Venezuela’s economy dropped by 16,5% in 2016, while the oil sector contracted 9,9%, according to a US Securities and Exchange Commission’s report. The report also showed inflation reached 274 percent in 2016, one of the higher of the world. Venezuela’s government refused to release any key economic indicators for almost two years and investors had to rely on independent estimates provided by international organizations and banks.
The 144-page report confirms that the most oil-dependent economy in the world continues to slump due to low crude prices and has contracted for three years in a row.
The filing comes as the country is facing a dramatic humanitarian crisis. Severe shortages of medicines, medical supplies, and food have intensified since the crisis began, and Maduro’s weak responses have undermined Venezuelans’ rights to health and food. Many people are starving to death, including children, who are dying at an alarming rate.