Economics
Venezuela Reports Grim Details of Hyperinflation, GDP Plunge
- Key economic data published Tuesday for first time since 2015
- 2018 inflation accelerated to 130,060% from 862.6% in 2017
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Venezuela’s central bank published key economic data for the first time since 2015, reporting figures on gross domestic product, external accounts and inflation that might be expected from an economy devastated by war rather than one boasting the world’s largest oil reserves.
Inflation spiraled out of control to 130,060% in 2018 and hit 862.6% in 2017, while the economy shrank 22.5% during the third quarter of 2018 from same period in 2017, the bank said in a report posted on its website Tuesday.