![]() Guyana angrily called Venezuela's latest turf declaration “an overt threat to sovereignty and territorial integrity.” Last week, that long-running territorial dispute erupted again when Venezuela’s regime - and even its political opposition - issued an unusual joint statement insisting that almost three-fourths of Guyana actually belongs to Venezuela.Īs the pandemic continues, you can rely on WLRN to keep you current on local news and information. CNN Sans ™ & © 2016 Cable News Network.For more than a century, Venezuela and Guyana have been arguing about where their border should be - or at least Venezuela has. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account ![]() – CNN’s Stefano Pozzebon, Tatiana Arias and Lauren Said-Moorhouse contributed to this report. The central bank did not announce the data release in advance, and the government of embattled President Nicolás Maduro has not commented on why the figures were released or the data itself. The reports appeared to confirm earlier research by the IMF and the World Bank that have chronicled the collapse of the Venezuelan economy. Shipments to the United States, long Venezuela’s leading customer, have since vanished. The fall in oil production occurred before the United States announced sanctions against the Venezuelan oil industry earlier this year. But production has collapsed following years of underinvestment and the country’s current crisis. Venezuela has more oil reserves than any other nation. Oil gets clobbered as trade war fears mount (Photo by Loren ELLIOTT / AFP) (Photo credit should read LOREN ELLIOTT/AFP/Getty Images) Loren Elliott/AFP/Getty Images Pump jacks at an oil extraction site on March 12, 2019, in Cotulla, Texas. That number fell to $35 billion in 2015 and $30 billion last year. In 2013, the country exported about $85 billion worth of oil. The Central Bank of Venezuela data also highlighted a huge drop in oil exports - which has decimated an economy heavily reliant on the sale of oil on the world markets. In the United States, by comparison, inflation hovered around 2% last year. In contrast to both, the International Monetary Fund estimated that last year, Venezuela’s inflation was 929,797%. It was lower than previous reporting from the opposition-controlled National Assembly, which calculated the figure at almost 1,700,000%. The inflation rate revealed Tuesday was the highest in Venezuela’s recent history. As the value of money and wages has become worth less and less, the despair on the population has deepened. Runaway inflation has decimated Venezuela. The inflation rate hit 130,060% in 2018, according to the new data. Price inflation is out of control in Venezuela. That means the size of Venezuela’s economy was reduced by half in a span of five years. The bank’s records show that in the third quarter of 2018, gross domestic product contracted a shocking 22.5% over the prior year.īank records showed that the country’s GDP has been in decline since the start of 2014 - contracting 52% between the third quarter of 2013 and the third quarter of 2018. On Tuesday, for the first time in three years, the Central Bank of Venezuela published statistics on the country’s battered economy. ![]() The dysfunction is so great that basic economic data has been hard to come by. Venezuela’s economy is in shambles and the country has plunged into political chaos.
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