Economics
Early Figures Show Venezuela Economy Fell 16.6 Percent in 2017
- Venezuela central bank is readying fresh data for IMF
- Venezuela hasn’t reported GDP, inflation data since 2016
Photographer: Meridith Kohut/Bloomberg
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Preliminary figures compiled by Venezuela’s central bank indicate that the crisis-wracked nation’s economy contracted 16.6 percent in 2017, according to two people with direct knowledge of the estimates.
For the first time since 2016, the bank is preparing a raft of macroeconomic indicators for the International Monetary Fund to avoid sanctions including a possible expulsion from the lender. Bank technicians began working extended shifts and weekends earlier this month to deliver new growth and inflation data and meet a strict Nov. 30 deadline issued by IMF officials.