higher catches of cuttlefish, bonito, and fan shell, as a consequence of favorable oceanographic conditions for these species. The result was partially compensated by lower catches of jurel, machete, and mackerel. Continental fishing had a reduction of 15.1 percent due to lower trout availability.
14. According to the NOAA Climate Prediction Center, the sea surface temperature anomaly in the Niño 1+2 zone was 3.6°C in July, 4.1°C in August, and 4.6°C as of September 9.
15. The Multisectoral Commission of ENFEN2 holds that the Coastal El Niño (Niño 1+2 region) would continue until mid-autumn 2027, with the highest probability of an extraordinary magnitude from September 2026 to January 2027.
Regarding fishing resources, it is expected that in the coming weeks the anchovy of the north-central region will remain deepened and withdrawn in the coastal zone. Off the central coast, the availability of species associated with 2 ENFEN Communication No. 16-2026 of September 14. I Trim. II Trim. Jul. Jan.-Jul. MARITIME FISHING 91.0 -5.5 -51.0 -29.1 -34.0 Human consumption 46.0 11.9 6.6 49.6 13.5 Canned 2.2 -32.2 1.0 -34.7 -23.6 Fresh 20.9 11.1 3.3 21.8 9.3 Frozen 22.1 22.6 12.6 122.2 25.3 Dried salted 0.8 -57.7 -45.5 -28.2 -50.1 Industrial consumption 45.0 -41.2 -78.6 -99.1 -73.2 Anchovy (thousands of MT) 363 476 2 842 CONTINENTAL FISHING 9.0 -13.9 -21.3 -15.1 -17.6 FISHING SECTOR 100.0 -6.4 -48.9 -27.4 -32.6 1/ At 2007 prices. Source: Ministry of Production – OGEIEE. Pond. 2025 1/ FISHING SECTOR (Year-on-year percentage change) 2026

BCRP STUDY NOTES
No. 66 – September 18, 2026
6 equatorial waters (swordfish and samasa) and oceanic (parrotfish, wahoo, mackerel, and yellowfin tuna), among others.
16. With information as of September 13, it is observed that the sea surface temperature anomaly would have risen compared to previous months in the northern stations.
Table 4
Sea Temperature Anomalies by Port
BCRPData/NEPBI202607C4
Mining and Hydrocarbons Sector (weight of 12.1 percent)
17. The mining and hydrocarbons sector grew 0.2 percent year-on-year in July. In the month, the result reflected higher production of copper, gold, molybdenum, silver, iron, tin, and natural gas. Part of the increase was partially compensated by lower production of zinc, lead, petroleum, and natural gas liquids.
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. 4.6 5.4 4.4 4.2 4.7 3.1 21.7
Sep.26. 7.2 6.0 4.5 4.1 4.2 3.1 24.0
I Sem. 6.6 5.8 4.4 4.0 4.4 2.9 23.5
II Sem. 7.8 6.3 4.7 4.3 3.9 3.3 24.6
As of September 13.
Source: Imarpe
Temperature
(In degrees
Celsius)
Sea Surface Temperature Anomalies*
(In degrees Celsius)
*Sea Surface Temperature Anomalies with respect to the 1985-2010 climatology, with the exception of the ports of Huacho (1989-2010) and Pisco (1982-2010). Paita Chicama Chimbote Huacho Callao Pisco Paita

BCRP STUDY NOTES
No. 66 – September 18, 2026
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Table 5
BCRPData/NEPBI202607C5
18. In July, copper production grew 3.8 percent year-on-year.
The growth is explained mainly by higher production from Antamina and Cerro Verde. The monthly growth was partially compensated by lower production from Antapaccay, Quellaveco, Marcobre, and Southern. Metal mining 87.4 1.3 0.0 1.1 0.7 Copper 49.3 3.1 0.6 3.8 2.1 Gold 10.2 1.6 4.5 1.8 2.8 Zinc 10.1 2.1 -20.1 -22.2 -12.0 Molybdenum 7.7 -9.2 1.2 15.0 -1.8 Silver 5.1 2.6 -7.9 0.5 -2.4 Iron 2.8 1.9 129.6 2.4 34.5 Lead 1.9 -3.6 -14.0 -2.5 -8.2 Tin 0.4 -0.8 13.5 6.5 6.5 Hydrocarbons 12.6 -15.4 -6.8 -5.1 -10.2 Petroleum 3.7 -20.2 -23.0 -23.7 -21.9 NGL 5.3 -15.3 0.2 -2.2 -7.0 Natural gas 3.6 -10.3 0.7 9.6 -2.5 Total 100.0 -0.8 -0.9 0.2 -0.7 1/ At 2007 prices. Source: INEI, Ministry of Energy and Mines, Perupetro Jul. Jan.-Jul. Mining and Hydrocarbons (Year-on-year percentage change) Product Wt. 2025 1/ I Trim. 2026 II Trim.

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No. 66 – September 18, 2026
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Table 6
BCRPData/NEPBI202607C6
19. Gold production increased 1.8 percent year-on-year in July. The increase responded mainly to the start of operations at Crespo and higher production from Buenaventura and Laytaruma. Part of the growth was compensated by lower extraction from Yanacocha, Boroo, Poderosa, Antapaccay, Constancia, and Gold Fields.
Table 7
BCRPData/NEPBI202607C7
2025 2026 Var. % 26/25 2025 2026 Var. %
26/25
Total 219 228 3.8 1 508 1 540 2.1
Minera Antamina Company 26 48 82.6 193 297 54.0 Cerro Verde Mining Society 29 35 20.4 216 218 0.6 Las Bambas - M.M.G 38 35 -6.1 248 246 -1.1 Southern Peru Copper Corporation 31 29 -6.8 229 205 -10.5 Toromocho - Chinalco 21 18 -18.0 140 133 -5.3 Antapaccay 12 8 -37.0 59 52 -11.7 Constancia - Hudbay 6 6 7.3 48 46 -3.2 El Brocal Mining Society 5 4 -11.2 30 29 -2.8 Mina Justa - Marcobre 8 5 -28.4 58 38 -35.6 Quellaveco - Anglo American 27 24 -14.2 184 172 -6.6 Rest 16 15 -3.8 101 104 3.1 Source: INEI, Ministry of Energy and Mines Copper production Mining units July January - July (Thousand metric tons of fine concentrates by flotation) 2025 2026 Var. % 26/25 2025 2026 Var. % 26/25 Total 341 347 1.8 2 444 2 513 2.8 Minera Yanacocha 46 41 -11.7 282 312 10.6 Minera Boroo Misquichilca 19 13 -29.7 107 86 -19.5 Compañía Minera Poderosa 25 20 -18.0 163 126 -22.7 Horizon Mining Consortium 11 11 -6.5 104 61 -41.6 Buenaventura 14 15 12.0 84 110 30.5 Pan American 13 11 -17.2 77 61 -20.2 Hochschild 12 10 -10.7 82 74 -9.8 Antapaccay 7 2 -76.2 19 17 -12.1 Constancia - Hudbay 6 1 -80.9 21 15 -28.8 Minera Laytaruma 5 7 32.6 40 39 -1.5 Gold Fields La Cima 11 5 -55.0 74 38 -48.1 Minera Aurífera Retamas 16 15 -6.7 103 95 -7.8 Paltarumi 9 10 2.2 65 71 9.4 Las Bambas - M.M.G 7 6 -16.1 49 50 2.6 Sotrami 5 5 8.6 29 34 18.4 Crespo 0 6 n.a. 0 18 n.a. Artisanal 1 1 -5.4 10 10 -5.0 Madre De Dios 0 0 -5.3 -5.6 Puno 0 0 -2.9 3 3 -1.7 Arequipa 0 0 -9.1 3 3 -8.2 Piura 0 0 -2.0 1 1 -2.2 Others* 134 169 26.3 1136 1297 14.1 Source: INEI, Ministry of Energy and Mines (Thousand fine Troy ounces) Mining units July January - July *Includes estimated informal gold production by INEI. Gold production

BCRP STUDY NOTES
No. 66 – September 18, 2026
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20. In July, zinc production decreased by 22.2 percent, mainly due to lower grades at Antamina and, to a lesser extent, lower extraction at Volcan. Lead production decreased by 2.5 percent due to lower contribution from Antamina.
21. Molybdenum production grew by 15.0 percent mainly due to higher processing at Cerro Verde, Antamina, and Quellaveco. Likewise, iron production increased by 2.4 percent by Shougang; while tin production grew by 6.5 percent by Minsur.
22. Hydrocarbon production decreased by 5.1 percent year-on-year in July. Lower oil production was recorded (-23.7 percent), due to lower yield from block 95. Likewise, natural gas liquids production decreased by 2.2 percent mainly due to lower extraction from block 88. The subsector's drop was partially compensated by higher natural gas production (9.6 percent) due to contributions from blocks 56 and 88; the latter derived from higher demand for thermoelectric generation.
Electricity, Water and Gas Sector (weight of 1.9 percent)
23. In July, production in the electricity, water, and gas sector increased by 7.3 percent year-on-year. Electricity production, including self-producers, increased by 7.9 percent in July.
Table 8
BCRPData/NEPBI202607C8
According to the Economic Operation Committee of the National Interconnected System (COES), total electricity production registered in the National Interconnected Electrical System (SEIN) was 7.8 percent higher compared to July 2025. Manufacturing Sector (weight of 11.7 percent)
24. According to the Ministry of Production, the manufacturing sector contracted by 1.8 percent in July. Primary manufacturing decreased by 6.0 percent, mainly due to lower production of fishmeal and fish oil, derived from the El Niño Phenomenon.
I Trim. II Trim. Jul. Jan.-Jul.
Electricity 80.5 3.5 6.2 7.9 5.3
Gas 0.6 -12.9 -1.1 8.7 -4.7
Water 18.9 1.4 2.1 2.4 1.9
SECTOR 100.0 3.0 5.6 7.3 4.7
Source: INEI
Wt.
2025
ELECTRICITY, GAS AND WATER SECTOR
(Year-on-year percentage change)
2026

BCRP STUDY NOTES
No. 66 – September 18, 2026
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Table 9
Source: Ministry of Production and INEI
BCRPData/NEPBI202607C9
25. Non-primary manufacturing decreased by 0.3 percent year-on-year due to lower production of mass consumer goods and goods oriented to the external market. The monthly decrease would be explained mainly by the branches of confectionery, diverse manufactures, industrial services, metal products, and knitted fabrics. In seasonally adjusted terms, non-primary manufacturing grew by 3.2 percent, after the drop in June (6.0 percent).
I Trim. II Trim. Jul. Jan.-Jul.
PRIMARY RESOURCE PROCESSORS 100.0 3.6 -18.5 -6.0 -8.7 Milled rice 4.8 -2.2 10.1 -39.4 0.8 Sugar 3.3 1.8 11.9 -8.0 3.4 Meat products 14.3 2.1 1.9 1.8 2.0 Fishmeal and fish oil 14.1 -38.3 -79.2 -99.3 -72.6 Canned and frozen fish products 9.3 8.6 -3.0 205.1 14.0 Non-ferrous metal refining 39.7 13.9 -1.6 -0.6 4.7 Petroleum refining 14.0 2.2 -2.7 -10.7 -1.8 Wt. 2025 Manufacturing Sector (Year-on-year percentage change) 2026

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No. 66 – September 18, 2026
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Table 10
BCRPData/NEPBI202607C10
I Trim. II Trim. Jul. Jan.-Jul.
NON-PRIMARY MANUFACTURING 100.0 1.1 1.4 -0.3 1.0 Mass consumption 40.5 3.5 -0.3 -1.8 1.1 Dairy products 2.5 3.5 13.5 12.6 9.0 Bakery 4.5 3.0 -3.8 -3.5 -0.9 Noodles 0.7 -4.0 5.1 -5.7 -0.4 Oils and fats 2.3 -4.3 8.3 22.9 4.7 Cocoa, chocolate and confectionery products 0.8 0.5 -15.7 -64.8 -27.1 Diverse food products 2.1 2.9 1.8 -3.4 1.2 Alcoholic beverages 1.3 10.3 33.5 4.5 18.2 Beer and malt 2.6 13.0 -0.2 16.7 7.7 Soft drinks and table water 2.1 4.6 14.7 23.9 10.9 Clothing 2.7 -12.2 -18.4 -6.1 -14.1 Footwear 0.7 6.6 6.0 9.0 6.6 Furniture 7.9 18.4 -9.9 -3.3 2.0 Other paper and cardboard articles 1.6 6.9 5.3 15.9 7.4 Pharmaceutical products and medicines 2.3 -18.3 6.0 3.3 -5.7 Toiletries and cleaning products 4.2 0.6 2.3 -0.5 1.2 Diverse manufactures 2.4 -3.7 -2.5 -31.3 -8.6 Inputs 20.2 1.7 10.3 3.1 5.6 Wheat flour 2.1 -3.7 -0.6 -12.2 -3.6 Animal feed 1.1 -12.3 -9.9 -2.8 -10.0 Ropes, cords, twines and nets 0.3 -8.3 -8.9 -41.1 -13.6 Leather 0.0 -7.7 12.7 40.1 7.5 Other textile products 0.8 -6.0 -6.3 15.8 -3.4 Processed wood 1.9 10.8 39.3 -7.7 20.0 Paper and cardboard 0.2 17.5 -9.0 -33.9 -2.2 Paper and cardboard packaging 1.7 -3.0 3.4 -4.2 -0.5 Printing activities 1.6 10.9 7.6 -6.3 7.2 Basic chemical substances 1.3 0.7 6.3 0.3 3.0 Explosives, natural essences and chemicals 1.9 -1.8 9.1 12.1 4.9 Rubber 0.5 -12.0 -4.1 -2.2 -7.3 Plastics 5.7 6.7 18.4 15.8 13.3 Pesticides, compound fertilizers and plastic pri 0.5 14.3 3.1 -2.1 6.9 Glass and glass products 0.4 -11.5 27.6 48.3 11.4 Oriented to investment 27.8 1.6 0.8 3.9 1.6 Paints, varnishes and lacquers 1.9 0.0 -7.9 6.4 -2.6 Cement 5.5 16.4 12.3 7.9 13.3 Construction materials 2.8 -5.3 -4.1 -3.7 -4.5 Diverse non-metallic mineral products 0.1 -6.4 1.7 -7.5 -3.3 Iron and steel industry 3.5 0.0 9.9 13.7 6.3 Metal products 5.9 -11.2 4.7 -14.3 -5.3 Machinery and equipment 0.6 41.2 16.7 47.0 29.8 Electrical machinery 1.1 -13.9 0.2 5.5 -5.6 Transport material 2.0 35.7 29.6 92.3 43.4 Industrial services 4.3 -3.2 -36.2 -27.3 -24.7 Oriented to the external market 11.7 -9.9 -7.8 -8.7 -8.8 Food preserves 2.2 -16.2 0.0 -4.9 -8.6 Yarns, fabrics and finishes 3.3 -8.2 -4.1 -7.5 -6.3 Knitted fabrics and articles 3.2 -5.4 -7.5 -14.2 -7.7 Clothing 2.7 -12.2 -18.4 -6.1 -14.1 Artificial fibers 0.3 -2.3 5.0 -4.2 0.7 Source: INEI and PRODUCE. At 2007 prices. Wt. 2025 Manufacturing Sector (Year-on-year percentage change) 2026

BCRP STUDY NOTES
No. 66 – September 18, 2026
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Construction Sector (weight of 6.4 percent)
26. In July, the construction sector grew 9.9 percent, due to increased private and public works. In seasonally adjusted terms, the sector grew 1.2 percent compared to the previous month. From January to July, the sector accumulated a growth of 10.7 percent.
27. Domestic cement consumption increased 10.2 percent in July due to increased shipments from Yura (15.9 percent), in the south of the country; and Pacasmayo (11.5 percent), in the north. Additionally, Unacem shipments increased 5.0 percent.
28. The progress of public works increased 9.5 percent due to increased investment by regional (18.2 percent), national (10.1 percent), and local (3.6 percent) governments. By type of work, investment increased in the construction of non-residential buildings, basic services, road infrastructure, and risk prevention works.

Table 11
BCRPData/NEPBI202607C11
Commerce Sector (weight of 10.8 percent) and Services Sector (weight of 50.5 percent)
29. In July, the commerce sector grew 6.8 percent year-on-year, and decreased 0.6 percent monthly in seasonally adjusted terms.
30. The services sector grew 3.7 percent in July (4.7 percent if import taxes and duties are included). In seasonally adjusted terms, the sector grew 0.3 percent.
a. The transport and storage subsector grew 2.9 percent in July. The transport category increased 2.7 percent, mainly due to increased transport by land and pipelines (3.6 percent). This increase was due to increased private and interprovincial vehicle traffic associated with the National Holidays holiday, a dynamic that was reflected in the 5.3 percent growth in road passenger transport. This was added to increased water transport (2.3 percent), in contrast to the 0.1 percent contraction in air transport. Meanwhile, storage and courier services were 3.3 percent higher. In seasonally adjusted terms, the subsector grew by 0.7 percent.

I Trim. II Trim. Jul. Jan.-Jul.
Construction 100.0 13.2 8.9 9.9 10.7
Domestic Cement Consumption 69.4 14.4 11.4 10.2 12.4 Local Cement Shipments 66.4 14.9 12.1 9.3 12.8 Of which:

• Unacem 30.4 10.9 6.4 5.0 8.0
• Pacasmayo 14.0 11.7 16.4 11.5 13.6
• Yura and S. Sur 13.0 16.6 15.3 15.9 16.0
  Imports 3.0 1.7 -2.4 30.6 3.6
  Progress of works 30.6 10.4 3.1 9.5 6.8
  1/ At 2007 prices.
  Source: INEI
  2026
  Construction Sector
  (Year-on-year percentage variation)
  Pond.
  2025 1/

BCRP STUDY NOTES
No. 66 – September 18, 2026
13 b. The accommodation and restaurants subsector recorded a growth of 3.5 percent in July. The restaurant subsector grew 3.4 percent, due to increased beverage services (9.9 percent) and restaurant group services (2.6 percent). Additionally, food services for transport companies and dealers increased (3.0 percent). Accommodation services grew by 9.7 percent, which could be attributed to the long holiday of the last week of the month3.
c. The telecommunications and other information services subsector increased 0.3 percent in July. INEI recorded a contraction in telecommunications activity of 0.4 percent in July, due to the drop in telephone services by 5.7 percent. However, growth was observed in internet and subscription television services by 7.3 percent and in data transmission and other services (including interconnection services and text and multimedia messaging) by 2.2 percent.
d. The financial and insurance subsector presented a growth of 3.1 percent in July. This figure is lower than the 7.8 percent growth of the average balance of credits and deposits, deflated with the CPI. e. The services provided to businesses subsector increased 4.1 percent in July, due to increased advertising services (7.8 percent), travel agency and tour operator services (6.5 percent), administrative and support services for businesses (3.9 percent), and professional, scientific, and technical services (3.3 percent). f. The other services subsector grew 5.1 percent in July. 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 0.1 percent.

II. Labor Market
Formal Employment – Electronic Payroll
10. In July, formal jobs increased 4.4 percent. Employment in the formal private sector grew 6.1 percent, while in the public sector 0.2 percent.
3 On Monday, July 27, 2026, a compensable non-working day was decreed for the public sector (connecting with the National Holidays of National Holidays on Tuesday and Wednesday); while, in 2025, no bridge non-working day was decreed.

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No. 66 – September 18, 2026
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Table 12

BCRPData/NEPBI202607C12
Chart 2
BCRPData/NEPBI202607G2
11. In the private sector, the number of jobs increased 6.1 percent in July. The growth of jobs was mainly recorded in the services, agricultural, and commerce sectors.
Thousands % Thousands %
Total 6 100 6 371 271 4.4 259 4.3
Private 4 415 4 683 268 6.1 242 5.5
Public 1 685 1 688 3 0.2 17 1.1
1/ Includes the agro-export sector: Processing and preservation of fruits and vegetables Source: Sunat - Monthly Payment Roll Var. 2026/2025 2025 2026 Var. 2026/2025 July Jan - Jul Formal jobs (Thousands of jobs)
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
4.4
E.25 F M A M J J A S O N D E.26 F M A M J J
Total formal jobs
(Year-on-year percentage variation)
Jobs J.23 J.24 J.25 A S O N D E.26 F M A M J J Total (In thousands) 5 672 5 830 6 100 6 192 6 316 6 372 6 410 6 389 6 149 6 112 6 680 6 602 6 262 6 249 6 371 Source: Sunat - Monthly Payment Roll

BCRP STUDY NOTES
No. 66 – September 18, 2026
15
Chart 3
BCRPData/NEPBI202607G3
Table 13
BCRPData/NEPBI202607C13
12. Employment in the services sector increased 4.4 percent year-on-year in July, due to growth in branches such as business services, transport, restaurants, and education.
6.6 6.5
9.8
6.5
5.2
6.4 6.1
6.9
5.9
4.2 4.6 5.2 5.1
5.7 5.8
4.9 5.3 5.3
6.1
E.25 F M A M J J A S O N D E.26 F M A M J J
Total formal jobs in the private sector
(Year-on-year percentage variation)
Jobs J.23 J.24 J.25 A S O N D E.26 F M A M J J Total (In thousands) 4 043 4 161 4 415 4 505 4 618 4 666 4 694 4 666 4 525 4 467 5 022 4 923 4 578 4 560 4 683 Source: Sunat - Monthly Payment Roll Thousands % Thousands % Total 4 415 4 683 268 6.1 242 5.5 Agricultural 1/ 490 568 78 15.9 59 11.2 Fishing 20 18 -1 -7.3 -1 -3.1 Mining 135 151 16 11.7 15 11.5 Manufacturing 511 518 7 1.4 10 1.9 Electricity 17 18 1 5.4 0 1.4 Construction 252 266 14 5.7 13 5.4 Commerce 751 799 48 6.4 46 6.0 Services 2 240 2 338 98 4.4 95 4.3 Memo:
Total without agriculture 3 925 4 115 190 4.8 183 4.7 1/ Includes the agro-export sector: Processing and preservation of fruits and vegetables Source: Sunat - Monthly Payment Roll July 2025 Var. 2026/2025 2026 Var. 2026/2025 Formal jobs in the private sector (Thousands of jobs) Jan - Jul

BCRP STUDY NOTES
No. 66 – September 18, 2026
16
Table 14
BCRPData/NEPBI202607C14
13. In July, employment growth was mainly recorded in companies with more than 50 employees (6.2 percent). Among companies with more than 500 employees, jobs grew 8.8 percent in the month.
Table 15
BCRPData/NEPBI202607C15
14. Jobs in the public sector increased 0.2 percent in the month, accumulating a growth of 1.1 in the January-July period; the month's result is explained by increased employment in the National Government.
Thousands % Thousands %
Total 2 240 2 338 98 4.4 95 4.3
Restaurants 194 206 12 5.9 12 6.0
Hotels 45 47 2 4.4 2 5.4
Travel agencies 73 77 4 5.0 4 6.0
Business services 665 702 37 5.5 34 5.0
Education 294 306 12 4.0 11 4.1
Health Services 122 127 5 4.2 5 4.1
Transport 290 307 16 5.7 18 6.1
Financial Sector 127 134 8 6.0 7 5.5
Telecommunications 51 52 1 2.6 1 1.1
Personal services 60 62 2 3.4 1 2.1
Other services 138 141 3 2.5 3 2.4
Labor Intermediation 179 176 -4 -2.0 -3 -1.6 Source: Sunat - Monthly Payment Roll July Var. 2026/2025 2025 2026 Var. 2026/2025 Formal private sector jobs in the services sector (Thousands of jobs) Jan - Jul Thousands % Thousands % Total 4 415 4 683 268 6.1 242 5.5 Between 1 and 10 926 986 59 6.4 41 4.4 Between 11 and 50 702 737 35 5.0 44 6.5 More than 50 2 787 2 960 173 6.2 157 5.5 Of which:
More than 500 1 693 1 842 149 8.8 128 7.2
Source: Sunat - Monthly Payment Roll
2025 2026
Var. 2026/2025 Var. 2026/2025
July
Formal private sector jobs by company size
(Thousands of jobs)
Jan - Jul

BCRP STUDY NOTES
No. 66 – September 18, 2026
17
Chart 4
BCRPData/NEPBI202607G4
15. The average formal income in July increased 3.1 percent year-on-year (-0.9 percent in real terms) and 4.2 percent in the January-July period (0.7 percent in real terms).
Table 16
BCRPData/NEPBI202607C16
16. The total wage bill increased 7.7 percent year-on-year in nominal terms and 3.5 percent in real terms.
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
0.8
0.5
0.2
E.25 F M A M J J A S O N D E.26 F M A M J J
Total formal jobs in the public sector
(Year-on-year percentage variation)
Jobs J.23 J.24 J.25 A S O N D E.26 F M A M J J Total (In thousands) 1 629 1 670 1 685 1 687 1 698 1 705 1 716 1 723 1 624 1 645 1 657 1 679 1 684 1 689 1 688 Source: Sunat - Monthly Payment Roll Nominal Real Nominal Real Total 4 761 4 909 3.1 -0.9 4.2 0.7 Public 4 873 5 253 7.8 3.6 8.2 4.7 Private 4 730 4 819 1.9 -2.1 3.0 -0.4 Agricultural 1/ 2 074 2 027 -2.3 -6.1 -4.2 -7.3 Fishing 4 891 3 586 -26.7 -29.5 -28.9 -31.1 Mining 12 093 12 145 0.4 -3.5 7.8 4.1 Manufacturing 5 322 5 472 2.8 -1.2 1.1 -2.3 Electricity 9 750 10 130 3.9 -0.2 7.1 3.6 Construction 4 302 4 436 3.1 -0.9 2.1 -1.3 Commerce 4 376 4 498 2.8 -1.2 2.7 -0.7 Services 4 851 4 993 2.9 -1.1 4.0 0.6 1/ Includes the agro-export sector: Processing and preservation of fruits and vegetables Source: Sunat - Monthly Payment Roll Average formal income (Current Soles) Var. 2026/2025 2025 2026 Var. 2026/2025 July Jan - Jul

BCRP STUDY NOTES
No. 66 – September 18, 2026
18
Chart 5
BCRPData/NEPBI202607G5
17. The private sector wage bill increased 8.1 percent in July; in real terms it increased 3.8 percent, due to increased employment in the month.
Chart 6
BCRPData/NEPBI202607G6
You can find all the tables and charts of this report in BCRPData/NEPBI202607 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
13.0
9.6
6.7 7.2 7.7
E.25 F M A M J J A S O N D E.26 F M A M J J
Total formal wage bill
(Year-on-year percentage variation)
Total wage bill J.23 J.24 J.25 A S O N D E.26 F M A M J J Millions of soles 24 781 26 684 29 041 19 068 19 665 19 666 19 886 32 439 19 905 20 592 30 322 22 092 20 012 20 210 31 275 Formal jobs 2.8 2.8 4.6 5.2 4.6 3.5 3.8 4.2 4.2 4.4 4.8 4.0 4.4 Average nominal income 3.8 4.8 4.0 4.0 5.6 4.6 4.4 4.0 3.7 3.0 7.8 5.4 2.5 3.1 3.1 Average real income -2.0 2.6 2.3 2.9 4.2 3.2 3.0 2.5 2.0 0.8 3.9 1.3 -1.3 -0.8 -0.9 Source: Sunat - Monthly Payment Roll Var. % annual
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
14.2
9.0
6.3 6.6
8.1
E.25 F M A M J J A S O N D E.26 F M A M J J
Private sector formal wage bill
(Year-on-year percentage variation)
Private sector wage bill J.23 J.24 J.25 A S O N D E.26 F M A M J J Millions of soles 17 938 19 102 20 882 12 920 13 469 13 484 13 552 23 290 13 374 13 824 23 288 15 336 13 545 13 568 22 565 Formal jobs 4.1 2.9 6.1 6.9 5.9 4.2 4.6 5.2 5.1 5.7 5.8 4.9 5.3 5.3 6.1 Average nominal income 2.4 3.5 3.0 4.2 5.2 4.5 3.1 2.0 2.6 1.3 8.0 3.9 1.0 1.2 1.9 Average real income -3.3 1.3 1.3 3.0 3.7 3.1 1.7 0.4 0.9 -0.9 4.0 -0.1 -2.8 -2.7 -2.1 Source: Sunat - Monthly Payment Roll Var. % annual