In Rare Release of Economic Data, Venezuela Reports Sharp GDP Contraction

 

• Venezuela’s central bank on Tuesday reported a sharp contraction of third-quarter gross domestic product, its first release of economic data in nearly four years by a nation struggling under hyperinflation and migration exodus of millions of citizens.
• The government of President Nicolas Maduro halted the publication of economic indicators in 2015 as the OPEC nation’s socialist system began to unravel in response to the global decline in oil prices.
• Oil export earnings dropped to $29.8Bn in 2018 from $31.5Bn in 2017, according to the figures.
• The economy contracted 22.5% in Q3 2018 relative to the same period in 2017, according to data posted on the bank’s website, which did not provide a full-year 2018 figure. Monthly inflation in April 2019 was 33.8%, while 2018 full-year inflation reached 130,060%, the bank said.

 

(Source: Reuters)