Venezuela
- Author: Economic Commission for Latin America and the Caribbean
- Main Title: Economic Survey of Latin America and the Caribbean 2001-2002 , pp 253-260
- Publication Date: October 2002
- DOI: https://doi.org/10.18356/62461ca4-en
- Language: English
The Venezuelan economy expanded by 2.7% in 2001, compared to 4% the year before. GDP growth was driven by the private sector, while the public sector suffered from falling prices and production cuts in the oil sector. Inflation fell for the sixth straight year and came in around 12% in 2001, having run as high as 100% in 1996. Exports fell sharply in the wake of the economic slowdown, particularly in the United States, and because of the decision to cut oil production under an agreement reached with the Organization of Oil Exporting Countries (OPEC). Imports were favoured by exchange-rate policy and surged by over 10%. The resulting erosion of the trade balance caused a reduction in international reserves at the Central Bank of Venezuela (BCV).
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