Venezuelan economy displaces Argentina as third largest

[Judi Lynn]

Monday, June 23, 2008
Venezuelan economy displaces Argentina as third largest

Venezuela will replace Chile as the country with the region's highest GDP per capita and Argentina as the region's third-largest economy, according to a Latin Business Chronicle analysis of data from the International Monetary Fund (IMF).

Venezuela's GDP per capita is estimated to reach 11,933 US dollars this year. That's higher than the estimated figure for Chile of 10,126. The IMF estimates also show that Venezuela's GDP is set to reach 334.7 billion US dollars this year, while that of Argentina will likely end up at 323.8 billion.

However, Venezuela will likely lose its status as Latin America's third-largest economy as soon as next year, when Argentina's GDP again will be larger, the IMF forecasts. When it comes to GDP per capita, Venezuela is likely to remain the top country in Latin America through the next five years, the fund predicts.

More:
http://www.mercopress.com/vernoticia.do?id=13785&formato=html

[Judi Lynn]

1. That link's not working. The same information can be found at this link!

Monday, June 23, 2008
Venezuela: Latin America's Richest?

Venezuela will replace Chile as Latin America's GDP per capita champion and Argentina as the region's third-largest economy.
BY CHRONICLE STAFF

Venezuela will replace Chile as the country with the region's highest GDP per capita and Argentina as the region's third-largest economy, according to a Latin Business Chronicle analysis of data from the International Monetary Fund (IMF).

Venezuela's GDP per capita is estimated to reach $11,933 this year. That's higher than the estimated figure for Chile of $10,126. The IMF estimates also show that Venezuela's GDP is set to reach $334.7 billion this year, while that of Argentina will likely end up at $323.8 billion.

However, Venezuelan economist Jose Luis Cordeiro warns that the comparison with Chile may be misleading. "Such numbers are at the official exchange rates," he says. "At the parallel market rates, the numbers are only half, and Venezuela looks more like Peru."

TEMPORARY RANKING

And Venezuela will likely lose its status as Latin America's third-largest economy as soon as next year, when Argentina's GDP again will be larger, the IMF forecasts. When it comes to GDP per capita, Venezuela is likely to remain the top country in Latin America through the next five years, the fund predicts.

Venezuela's economy grew by 8.4 percent last year, but is starting to see a slowdown. This year it should expand by 5.8 percent and next year only by 3.5 percent, according to IMF forecasts. Argentina's economy will see a similar trend, albeit not as marked. Last year, its economy expanded by 8.7 percent. This year it should grow by another 7.0 percent before expanding by 4.5 percent in 2009.

More:
http://www.latinbusinesschronicle.com/app/article.aspx?id=2535

[JohnnyCougar]

2. That's funny.

I heard somewhere that Chavez was ruining the Venezuelan economy. I think it was the Washington Post...

;)