- Click to share on Facebook (Opens in a new window)
- Click to share on Twitter (Opens in a new window)
- Click here to share on LinkedIn (Opens in a new window)
- Click to email a friend (Opens in a new window)
(CNN) - The Venezuelan economy contracted 26.8% in the first quarter of 2019 compared to the same period of 2018, according to the Central Bank of Venezuela.
Venezuelan GDP remains in negative figures since the first quarter of 2013, the year in which President Hugo Chávez died and Nicolás Maduro succeeded him in power.
This fall means that the Venezuelan economy does not recover from the economic recession that began in the first quarter of 2013.
They also updated the country's inflation figures.
The cumulative variation in inflation so far in 2019 is 4,679.5%.
- Salary increase in Venezuela: what does a minimum wage reach in this country?
The figure is below what the National Commission of Finance of the National Assembly had calculated, dominated by opposition to Chavismo, which estimated the accumulated inflation rate for the year so far at 3.326%.
In September, the variation in the consumer price index reached 52.2% after registering 34.6% in August and 19.4% in July.
The July rate corresponds to the month with the lowest inflation in Venezuela so far in 2019. In January it was 196.6%.
The new data also indicates that Venezuelan oil production continues to fall.
The country's crude exports increased from US $ 7,375 million in the first quarter of 2018 to 6,115 in the same period of 2019, a drop of 17%.
- Oil production in Venezuela falls and Colombia surpasses it for the first time in decades
If the figure is compared with the 21,368 million dollars exported in the first quarter of 2013, the variation shows a total fall of 71.3% in oil exports since that year.
This item contributes more than 90% of the income to the Venezuelan economy, according to OPEC.
It is the second time in the year that the Central Bank of Venezuela, also subject to sanctions by the United States, published data that reveal the collapse of the national economy.
Between 2016 and 2019 the agency did not report financial statistical information of the country.
Crisis in Venezuela
