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.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions