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An oil platform off Venezuela (illustration image). REUTERS / Henry Romero

Venezuela is sinking into the economic crisis. Under US sanctions, the country saw its oil production drop by two thirds.

The Venezuelan government has just admitted that its economy is still sinking. GDP in the first quarter of 2019 fell by almost 27%. The galloping inflation, which exceeds 4,670% (4,679.5%) over the year, remains unstoppable, according to the Central Bank of the country, which gives these official figures.

These figures are still far from the estimates of the International Monetary Fund (IMF) which predicts an inflation of 200 000% this year and a contraction of the economy of 35% for Venezuela.

Increase in the minimum wage

The decision of President Nicolás Maduro to increase the minimum income considerably this week, which he had done six times last year, sounds like a sword in the water. The $ 15 guaranteed minimum wage is barely enough to buy about four kilograms of beef.

To make matters worse, oil production in this country with the largest reserves in the world has also collapsed from 3.2 million barrels per day ten years ago to less than one million today. Under embargo since April, Venezuela can not sell its black gold to the United States.

► (Re) listen: Venezuela: the country is sinking into economic crisis