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LatinNews Daily - 23 September 2021

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In brief: Venezuela’s economic activity shrank in Q2, says think-tank

* The Observatorio Venezolano de Finanzas (OVF), an independent economic think-tank created by Venezuela’s political opposition, has reported that economic activity in Q2 2021 contracted by 2.2% compared with the previous quarter. Whilst this was a marked improvement on the 33.7% quarterly contraction in activity that the OVF reported in Q1, the OVF noted that “the Venezuelan economy has now been shrinking for 25 consecutive quarters, which translates to a loss of over 80% of GDP compared with 2012 levels.” The think-tank said that over the last 12 months, economic activity declined by 55.2% in the financial sector and by 82.4% in the public sector, although activity in the oil industry recovered slightly with a 2.4% increase.