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Friday, January 15, 2021

Venezuelan Economy Contracted 50 Percent in Third Quarter

The Venezuelan opposition-held Congress announced on Tuesday morning that the Venezuelan economy fell by 50.3 percent in the third quarter from the same period in 2019, due to a collapse in the oil sector and the COVID-19 crisis.

The Venezuelan opposition-held Congress announced on Tuesday morning that the Venezuelan economy fell by 50.3 percent in the third quarter from the same period in 2019, due to a collapse in the oil sector and the COVID-19 crisis.

“Venezuela is confronting the shock of the pandemic in the midst of a collapse, and as a result the economic decline is even deeper,” opposition lawmaker Angel Alvarado told local reporters during a press conference in capital Caracas.

Alvarado added that further deterioration of electricity, internet and gas services hit manufacturing and commerce activity in the third quarter of this year. He pointed out that the economic activity in Venezuela had cumulatively fallen some 92.4 percent between 2013 and 2020.

Venezuela is currently in its sixth year of recession, following years of under-investment in infrastructure that has led to a collapse of public services and a plunge in oil prices that has hit the regime’s cash flow. This has prompted a humanitarian crisis marked by high levels of malnutrition and the emigration of nearly seven million of Venezuelans.

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