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Andean Group - August 2015 (ISSN 1741-4466)
ECONOMY: Lurching from bad to worse
The Venezuelan economy clearly is struggling, but it is difficult to calculate just how bad the situation is ahead of the 6 December midterm national legislative elections. A key problem is the dearth of credible data on GDP, inflation, trade and external payments, which the government-controlled central bank (BCV) has been sitting on all year. Juan Cristóbal Nagel (editor of the Caracas Chronicles blog and economics professor at Universidad de los Andes in Chile) has said that trying to analyse the current state of economy is like “looking into a black box”.
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