In the last decade and a half Peru has experienced the highest reduction in poverty rates in Latin American and the Caribbean1, ranging from a high of 58.7% in 2004 to a low of 21.7% in 2017. A 37 percentage points’ drop in 13years. Which factors have driven this significant reduction? Two drivers are proposed: economic growth and governmental policy efforts. We will discuss how most of this reduction could be attributed to the high rates of economic growth, whereas the impact of social expenditure has been limited. As simple visual inspection suggests, the reduction has been continuous in the context of high economic growth, though declining in the latter part of the period.