Two weeks back we argued that the official growth figure for 2019 was far removed from reality. Last week, Prime Minister Salvador del Solar was obliged to admit that the Ministry of Economy and Finance had been persuaded to reduce its growth forecast from 4.2% to 3.7%.

In April, the growth figure was basically zero (0.02%) following particularly disappointing performances in sectors like mining, manufacturing and fishing.

For his part, del Solar blamed what he called “seasonal factors”, in particular the suspension of the anchovy fishery. But more structural problems loom, not least the uncertainties caused by the ongoing rift between China and the United States over trade access. China is Peru’s largest trading partner and the main source of investment.