The first for 3 years report of the Central Bank of Venezuela stated that inflation in the country over the past year had amounted to 130000%.
For the period from 2013 to 2018, the economy decreased by almost half. The oil industry represents the main part of the country’s economy. In 2013 and 2014, the profit from oil sales amounted to 85.6 and 71.7 billion US dollars. In 2018, this figure was $ 29.8 billion.
The report of the Department says that the inflation for the period from last January to last April amounted to 196%, 114%, 35% and 34% respectively. In 2017, the figure was equal to 862%, in 2016 – to 274%.
According to the IMF calculations, the inflation in Venezuela was equal to 930 000% over the past year. The forecast for this year shows the figure of ten million percent.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade