A picture is worth 10,000 words# 33: Central Bank’s study of the population

July 30, 2007

This is a puzzling graph which appeared in El Universal a couple of days ago and I don’t quite know what to make of it, it is the Central Bank’s (BCV) study of Venezuelan homes:

1) It says Venezuela was mostly a middle class country in 1997 and has remained the same since.
2) There has been little change since 1997. Only 1.1% of the poorest families moved from strata V tto IV.the biggest change is in the increases in the seond strata, which is fully middle class
3) Given the change in the price of oil between 1997 and 2005, you would think even spending the money inefficiently would have a larger effect.
4) It disagrees with data from the INE, the national Institute of Statistics and the data from Universidad Catolica.

What gives?

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