venezuela reports economy shrank by 165 in 2016
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Venezuela reports economy shrank by 16.5% in 2016

Arab Today, arab today

Arab Today, arab today Venezuela reports economy shrank by 16.5% in 2016

Employees stand inside a fast food shop during a power cut in Caracas
Washington - Arab Today

Venezuela's economy shrank a massive 16.5 percent in 2016, according to an official government filing to the US Securities and Exchange Commission (SEC).

The oil-rich but impoverished country attributed the collapse to a contraction of 9.9 percent in the oil sector and 16.1 percent in the non-oil economy.

The 150-page report, received on Thursday by the SEC, also reported inflation at 274.4 percent, and an unemployment rate of 7.5 percent in the calendar year ending on December 31, 2016.

And it revealed a sharp drop in Venezuelan imports in 2016, when purchases totaled $16.4 billion, half of the $33.3 billion of the previous year.

"Since 2015, there has been increasing political and social unrest due to shortages of basic consumer goods as a result of a drop in domestic food production; limited access to imports as a result of currency restrictions; smuggling; hoarding and other distribution problems," the report noted.

It also classed 11.3 percent of the population as "extremely poor" in 2014, the last year the figures were available, up from 7.1 percent in 2012.

The SEC requires detailed economic filings from foreign governments that issue their debt in the US.

Venezuela is going through an acute economic crisis that intensified in 2014 with the fall in oil prices, the source of 96 percent of its export revenue.

There is a major shortage of food and medicines and a hyperinflationary spiral that, according to analysts, will exceed 2,000 percent in 2017.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

venezuela reports economy shrank by 165 in 2016 venezuela reports economy shrank by 165 in 2016

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

venezuela reports economy shrank by 165 in 2016 venezuela reports economy shrank by 165 in 2016

 



GMT 03:28 2018 Tuesday ,09 January

Dior Paris fashion exhibition breaks

GMT 21:23 2017 Friday ,28 July

US State Secretary arrives in Kuwait

GMT 23:54 2017 Wednesday ,27 September

DEWA to give away great prizes during GITEX 2017

GMT 19:22 2017 Thursday ,05 October

PM confers with AFDB delegation on ways

GMT 14:52 2017 Thursday ,19 October

Goalkeeping gaffe hands Man Utd win

GMT 14:42 2018 Wednesday ,26 September

Ukrainian leader stumbles into Russian delegation’s room

GMT 07:46 2018 Wednesday ,26 September

HRH Premier to address UN high-level health meetings

GMT 13:50 2017 Wednesday ,27 December

WAM to launch ‘Kids' Bulletin

GMT 12:36 2017 Sunday ,05 February

Nadia Murad calls Trump for not closing his country

GMT 14:26 2017 Friday ,13 October

UAE’s first hydrogen station opened

GMT 16:16 2017 Thursday ,23 February

Argentine, Spanish leaders discuss how to boost ties

GMT 14:09 2017 Thursday ,02 November

Tillerson touts US-India partnership on South Asian tour
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday