Macroeconomic Forecast Venezuela

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BMI View: Venezuela's current account surplus fell dramatically in 2009 to US$8.6bn, from a whopping US$39.2bn in the preceding year. Unsurprisingly the sharp fall in oil prices played a key role in driving down export revenues, which in aggregate fell by 38% y-o-y to US$57.6bn. Non-oil exports, which are very small in comparison, fell by an even steeper 44.4%.