What Otto feels like when told Peru is growing
Hugo Perea of BBVA bank was asked by El Comercio to comment on yesterday’s announced 7.45% drop in manufacturing activity in February. Acording to Perea, the March figure (currently estimated at -3% by the gov’t liars) will come in much lower, more like -7% again, noting invenmtory levels dropping rapidly amongst other telltale signs. Another indy consult group, Maximixe, was asked about the outlook for April and May and also came out with a dose of necessary reality; “Our scenario is pessimistic, because there are still sectors with important weightings in our industry that are declining.”
Meanwhile, Peru’s chamber of exports, ADEX, had this to say. “We were hoping that things would get better in March, but they continued dropping. And acording to our associates things will continue showing a similar behaviour in April and May, as there still do not exist signs of recovery.”
Yes indeed, folks. Reality. This is the country run that depends on trade with the world to survive and grow that had an YoY drop in imports of 11.2% and a drop in exports of 9.6%….and the self-serving corrupt liars that run the show insist that Peru will grow by 4% this year.
Wanna buy a bridge?