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Peru is a Republic (Republica de Peru) of South America. The Peruvian economy depends heavily on raw materials exports (60% of total exports). It is one of the countries that has suffered most from the Covid-19 crisis. The recession in 2020 was severe. Real GDP fell by 11.1% (after a 2.2% growth in 2019) and activity shrank in Q2 following strict and protracted lockdown measures. Relatively strong public finances allowed a massive support by the authorities, which helped to prevent an even more spectacular collapse in GDP. China has been the main destination for exports since 2014.