Venezuela’s GDP Plummeted 23 Percent, While Inflation Reached 830 Percent

By: Sabrina Martín - @SabrinaMartinR - Jan 10, 2017, 1:12 pm
Inflation in Venezuela may have reached as high as 830 percent. (Sumarium)

EspañolGross Domestic Product plummeted in Venezuela in 2016, while inflation broke historic records, according to the country’s Central Bank.

Economic figures for the year were presented at a Venezuela Central Bank meeting this Tuesday, January 10, which were reportedly catastrophic.

GDP fell 23 percent in 2016, which far surpasses estimates made by investment banks that stood between 12 and 15 percent. Experts mainly attribute this to a decline in imports and the productivity of oil and manufacturing.

Inflation reached 830 percent, with a noteable increase over the last three months of 2016 when prices increased by more than 22 percent each month.

However, these figures, once presented, can be modified by the BCV Board, which has reportedly happened in recent years in an alleged effort to better appeal to public opinion.

With prices doubling every 17 days, Venezuela entered the record books, becoming the 57th country to ever have completed such a tragic achievement.

Venezuela allegedly complied with basic requirements of hyperinflation by maintaining a daily rate that averaged 3.96 percent during November — maintaining an inflationary rate higher than a 50 percent per month.


Since last January 15, 2016, the BCV has not provided official figures regarding the country’s economic situation.

Fuente: La Patilla

Sabrina Martín Sabrina Martín

Sabrina Martín is a Venezuelan journalist, commentator, and editor based in Valencia with experience in corporate communication. Follow @SabrinaMartinR.

FARC Leader Blames President Santos for Failed Peace Referendum in Colombia

By: Julián Villabona Galarza - Jan 10, 2017, 1:02 pm

EspañolFARC leader Timochenko blamed President Juan Manuel Santos for mismanaging the referendum for peace in Colombia, which was rejected last October. The guerrilla leader made the comments during an interview with the Argentinian magazine Crisis, during which he said they knew the results of the referendum would be negative, because the referendum is often considered a mechanism for supporting the president, and Santos had very low approval ratings at that time. Timochenko also said that on top of poor execution by the Santos administration was the strong campaign of disinformation led by those who did not want peace. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1459522593195-0'); });   The guerrilla leader said his organization did not want the agreement to be ratified via referendum. Instead, FARC officials wanted an agreement approved through a National Constituent Assembly, which would have required big changes to Colombia's political charter previously agreed upon by both sides. Read More: The ELN’s Shameless Demands for Peace Talks with Santos Read More: ELN Guerrilla Kills Two Police Officers in Colombia Timochenko said if those who oppose peace do not stop the agreement, the guerrilla organization is ready to return to civilian life and continue with a search for power — this time, by democratic means. FARC officials have announced their active participation in the elections next year, when Colombia will elect a new president. The FARC leader said they will not have a candidate of their own, however; instead, they will seek to establish a coalition and support whoever guarantees the continuation of the peace agreement in the upcoming implementation stage. Source: Blu Radio

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