This is a source for analysis, interviews, and commentary on security in Latin America. Herein you will find rumors, the results of off the record interviews, and information you'll not find in international or United States news media.

Monday, August 24, 2009

Is Venezuela's economy stronger than Mexico's?

Most of us who follow Venezuela would agree that this country's economy is in the tank, and largely reliant on oil, the one export that manages to pay the bills.

Mexico, however, is in a very similar situation. Pemex suffers, and Mexico is heavily reliant on the national oil company to maintain a robust revenue stream.

Then the so-called "global recession" hit. And somehow, Venezuela has faired better than Mexico. Here are the latest numbers:

Bloomberg reported on 20 August that Venezuela's economy shrank 2.4% during the second quarter of 2009, compared to 2Q08. This is the first time Venezuela's economy has contracted since 2003...

Mexico's National Statistics Institute reported on 20 August that the country's economy shrank 10.3% during the second quarter of 2009, compared to 2Q08.

1 comment:

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