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Economic Survey of Latin America and the Caribbean 1995-1996

image of Economic Survey of Latin America and the Caribbean 1995-1996

This publication gives insight into the economic trends, the international economy and the role of exchange rate policy in the region. It also explores the economic developments by country. Included also is a statistical annex on diskette.

English

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Venezuela

In 1995, the Venezuelan economy continued to be marked by internal and external imbalances, despite price control and exchange rate measures in place since mid-1994 in an attempt to moderate their impact. Although this situation created uncertainty and inflationary expectations and restrained domestic activity, the economy benefited from greater international demand for oil and gas, together with expanded output by the national oil company, which was committed to implementing an investment programme over a period of several years. Accordingly, oil production rose by about 6%, enabling the Venezuelan economy to achieve 2% growth after two years of recession. This was not enough, however, to prevent a further rise in the unemployment rate to over 10% of the labour force in the second half of the year.

English

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