numberwang said:

Oil was 'only' 12% of GDP in 2013, so a 50% reduction of the GDP since then can not be explained with a reduction in oil prices.

Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 45% of federal budget revenues, and around 12% of GDP.
https://www.cia.gov/library/publications/download/download-2013/index.html

Venezuela has a majority state run >50% (the only one in Latin America?) economy, highly susceptible to change in political leadership.

That’s not how it works, though. Majority of GDP is circulatory within an economy. Oil and gas were almost the entirety of their exports, what gave them purchasing power, internationally (which is necessary, as Venezuela is not exactly self-sufficient. No country really is, these days, although the us comes closest.) Again, Russia also didn’t have 45 percent of gdp in oil/gas. However, 70 percent of exports (90 percent, for Venezuela) came from that, so the fall of the oil prices led to a collapse of the rubble, as not much of value could be obtained with it, from an international perspective.

 

I’ll point out that for france, public spending is 56 percent, and has been in the range for quite some time.

 

Last edited by palou - on 25 January 2018

Bet with PeH: 

I win if Arms sells over 700 000 units worldwide by the end of 2017.

Bet with WagnerPaiva:

 

I win if Emmanuel Macron wins the french presidential election May 7th 2017.