2.5%

1.8% 2.1%

-4%

0%

4%

8%

12%

16%

10 11 12 13 14f 15f

Private consumption

Public consumption

Investment

Net exports

Stocks adj.

GDP growth (%)

2

Impact on Real GDP

(average per year figures)

Real GDP growth

Net contri-bution of

mega events

2009-2013

+3.4%

between +0.1pp and

+0.15pp

2014

+1.8%

between +0.15pp and

+0.2pp

2015-2016

+2.3%

< +0.1pp

Impact on Real Investment

(average per year figures)

Real investment

growth

Net contri-bution of

mega events

2009-2013

+6.5%

between +0.5pp and

+0.8pp

2014

+2.8%

between +0.4pp and

+0.6pp

2015-2016

+4.0

< +0.4pp

3

1680

18301890

0

500

1000

1500

2000

2500

06 07 08 09 10 11 12 13 14 15

0

2

4

6

8

10

12

14

16

18

Industry Real Estate Rural Commercial Households

2005

2008

2013

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

09 10 11 12 13 14 15

inflation rateinflation rate without mega events

CB inflation target: 4.5% (+/- 2pp)

4

GDP growth (y/y, 4 qtrs cumulated %)

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

00 01 02 03 04 05 06 07 08 09 10 11

Venezuela

World

Latin America

Sources: IHS Global Insight, Euler Hermes

-20

-10

0

10

20

30

40

50

60

70

80

06 07 08 09 10 11 12 13 14

Foreign Direct Investment

Foreign Portfolio Investment

Other Foreign investment

0

20

40

60

80

100

120

Arg

entina

Bra

zil

Ch

ina

Ind

ia

Me

xic

o

Ru

ssia

South

Afr

ica

Ch

ile