Productivity plunges in Venezuela. DOWN 37% SO FAR THIS YEAR in one manufacturing sector
Favenpa: Productive activity decreased 37% in 2018
CARACAS.- In 2018 the sector of autoparts manufacturers has not been able to update the solvency in the Income Tax (ISR) and the social insurance (IVSS), causing inconveniences to be able to acquire currencies through the Dicom.
Because of this problem, the sector has been affected in the production of materials marketed by them.
The president of the Venezuelan Chamber of Manufacturers of Autoparts (Favenpa), Omar Bautista, said that "last year we received foreign currency, few, but helped companies to work . " He also reported that the Chamber has proposed "since October of last year (...) to free exchange control, and to consolidate a free access exchange system" .
So far this year "productive activity decreased 37%". Added Bautista.
http://unionradio.net/fabricantes-de-autopartes-no-han-recibido-divisas-en-lo-que-va-de-ano/
The Bolivar is worthless. It has depreciated another 20% in the last week. 99.6% devaluation in the last year. The Petro (El Petro) cryptocurrency is a scam with a total of <$500 in actual sales. Hyperinflation at 13,000%. Venezuela doesn't produce anything. The oil sector is in full collapse. No food. No medicine.
Viva la Revolucion!
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