Venezuela’s central bank finally admits economic collapse

banco-central-de-venezuela

The Central Bank of Venezuela published its first data on inflation and GDP since 2015, effectively admitting for the first time that the country’s economy is collapsing.

The central bank’s macroeconomic data release, published on May 29, says in the year to the third quarter of 2018 Venezuela’s GDP declined by 22.5%. Inflation rose year on year by 130,060.2% in 2018, up from 862% in 2017, the data says. The central bank estimates that the country’s key oil sector contracted by 25.8% over the

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