Tuesday, 28 December 2010

Venezuela's economy, update

GDP growth according to The Economist, 2010

I wrote a post about economic growth in Venezuela. I put up a chart above. You can read the post here.

Below you have the OPEC basket price evolution since 1999. As you can see, the pseudo-revolution in Venezuela is based on nothing but oil price increases in the international market. Prices have been going up year after year but for a light fall in 2001 (which contributed to the 2002 crisis) and a fall on the second half of 2008 and start of 2009 (which were mitigated because Chávez managed to get some quick cash from the Chinese for cheap oil for a decade). The economy takes several months to feel increases or decreases in oil prices. Still, Venezuela should have got out of recession in 2010. It did not. Venezuela will probably show GDP growth in 2011 at last, as oil prices keep going up again. Still, we keep getting farther away from sustainable development.

GDP growth

Ps.1 The huge hikes between 2001 and 2003 in GDP were due to the oil strike and Chávez later sacking 20000 people who took part in that strike.

Ps2. There is an old German troll who promotes Chávez's regime and hates her country and Europe and everything that rejects the military regime in Venezuela like nothing I had seen so far. As she hasn't got a life, she keeps scoring "boring" on all posts of mine now as she keeps trolling in all blogs and forums of Venezuela without bringing in arguments, just writing stuff like "hasta la victoria siempre" and "socialismo o muerte". Be it. You won't see any scoring possibility in the blogs of the last useful idiots supporting the military regime...oh, you can see a scoring among one of the boliburgueses: Jesse Chacón had a blog where he once asked readers to choose whether
"Chacón's electoral campaign is better than that of others" or
"Chacón is the only one who really has an answer for the Sucre municipality".

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