# Leaked BCV figures show 2016 GDP contracting about 18.6 percent before PDVSA oil sanctions Date: 2017 ## The fact On 20 January 2017 Reuters reported preliminary Banco Central de Venezuela figures showing consumer prices up about 800 percent in 2016 and GDP contracting about 18.6 percent, with the oil sector down about 12.7 percent. BCV had already stopped a regular public CPI. PDVSA oil-sector sanctions of January 2019 had not yet sat. ## Context Oil prices had fallen from 2014. Price controls and PDVSA cash extraction sat as parent policy. Neighbouring 2018 IMF hyperinflation is a child. He did not sit as every well manager. 2019 OFAC PDVSA designation is a later external child. IMF 2018 is a later estimate year. The President of Venezuela heads the national executive, commands FANB as commander-in-chief, appoints the cabinet, and can request enabling laws. He does not write an OFAC designation, an ICC Pre-Trial Chamber decision, or a Colombian migration statute. A CNE announcement is not an opposition acta and is not a Carter Center finding. Those three statuses stay on separate rows. An ICC investigation is not a conviction. An IMF figure is labelled as an estimate where BCV stopped publishing. Sanctions after 2017 and 2019 are an external causal factor; they do not erase the pre-2017 PDVSA-and-policy collapse. ## Evidence and sources International Monetary Fund carries the official instrument or communique. Reuters records the same dated act independently. ## Significance The path is [household purchasing power](/drivers/household-purchasing-power) and energy security: a completed pre-oil-sanctions collapse year, remaining 2019 OFAC as a later external instrument. ## What is established and what is not Established: 2016 contraction on the order of 18 percent in leaked BCV figures and IMF tables, independently reported, before January 2019 PDVSA oil sanctions. Not established: that every later barrel loss was thereby authored in 2016, or a unique later UNHCR coefficient from that leak day. What would change the picture: a contradictory original with a different date or name, a later repeal, a court that vacated the instrument, or a measured series that can be argued, with lag and alternatives, as a consequence of this instrument rather than of later institutions. The date is the date of this instrument, not a licence to back-date every later harm or benefit. BCV compiled. Oil-price weather sat as parent. OFAC had not yet designated PDVSA as an oil company.. A later repeal, court stay, or successor order would be a different Fact with a different date. That pair identifies Leaked BCV figures show 2016 GDP contracting about 18.6 percent before PDVSA oil sanctions, not a later speech about Leaked BCV figures show 2016 GDP contracting about 18.6 percent before PDVSA oil sanctions. Co-authors and later implementers named in Context remain on the file. Leaked BCV figures show 2016 GDP contracting about 18.6 percent before PDVSA oil sanctions on 2017-01-20 is not a licence to treat every later International Monetary Fund communique as this same act. If a later repeal, stay, or successor instrument exists, it needs its own date and its own row. This dossier refuses to average Leaked BCV figures show 2016 GDP contracting about 18.6 percent before PDVSA oil sanctions into a personality. The contribution described on this Person row is limited to He owned PDVSA’s political weather and price-control policy. BCV compiled. Oil-price weather sat as parent. OFAC had not yet designated PDVSA as an oil company. That limit is the alternative to treating office-holding as authorship of every later series. ## People - Nicolás Maduro: https://factrail.ai/people/nicolas-maduro ## Drivers - Household Purchasing Power: https://factrail.ai/drivers/household-purchasing-power - Fiscal-Policy Sustainability: https://factrail.ai/drivers/fiscal-policy-sustainability - Energy Security: https://factrail.ai/drivers/energy-security ## Sources - https://www.reuters.com/article/markets/us/venezuela-2016-inflation-hits-800-pct-gdp-contracts-nearly-19-pct-idUSL1N1FA1JL/ - https://www.imf.org/en/Publications/WEO/Issues/2017/04/04/world-economic-outlook-april-2017 ## Methodology https://factrail.ai/methodology Canonical: https://factrail.ai/facts/ve-gdp-2016