The Venezuelan economy has fallen 53% since it governs Maduro, says the Parliament

The Venezuelan economy has fallen 53% since it governs Maduro, says the Parliament



Venezuela's economic activity has fallen by 53% since Nicolás Maduro was elected president in 2013, said the finance committee of the opposition-majority parliament, which also reported that during the third quarter of this year there was a contraction of 29 , 8%.

The information is provided by the Venezuelan Parliament because the Central Bank has not provided data for three years on the country's economic indicators, something that is interpreted by the Legislature as a "concealment policy" to avoid evidence of the crisis.

At a press conference, the Finance Committee member Ángel Alvarado indicated that this index is the closest thing that Parliament can offer on the behavior of the Gross Domestic Product (GDP) and that the economic depression is a consequence of the drop in production oil, hyperinflation, the diaspora and lack of investment.

"More than half of the product has been lost as a result of these measures that I mentioned earlier and as a result of a failed model that controls, that does not generate incentives, and the impoverishment of the Venezuelan," he said, emphasizing that Venezuela's crisis alone it looks like the one that countries have experienced with civil wars.

As he affirmed, this economic depression is the longest and "the worst one that has lived in the American continent" and with 53% "Venezuela is placed in the top ten, among the ten worst economic collapses in history".

Venezuela, the country with the largest proven oil reserves on the planet, suffers from a severe economic crisis with hyperinflation, shortage of basic foods and medicines and failures in public services.

In addition, according to data from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan pumping averaged just 1.17 million barrels last October, a figure that is 39% lower than in all of 2017.

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