Venezuela: Recent Economic Developments

International Monetary Fund

No 1998/117, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews economic developments in Venezuela during 1995–97. The overall public sector balance shifted from a deficit of 7 percent of GDP in 1995 to a surplus of 7¼ percent of GDP in 1996. This massive swing was owing to a major increase in the underlying oil surplus, a decline in the non-oil underlying deficit, and the fact that virtually no financial assistance was provided to the banking system, compared with the cumulative 16½ percent of GDP provided in 1994–95 in the context of the banking crisis.

Keywords: ISCR; CR; exchange rate; banking system; monthly salary; U.S. dollar; central bank; central government; private sector; free trade; broad money; Commercial banks; Public sector; Tariffs; Imports; Central America (search for similar items in EconPapers)
Pages: 102
Date: 1998-11-04
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