Venezuela’s GDP plummets 23 percent while inflation reaches 830 percent

Gross Domestic Product plummeted in Venezuela in 2016, while inflation broke historic records, according to figures presented at a Venezuela Central Bank meeting on Tuesday, January 10.

GDP fell 23 percent in 2016, which far surpasses estimates made by investment banks that stood between 12 and 15 percent. Experts mainly attribute this to a decline in imports, oil production, and manufacturing.

Inflation reached 830 percent, with a notable increase over the last three months of 2016 when prices increased by more than 22 percent each month.

With prices doubling every 17 days, Venezuela entered the record books, becoming the 57th country to ever have completed such a tragic achievement.