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

Gross 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. More…