The Venezuelan economy faltered in 2002, as gross domestic product (GDP) shrank by 9%, and gross fixed investment receded by 22%. Inflation soared to an annual rate of 31.2%, compared to 12.3% in 2001, while unemployment climbed to 15.8% from the previous year’s 13.3%. Output is set to shrink by a further 12%-14% in 2003, depending on how quickly and thoroughly it manages to bounce back from the 27.6% slump posted in the first quarter, when oil output plummeted by 47.3% and non-oil production plunged by 19%, compared to their 2002 levels. This bleak economic panorama reflects the convergence of several factors.

Related Subject(s): Economic and Social Development
Countries: Venezuela
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