IKN

Take physic, pomp

Peru GDP drops 2.01%…Holy Trickledown, Batman!

Hard landing, anyone? Peru closing that gap….
  • FinMin and Liar Carranza expected “flat growth”
  • Lima suits expected -0.5%
  • Otto expected something around -0.7% by comparing Peru with Chile
But the result is much, much worse. Peru’s April GDP figure has just been announced, and it’s -2.01% YoY. That’s bad enough, but the shocker is manufacturing growth at -13.64%. Fishery at -24.19% is bad, too. Then there are others, like the supposed motor of construction that dropped 1.48% and commerce down 2.29%. And it could have been worse if Peru were honest about mining, too. Despite 10,000 layoffs this year and far lower prices for products, Peru insists its mining industry has grown 2.77% YoY.

So much for February being a simple “pothole in the road” as Liar Carranza insisted at the time. So much for Twobreakfasts and his “armour plated economy”. Right now the gov’t is trying to make a lot of the fact that April 2009 had two less working days than April 2008….funnily enough the same moaners and wailing weren’t worried about the two days added on to March’09 figures, though.

The only difference between the economies Peru and Chile is that the Chilean gov’t is honest with its people and has made more provisions for the tough times ahead. Apart from that, they’re both well in recession.

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