Venezuela’s gross domestic product “GDP” had lost more half of its value in just 5 years, according to new date published by Venezuela central bank.
Bank records showed that the country’s GDP has been in decline by 52% between the third quarter of 2013 and the third quarter of 2018.
The statistics revealed that the GDP declined 22.5% in Q3 2018 compared to the same period in 2017.
“Inflation surged to 130,060% in 2018 compared to 862.6% in 2017, while the economy shrank 22.5% during the third quarter of 2018 from the same period in 2017,” the bank said.
The bank figures expected the inflation to get easing. It said prices rose less than 35% in March and April this year.
The Central Bank of Venezuela data also highlighted a huge drop in oil exports — which has decimated an economy heavily reliant on oil revenues. In 2013, the country exported about $85 billion worth of oil. That number fell to $35 billion in 2015 and $30 billion last year.
According to CNN, Venezuela has more oil reserves than any other nation. But production has collapsed following years of under-investment and the country’s current crisis. The fall in oil production occurred before the United States announced sanctions against the Venezuelan oil industry earlier this year. Shipments to the United States, long Venezuela’s leading customer, have since stopped.