Thanks to reader MR for the headsup
, here’s a chart that Peruvian economist Humberto Campodonico used to illustrate his great article that you can either find here in La Republica
or here on Campodonico’s own blog
Basically, Campodonico demonstrates with solid numbers that which we all suspect; Peru’s growth has not managed to reach the pockets of Peruvians but has been largely beneficial to big business. The metrics used are of salaries and industrial output, both as percentages of GDP. Here’s an extract from Campodonico’s article as translated by your truly:
“In monetary terms, the salary loss is immense: The (Peruvian) GDP in 2007 was 410.939 billion Nuevos Soles. With 30.1% of that (as in 1991) workers would have received 123.7 billion Nuevos Soles. However with the 21.9% of 2007 they only received 90 billion Nuevos Soles, that is to say 33.7 billion Nuevos Soles less.
But in 2007 businesses received 38.6 billion Nuevos Soles more than they would have in 2001 for the additional 3.4% of GDP (assigned to them).”
By the way, Twobreakfasts is still under the self-delusion of being on the left of centre.