Peru’s INEI stats office is just as bad as Argentina’s INDEC. The only difference is that ten years ago Argentina was the IMF’s poster boy and this time round it’s Peru turn in the limelight. Hey, do you remember how Argentina finished up under the auspices of the IMF in 2001?
Chart of the day is…….
….Peru’s electricity consumption for April 2005, April 2006, April 2007, April 2008 and April 2009.
Last year the YoY change was +10%, the year before +12%, both numbers fairly in line with the recorded GDP growth. So this year the negative one percent growth is another canary in the coalmine that shows the Twobreakfasts administration is lying through their teeth about supposed growth.