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They鈥檝e gotten used to finding that the store shelves are empty, a frustration that sometimes boils over into looting. So they don鈥檛 really need economic data to tell them that 2016 was a terrible year."> <meta name="referrer" content="unsafe-url"> <meta name="referrer" content="always"> <meta property="og:description" content="Venezuelans have to navigate a labyrinth of lines to buy staples like sugar or aspirin. They鈥檝e gotten used to finding that the store shelves are empty, a frustration that sometimes boils over into looting."> <meta property="og:image" content="https://web.archive.org/web/20170117070211im_/https://assets.bwbx.io/javelin/public/images/social-markets-3d32d2f713.jpg"> <meta property="og:site_name" content="Bloomberg.com"> <meta property="og:title" content="Venezuela's Economy Was the Worst Performing of 2016, IMF Estimates"> <meta property="og:type" content="article"> <meta property="og:url" content="https://web.archive.org/web/20170117070211/https://www.bloomberg.com/news/articles/2017-01-11/goodbye-recession-hello-depression-venezuela-gdp-takes-10-hit"> <meta name="fb:status" content="" 2016 was the hardest, longest and most difficult year we have known.""> <meta name="twitter:card" content="summary"> <meta name="twitter:description" content="Venezuelans have to navigate a labyrinth of lines to buy staples like sugar or aspirin. They鈥檝e gotten used to finding that the store shelves are empty, a frustration that sometimes boils over into looting."> <meta name="twitter:image" content="https://web.archive.org/web/20170117070211im_/https://assets.bwbx.io/javelin/public/images/social-markets-3d32d2f713.jpg"> <meta name="twitter:site" content="@markets"> <meta name="twitter:title" content="Venezuela's Economy Was the Worst Performing of 2016, IMF Estimates"> <meta name="parsely-title" content="Venezuela鈥檚 Awful Economy Got Even Worse in 2016"> <meta name="parsely-link" content="https://www.bloomberg.com/news/articles/2017-01-11/goodbye-recession-hello-depression-venezuela-gdp-takes-10-hit"> <meta name="parsely-type" content="post"> <meta name="parsely-image-url" content="https://assets.bwbx.io/javelin/public/images/social-markets-3d32d2f713.jpg"> <meta name="parsely-pub-date" content="2017-01-11T10:00:00.003Z"> <meta name="parsely-section" content="markets"> <meta name="parsely-tags" content="Video 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href="https://web.archive.org/web/20170117070211/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=bcom"><span>Bloomberg Anywhere Remote Login</span><span>Bloomberg Anywhere Login</span></a><a class="bb-that-header__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/professional/bcom-demo/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-CORE-bbgmenu-demo">Bloomberg Terminal Demo Request</a> </header> <div class="bb-that__sitemap bb-that--container"> <div class="bb-that__close"></div> <ul class="bb-that__sitemap-sections bb-that--visible-md bb-that--visible-lg"> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Bloomberg</h2> <div class="bb-that-category__content"><p class="bb-that-category__text">Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.</p></div></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Customer Support</h2> <div class="bb-that-category__content"><p class="bb-that-category__text">Americas<br/> +1 212 318 2000</p><p class="bb-that-category__text">Europe, Middle East, & Africa<br/> +44 20 7330 7500</p><p class="bb-that-category__text">Asia Pacific<br/> +65 6212 1000</p></div></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Company</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/careers/?utm_source=bloomberg-menu&utm_medium=bcom">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/diversity-inclusion/?utm_source=bloomberg-menu&utm_medium=bcom">Diversity & Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/bcause/?utm_source=bloomberg-menu&utm_medium=bcom">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.techatbloomberg.com/?utm_source=bloomberg-menu&utm_medium=bcom">Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/company/bloomberg-facts/?utm_source=bloomberg-menu&utm_medium=bcom">Facts & Spaces</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/philanthropy/?utm_source=bloomberg-menu&utm_medium=bcom">Philanthropy & Engagement</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/company/london/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg London</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Communications</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=bcom">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=bcom">Press Contacts</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Follow Us</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a href="https://web.archive.org/web/20170117070211/http://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" target="_blank">Facebook</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20170117070211/https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" target="_blank">Twitter</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20170117070211/https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" target="_blank">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20170117070211/https://www.instagram.com/bloomberg/" class="bb-that-category__social-link bb-that--icon-instagram" target="_blank">Instagram</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20170117070211/https://vimeo.com/bloomberg" class="bb-that-category__social-link bb-that--icon-vimeo" target="_blank">Vimeo</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Financial Products</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/professional/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-CORE-bbgmenu">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergtradebook.com/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-02-13-TBOOK-bbgmenu">Bloomberg Tradebook</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergbriefs.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Briefs</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergindices.com/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-05-13-Indices-bbgmenu">Bloomberg Indices</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergsef.com/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-08-13-SEF-bbgmenu">Bloomberg SEF</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://about.bloomberginstitute.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Institute</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Bloomberg Customers</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&utm_medium=bcom">Download Software</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&utm_medium=bcom">Service Center</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Enterprise Products</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/enterprise/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-09-13-ES-bbgmenu">Enterprise Solutions</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/trading-solutions/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-09-13-TS-bbgmenu">Trading Solutions</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/vault/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-09-13-ES-BVAULT-bbgmenu">Bloomberg Vault</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergpolarlake.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg PolarLake</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Industry Products</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://about.bgov.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Government</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bna.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Law/BNA</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/https://bol.bna.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Big Law</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://about.bnef.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg New Energy Finance</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Media</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg.com</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergview.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg View</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/https://www.bloomberg.com/gadfly/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Gadfly</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/https://www.bloombergradio.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/mobile/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Mobile Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=bcom">News Bureaus</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Media Services</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Live Conferences</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/distribution?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Media Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=bcom">Advertising</a></li></ul></section> </li> </ul> <ul class="bb-that__sitemap-sections bb-that--visible-sm"> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Bloomberg</h2> <div class="bb-that-category__content"><p class="bb-that-category__text">Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.</p></div></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Customer Support</h2> <div class="bb-that-category__content"><p class="bb-that-category__text">Americas<br/> +1 212 318 2000</p><p class="bb-that-category__text">Europe, Middle East, & Africa<br/> +44 20 7330 7500</p><p class="bb-that-category__text">Asia Pacific<br/> +65 6212 1000</p></div></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Communications</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=bcom">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=bcom">Press Contacts</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Follow Us</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a href="https://web.archive.org/web/20170117070211/http://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" target="_blank">Facebook</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20170117070211/https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" target="_blank">Twitter</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20170117070211/https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" target="_blank">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20170117070211/https://www.instagram.com/bloomberg/" class="bb-that-category__social-link bb-that--icon-instagram" target="_blank">Instagram</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20170117070211/https://vimeo.com/bloomberg" class="bb-that-category__social-link bb-that--icon-vimeo" target="_blank">Vimeo</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Company</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/careers/?utm_source=bloomberg-menu&utm_medium=bcom">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/diversity-inclusion/?utm_source=bloomberg-menu&utm_medium=bcom">Diversity & Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/philanthropy/?utm_source=bloomberg-menu&utm_medium=bcom">Philanthropy & Engagement</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/bcause/?utm_source=bloomberg-menu&utm_medium=bcom">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.techatbloomberg.com/?utm_source=bloomberg-menu&utm_medium=bcom">Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/company/bloomberg-facts/?utm_source=bloomberg-menu&utm_medium=bcom">Facts & Spaces</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/company/london/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg London</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Media</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg.com</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergview.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg View</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/https://www.bloomberg.com/gadfly/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Gadfly</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/https://www.bloombergradio.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/mobile/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Mobile Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=bcom">News Bureaus</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Media Services</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=bcom">Advertising</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/distribution?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Media Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Live Conferences</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Financial Products</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/professional/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-CORE-bbgmenu">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergtradebook.com/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-02-13-TBOOK-bbgmenu">Bloomberg Tradebook</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergbriefs.com/?utm_source=bloomberg-menu&utm_medium=bcom">Bloomberg Briefs</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergindices.com/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-05-13-Indices-bbgmenu">Bloomberg Indices</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20170117070211/http://www.bloombergsef.com/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-08-13-SEF-bbgmenu">Bloomberg SEF</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" 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<div class="lede-text-only lede"> <div class="lede-text-only__background"> <div class="background-image"></div> <div class="background-dots"></div> <div class="background-fade"></div> </div> <div class="lede-text-only__container"> <div class="lede-text-only__content"> <h1 class="lede-text-only__hed"><span class="lede-text-only__highlight">Venezuela鈥檚 Awful Economy Got Even Worse in 2016</span></h1> <address class="lede-text-only__byline"> by <div class="author">Andrew Rosati <div class="author__modal"> <a class="author__modal-social" data-feed="twitter" href="https://web.archive.org/web/20170117070211/https://www.twitter.com/andrewrosati" target="_blank">@andrewrosati</a> <a class="author__modal-bio" href="https://web.archive.org/web/20170117070211/https://www.bloomberg.com/authors/ASFv3NN53es/andrew-rosati" rel="author">More stories by Andrew Rosati</a> </div> </div> </address> <div class="lede-text-only__times"> <time id="time-0.3091505472548306" itemprop="datePublished" datetime="2017-01-11T10:00:00.003Z"> <noscript>January 11, 2017, 5:00 AM EST</noscript> <script type="text/javascript"> (function(d) { var el = d.getElementById("time-0.3091505472548306"); el.textContent = new Date("2017-01-11T10:00:00.003Z").toLocaleString([], {"year":"numeric","month":"long","day":"numeric","hour":"numeric","minute":"numeric","timeZoneName":"short"}); })(document); </script> </time> <time id="time-0.04707030043937266" itemprop="dateModified" datetime="2017-01-11T21:20:34.031Z"> <noscript>January 11, 2017, 4:20 PM EST</noscript> <script type="text/javascript"> (function(d) { var el = d.getElementById("time-0.04707030043937266"); el.textContent = new Date("2017-01-11T21:20:34.031Z").toLocaleString([], {"year":"numeric","month":"long","day":"numeric","hour":"numeric","minute":"numeric","timeZoneName":"short"}); })(document); </script> </time> </div> </div> </div> </div> <div class="content-well"> <section class="main-column"> <ul class="abstract"> <li class="abstract__item"> <div class="abstract__item-text"> It鈥檚 hard to find parallels outside wartime, analysts say </div> </li> <li class="abstract__item"> <div class="abstract__item-text"> Dollar squeeze drives output down from bakers to carmakers </div> </li> </ul> <div class="lede-media-video lede"> <div class="video-player"> <div id="player-3fFW6LY" class="video-player__container" data-bmmrid="rbUuAW_xQk~kGoOrRsrBMA" data-url="https://web.archive.org/web/20170117070211oe_/http://www.bloomberg.com/news/videos/2016-11-16/why-venezuela-s-many-crises-keep-getting-worse-video" data-autoplay="true"></div> <div class="video-player__curtain"> <img src="https://web.archive.org/web/20170117070211im_/https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iFxqJNgwCq8A/v5/640x-1.jpg" srcset="https://web.archive.org/web/20170117070211im_/https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iFxqJNgwCq8A/v5/640x-1.jpg 640w, https://web.archive.org/web/20170117070211im_/https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iFxqJNgwCq8A/v5/680x-1.jpg 680w, https://web.archive.org/web/20170117070211im_/https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iFxqJNgwCq8A/v5/840x-1.jpg 840w" sizes="(min-width:761px) and (max-width:1020px) 680px, (min-width:1021px) and (max-width:1280px) 640px, (min-width:1281px) 840px, 100vw"> <div class="video-player__overlay" data-playerid="player-3fFW6LY"> <img class="video-player__play-icon" src="https://web.archive.org/web/20170117070211im_/https://assets.bwbx.io/javelin/public/images/play-076012604d.svg"/> </div> </div> </div> <figcaption> <div class="lede-media-video__caption"><p>Why Venezuela's Many Crises Keep Getting Worse </p> </div> </figcaption> </div> <div class="body-copy"> <p>Venezuelans have to navigate a labyrinth of lines to buy staples like sugar or aspirin. They’ve gotten used to finding that the store shelves are empty, a frustration that sometimes boils over into looting. So they don’t really need economic data to tell them that 2016 was a terrible year.</p><p>Still, when and if the numbers do come in, they’ll likely confirm a collapse that’s almost unprecedented outside wartime. The government has long since halted regular publication of GDP figures, maintaining radio silence since February. But the International Monetary Fund’s estimate, of a 10 percent contraction, would make Venezuela the world’s worst economy last year -- and that’s toward the optimistic end of the spectrum. Private economists put the drop at as much as 15 percent.</p><p><a itemscope="itemscope" itemprop="StoryLink" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/view/quicktake/venezuela-price-revolution" title="Venezuelan Leader, Foes Duel as Store Shelves Empty: QuickTake" target="_blank"><meta itemprop="active" content="true"><meta itemprop="type" content="StoryLink"><meta itemprop="suid" content="OINRFF6S9728">Read more: Venezuela’s Meltdown -- a QuickTake</a></p> <div id="box-VhucGkA" class="page-ad" data-position="mobile-box"> <script class="params" type="application/json">{"contentId":"OJKH656S972801","position":"box","dimensions":{"mobile":[[300,250],[1,1]]},"type":"Mobile Body Box Ad","positionIncrement":1,"targeting":{"position":"box1","positionIncrement":1,"url":"/news/articles/2017-01-11/goodbye-recession-hello-depression-venezuela-gdp-takes-10-hit"},"containerId":"box-VhucGkA"}</script> <div class="mobile-box-ad-dummy"></div> </div> <p>After the third and harshest year of what now qualifies as a full-blown depression, Venezuela has lost about a fifth of its output. A free-spending government was blindsided by the 2014 collapse in oil prices, which drained the economy of dollars, leaving many staple goods in short supply and pushing inflation to triple digits. As economists try to pin down the numbers, historians struggle to find parallels for such a slump, at least since the founding of the country two centuries ago.</p><figure data-type="image" data-id="308713312" data-image-type="chart" data-image-size="full" data-align="center" style="max-width: 1200px;" class="figure-expandable"><div class="image"><div id="lazy-img-308713312" class="lazy-img"><style>#lazy-img-308713312:before{padding-top:50.16666666666667%;}</style><img src="https://web.archive.org/web/20170117070211im_/https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iEegtxeZ8zoo/v1/60x-1.png" data-native-src="https://web.archive.org/web/20170117070211/https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iEegtxeZ8zoo/v1/-1x-1.png" class="lazy-img__image"></div></div></figure><p>“One could say this is a wartime economy,” said Jose Manuel Puente, an economist at the Institute of Advanced Studies in Administration in Caracas. “But this year Venezuela’s numbers are worse than economies at war.”</p><p>To be sure, there have been worse performers this decade: Syria and Libya saw their economies shrink by about half amid civil wars, according to the IMF. But in 2016, Venezuela stood alone. President Nicolas Maduro seemed to acknowledge as much in one of his first public addresses of the new year.</p><p>“2016 was the hardest, longest and most difficult year we have known,” Maduro said on Monday.</p><p>For a local parallel, you have to go back well beyond living memory, according to historian Tomas Straka. “In terms of phenomena such as massive emigration, hunger and abandonment of homes, this is only comparable with the War of Independence,” said Straka, who teaches at Andres Bello Catholic University, a school named after a contemporary of the revolutionary leader Simon Bolivar.</p><h3>‘Everything Goes Down’</h3> <div id="in-article-hnzpcbJ" class="page-ad" data-position="in-article"> <script class="params" type="application/json">{"contentId":"OJKH656S972801","position":"in-article","dimensions":{"mobile":[[5,19],[300,250],[1,1]],"tablet":[[5,19],[728,90],[1,1]]},"type":"In Article Flex Native Ad","positionIncrement":1,"targeting":{"position":"in-article","positionIncrement":1,"url":"/news/articles/2017-01-11/goodbye-recession-hello-depression-venezuela-gdp-takes-10-hit"},"containerId":"in-article-hnzpcbJ"}</script> <div class="in-article-ad-dummy"></div> </div> <p>Of course, the current devastation is on a smaller scale; still, plenty of Venezuelans have <a itemscope="itemscope" itemprop="StoryLink" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/news/articles/2016-12-28/venezuelans-hawk-snacks-on-dominican-streets-as-revolution-dies" title="Venezuelans Hawk Snacks on Dominican Streets as Revolution Dies" target="_blank"><meta itemprop="active" content="true"><meta itemprop="type" content="StoryLink"><meta itemprop="suid" content="OIV8776TTDS0">fled the country</a>, and many who stayed behind go hungry.</p><p>At the bakery he runs in the capital’s eastern district, Douglas Palencia, 40, says he’s producing about half as many loaves as in 2014. The scarcity of wheat is his biggest problem, but other ingredients sometimes run out too. “Every day it feels like we’re missing something else,” he said. “We’re constantly cutting. Everything goes down: quantity and quality.”</p><p>Shortages are driven by the government’s rationing of dollars: It’s trying to preserve them for debt payments instead of spending them on foreign goods. Maduro said last week that imports plunged to $17.8 billion last year. That’s about half the 2015 level, according to Torino Capital’s estimates; there’s no official figure for that year.</p><p>The policy is wreaking havoc among the biggest businesses as well as family firms like Palencia’s bakery. Ford Motor Co. said last month it would halt production in Venezuela until April.</p><h3>Not Over</h3><p> <aside class="inline-newsletter" data-state="ready"> <div class="inline-newsletter__main"> <div class="inline-newsletter__content"> <div class="inline-newsletter__main-tout"> The most important market news of the day. </div> <div class="inline-newsletter__sub-tout"> Get our markets daily newsletter. </div> <div class="inline-newsletter__subscribe"> <form action="" class="inline-newsletter__form" method="post" data-newsletter="Markets Daily"> <input type="hidden" name="vars[source]" value="article_inline"> <input class="inline-newsletter__input" placeholder="Enter your email" type="text"> <button class="inline-newsletter__button" type="submit"> Sign Up </button> </form> <div class="inline-newsletter__message"> </div> </div> </div> </div> <div class="inline-newsletter__arrow"> </div> <div class="inline-newsletter__slideout"> <div for="bbiz" class="inline-newsletter__slideout-option bbiz" data-newsletter="Business Daily" data-state="ready"> <div class="inline-newsletter__slideout-text"> <div class="inline-newsletter__slideout-title">Business</div> <div class="inline-newsletter__slideout-tout">Your guide to the most important business stories of the day, every day.</div> </div> <div class="inline-newsletter__slideout-option-confirm"> You will now receive the Business newsletter <div class="inline-newsletter__slideout-option-confirm-nubbin"></div> </div> <span class="inline-newsletter__slideout-checkbox undefined"></span> </div> <div for="bpol" class="inline-newsletter__slideout-option bpol" data-newsletter="The Brief" data-state="ready"> <div class="inline-newsletter__slideout-text"> <div class="inline-newsletter__slideout-title">Politics</div> <div class="inline-newsletter__slideout-tout">The latest political news, analysis, charts, and dispatches from Washington.</div> </div> <div class="inline-newsletter__slideout-option-confirm"> You will now receive the Politics newsletter <div class="inline-newsletter__slideout-option-confirm-nubbin"></div> </div> <span class="inline-newsletter__slideout-checkbox undefined"></span> </div> <div for="technology" class="inline-newsletter__slideout-option technology" data-newsletter="technology" data-state="ready"> <div class="inline-newsletter__slideout-text"> <div class="inline-newsletter__slideout-title">Technology</div> <div class="inline-newsletter__slideout-tout">Insights into what you'll be paying for, downloading and plugging in tomorrow and 10 years from now.</div> </div> <div class="inline-newsletter__slideout-option-confirm"> You will now receive the Technology newsletter <div class="inline-newsletter__slideout-option-confirm-nubbin"></div> </div> <span class="inline-newsletter__slideout-checkbox undefined"></span> </div> <div for="pursuits" class="inline-newsletter__slideout-option pursuits" data-newsletter="Pursuits Weekly" data-state="ready"> <div class="inline-newsletter__slideout-text"> <div class="inline-newsletter__slideout-title">Pursuits</div> <div class="inline-newsletter__slideout-tout">What to eat, drink, wear and drive – in real life and your dreams.</div> </div> <div class="inline-newsletter__slideout-option-confirm"> You will now receive the Pursuits newsletter <div class="inline-newsletter__slideout-option-confirm-nubbin"></div> </div> <span class="inline-newsletter__slideout-checkbox undefined"></span> </div> <div for="game-plan" class="inline-newsletter__slideout-option game-plan" data-newsletter="Weekly Game Plan" data-state="ready"> <div class="inline-newsletter__slideout-text"> <div class="inline-newsletter__slideout-title">Game Plan</div> <div class="inline-newsletter__slideout-tout">The school, work and life hacks you need to get ahead.</div> </div> <div class="inline-newsletter__slideout-option-confirm"> You will now receive the Game Plan newsletter <div class="inline-newsletter__slideout-option-confirm-nubbin"></div> </div> <span class="inline-newsletter__slideout-checkbox undefined"></span> </div> </div> </aside>Auto sales are the kind of data that economists often turn to when trying to piece together an estimate for gross domestic product, in the absence of proper national accounts, Puente says. And in Venezuela’s case, they reveal an economy that’s come to a near-standstill. Only 236 vehicles were sold in the nation of 30 million in November; a decade ago, the domestic industry was producing more than 12,000 a month.</p><p>Another favored proxy is electricity consumption; but Venezuela’s power industry suffers from regular rolling blackouts, and may not be a useful measure anyway because electricity is subsidized to the point where, when available, it’s practically free.</p><p>Whatever the difficulties of measuring Venezuela’s decline, few economists think it’s over. The economy is set to shrink another 2.4 percent in 2017, according to the average forecast in a Bloomberg survey; the IMF says 4.5 percent.</p><p>“Shortages are going to be as bad or worse,” Puente said. “And that’s the optimistic scenario.”</p><div class="trashline">(<span itemprop="description">Makes editing changes throughout.</span>)</div> <noscript> <ol class="noscript-footnotes"></ol> </noscript> </div> <div class="terminal-tout-container"> <div class="terminal-tout"> <span class="terminal-tout__text">Before it's here, it's on the Bloomberg Terminal.</span> <div class="terminal-tout__icon"></div> <a href="https://web.archive.org/web/20170117070211/https://bloom.bg/dg-ws-core-bcom-a1" class="terminal-tout__link">LEARN MORE</a> </div> </div> <div id="taboola-below-article-thumbnails-VRPJzva" class="taboola"></div> </section> <aside class="right-rail"> <div class="sticky-container"> <div class="sticky-video"></div> <div id="box-jhCOyOO" class="box rotation-item page-ad" data-position="box"> <script class="params" type="application/json">{"contentId":"OJKH656S972801","position":"box","dimensions":{"small_desktop":[[300,600],[300,250],[1,1]],"large_desktop":[[300,600],[300,250],[1,1]]},"positionIncrement":1,"targeting":{"position":"box1","positionIncrement":1,"url":"/news/articles/2017-01-11/goodbye-recession-hello-depression-venezuela-gdp-takes-10-hit"},"containerId":"box-jhCOyOO"}</script> </div> <div class="recirc rotation-item"> <div class="recirc__title">Trending Now</div> <ol class="recirc__list"> <li class="recirc__list-item recirc__list-item-article"> <a class="recirc__list-item-article-link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/politics/articles/2017-01-15/trump-calls-nato-obsolete-and-dismisses-eu-in-german-interview">Trump Slams NATO, Floats Russia Nuke Deal in European Interview</a> </li> <li class="recirc__list-item recirc__list-item-article"> <a class="recirc__list-item-article-link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/news/articles/2017-01-16/bmw-pushes-back-after-trump-threatens-tariffs-on-its-mexico-cars">German Automakers Push Back Trump’s Warning Over Mexican Plants</a> </li> <li class="recirc__list-item recirc__list-item-article"> <a class="recirc__list-item-article-link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/politics/articles/2017-01-15/trump-team-may-move-briefings-from-west-wing-to-accommodate-more">Trump Team May Move West Wing Briefings to Expand Capacity</a> </li> <li class="recirc__list-item recirc__list-item-article"> <a class="recirc__list-item-article-link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/politics/articles/2017-01-15/cia-director-airs-warnings-for-trump-amid-intelligence-tensions">Trump Asks If Outgoing CIA Chief Was Leaker of ‘Fake News’</a> </li> <li class="recirc__list-item recirc__list-item-article"> <a class="recirc__list-item-article-link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/news/articles/2017-01-16/trump-fed-headed-for-clash-amid-dollar-surge-economists-say">Trump, Fed Headed for Clash Amid Dollar Surge, Economists Say</a> </li> <li id="trendingnow-xbidND6" class="recirc__list-item recirc__list-item-ad" data-position="trendingnow"> <script class="params" type="application/json">{"contentId":"OJKH656S972801","position":"trendingnow","dimensions":{"small_desktop":[[5,18],[1,1]],"large_desktop":[[5,18],[1,1]]},"positionIncrement":1,"targeting":{"position":"trendingnow1","positionIncrement":1,"url":"/news/articles/2017-01-11/goodbye-recession-hello-depression-venezuela-gdp-takes-10-hit"},"containerId":"trendingnow-xbidND6"}</script> </li></ol> </div> </div> </aside> </div> </article> <div id="native-6AHxVwV" class="native" data-position="native"> <script type="text/javascript"> window.__bloomberg__.ads.enqueue("native-6AHxVwV"); </script> <script class="params" type="application/json">{"contentId":"OJKH656S972801","position":"native","dimensions":{"all":[[5,16],[5,5],[5,2],[1,1]],"mobile":[[300,250]]},"type":"Native Transporter Ad","positionIncrement":1,"targeting":{"position":"native1","positionIncrement":1,"url":"/news/articles/2017-01-11/goodbye-recession-hello-depression-venezuela-gdp-takes-10-hit"},"containerId":"native-6AHxVwV"}</script> </div> </div> </main> <footer class="bb-global-footer"> <div class="bb-global-footer__content"> <div class="bb-global-footer__group"> <a class="bb-global-footer__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/tos">Terms of Service</a> <a class="bb-global-footer__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/trademarks">Trademarks</a> <a class="bb-global-footer__link" href="https://web.archive.org/web/20170117070211/http://www.bloomberg.com/privacy">Privacy Policy</a> <small class="bb-global-footer__copyright">漏2017 Bloomberg L.P. 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