VOICED : Venezuela entro en recesion en 2014

In 2014, Venezuela entered a recession with its GDP declining for three consecutive quarters. The country faced a record inflation rate of 63.6% by November, as reported by the Central Bank of Venezuela. A severe shortage of foreign currency, despite having the world's largest oil reserves, led to a scarcity of basic goods. The sharp decline in oil prices over six months halved government revenue, as oil sales account for 96% of the country's foreign currency. The Central Bank attributed economic results to opposition protests, while President Nicolás Maduro blamed the US for the oil price drop. Despite these challenges, Maduro predicted better economic data for 2015, coinciding with legislative elections.

What significant economic event did Venezuela experience in 2014?

• A major economic boom

• An increase in foreign investments

• A recession with GDP falling for three quarters

• A stable economic period

What was the inflation rate in Venezuela by November 2014?

• 63.6%

• 70.1%

• 45.2%

• 50.8%

What was the primary cause of the reduced government revenue in Venezuela in 2014?

• Increased foreign investments

• Sharp decline in oil prices

• Rise in tourism

• Growth in the technology sector

What percentage of Venezuela's foreign currency comes from oil sales?

• 75%

• 50%

• 96%

• 100%

Who did President Nicolás Maduro blame for the drop in oil prices?

• United States

• European Union

• China

• Russia