Venezuela: Two Years of Recession

January 1st, 2011
in Background

Reuters:  Venezuela's economy shrank an estimated 1.9 percent in 2010, marking a second year of recession as the South American nation fails to match the recovery in other countries after the global financial crisis, the Central Bank said on Thursday.

Follow up:

The economy contracted 3.3 percent last year, but President Hugo Chavez's government says the OPEC member is now pulling out of recession and is on course for 2 percent growth in 2011.

"We foresee a positive tendency for 2011," the Central Bank said in its annual report on preliminary economic data for this year.

The report said oil GDP shrank 2.2 percent in 2010 while the non-oil economy fell 1.8 percent.

Estimated annual inflation in December was 1.6 percent, bringing the annual consumer price rise for 2010 to 26.9 percent, up from 25.1 percent last year, the bank said.

Venezuela's inflation is among the highest in the world. Central Bank President Nelson Merentes told state TV that inflation for next year was forecast at between 23-25 percent.  Read more at Reuters:

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.



Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved