Research firm estimates Venezuela's fiscal deficit at 15% of GDP

Economic research firm Ecoanalítica director José Luis Saboín stressed that Venezuela is facing a fiscal deficit amounting to 15% of Gross Domestic Product (GDP).

During the presentation of the Top 100 Companies 2012, organized by the Venezuelan-American Chamber of Commerce and Industry (VenAmCham), Saboín, an economist, claimed that the fiscal gap amounts to some USD 40 billion.

The expert said that the gap is associated with the elections and the welfare programs commonly known as missions, including the dwellings the Venezuelan Government is building across the country.

The director of the economic search company also commented about the rapidly growing domestic debt: "A voracious trend in the issuance of debt bonds has been observed."

With reporting by Mariela León

Translated by Jhean Cabrera