As woes mount, economic stats vanish in Venezuela [View all]

[Marksman_91]

http://www.businessinsider.com/afp-as-woes-mount-economic-stats-vanish-in-venezuela-2014-9

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.

...

"The government has not wanted to make June and July inflation figures public"

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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."

...

"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."

...

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.

This is the kind of crap you get when a bunch of uneducated and/or simply corrupt nincompoops run an oil-rich country.