Venezuelan GDP has fallen 52% in six years
After four years without handling statistics, the CBV released the indicators that confirm the sustained recession that Venezuela is experiencing long before the United States sanctions
Since 2015, the Central Bank of Venezuela (BCV in Spanish) had not published economic indicators and this week the data that has been systematically hidden appeared unexpectedly on the institution’s website.
The figures published reveal a drop in GDP of 52.3% since 2013 when Nicolás Maduro became president. The institution estimates that inflation reached the highest figure in the country’s recent history, going from 180.9% in 2015 to 130,060% in 2018.
However, the data are well below the estimates made by the National Assembly, independent firms and multilateral organizations. These entities calculated last year’s price increase above 1,700,000% and for the closing of this 2019 by 10,000,000%.
In fact, for the accumulated inflation in the first four months of 2019, the Maduro government has an estimate even worse than that of the National Assembly, calculating it at 666%. While the BCV puts it over 1,047% only from January to April.
The data show that imports fell from 57,183 million dollars in 2013 to 14,886 million in 2018, a hard drop long before the United States imposed economic and oil sanctions on the country.
L.Sáenz
Source: El País
