Arab Today, arab today as woes mount economic stats vanish in venezuela
Last Updated : GMT 08:56:06
Arab Today, arab today
Arab Today, arab today

As woes mount, economic stats vanish in Venezuela

Arab Today, arab today

Arab Today, arab today As woes mount, economic stats vanish in Venezuela

A customer walks past empty shelves at a supermarket in Caracas
Caracas - AFP

Prices keep rising in Venezuela, economic activity is sputtering and shops struggle to fill their shelves.
But don't ask the central bank how bad things really are: it hasn't published key data in months.
The last time the central bank and the national statistics institute published the annual inflation figure was in May, when the indicator rose to 61 percent, the highest in Latin America.
Officials have not given any explanations despite repeated requests from economists, politicians and journalists seeking economic data.
"This destroys the credibility of the central bank. There has never been this kind of a delay for as long as we have been measuring inflation," said economist Jose Guerra, a former economic research chief at the bank.
A similar delay took place late last year, when the government of socialist President Nicolas Maduro waited one month to release November data, until after municipal elections.
"The government has not wanted to make June and July inflation figures public," Guerra said, citing data from central bank technicians.
- 'You can't hide information' -
 The Venezuelan central bank has withheld figures for months this time -- even though it is part of the International Monetary Fund's General Data Dissemination System, which encourages members to publish sound statistical data.
"Little by little, statistics have been put aside for political purposes," said Francisco Ibarra, director of the consulting firm Econometrica.
But, he added, "you can't hide inflation because people see it on the street."
Ibarra said the lack of official data could give rise to parallel, private statistics much like what is taking place in Argentina, another economically-troubled South American nation.
"Sooner or later, the International Monetary Fund will box Venezuela's ears because it's one thing to want to be a renegade, and another to hide information," he said.
Another key indicator that disappeared four months ago is the index of shortages of basic goods even as Venezuelans continue to stand in long lines at stores bereft of everything from toilet paper to cooking oil and medicine.
The central bank last reported the scarcity index in March, when 19 basic goods were said to face "serious supply problems."
That month, corn oil shortages were at 100 percent while flour and milk were absent in nine out of 10 stores.
Hiding such figures "does not help the economy," Ibarra said, adding that employment and balance of payments data for the last quarter of 2013 were also delayed.
"It's an intentional policy, and it has no rational economic or institutional explanation. They don't want a debate in these areas," he said.
- Firms can't plan -
Last week, the Venezuelan chamber of commerce, Fedecamaras, complained about the lack of statistics.
"There's no way to make plans," Fedecamaras president Jorge Roig said.
The organization, which represents most private firms, has begun to compile its own data. Private consulting firms are doing the same.
The chamber says the country's gross domestic product fell by four percent in the first quarter.
The government has yet to give a GDP forecast for 2014, with the last projection coming eight months ago, when it predicted growth of four percent.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today as woes mount economic stats vanish in venezuela Arab Today, arab today as woes mount economic stats vanish in venezuela

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 11:43 2017 Wednesday ,22 February

South Africa budget throws light on fractured ANC

GMT 11:35 2017 Wednesday ,22 February

British economy grows 0.7% in final quarter of 2016

GMT 06:04 2017 Wednesday ,22 February

Hammond closes in on budget goal

GMT 05:34 2017 Wednesday ,22 February

Euro zone economy outlook shines

GMT 04:10 2017 Wednesday ,22 February

US stocks finish at another all-time high
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday