80% of the productive sector in La Guaira reports a drastic fall in income following the earthquakes of 24 June, according to preliminary data presented by the regional Chamber of Commerce. The devastation caused by the quakes critically compromises the operational continuity of businesses and threatens employment stability in the coastal state.
A technical study covering customs, logistics, trade, services and industry showed concerning results. 56.2% of the surveyed companies reported a total loss of income, whilst 23.8% registered a decline of more than 50%. The sample included 430 representatives from economic sectors, though the business association keeps the registry open to incorporate productive units that have not yet been surveyed.
The director of the La Guaira Chamber of Commerce, Shirley Camaran, warned about the severity of the diagnosis. She explained that the decision was made to keep the measurement process open because there are still many affected business owners who have not been registered.
The earthquakes of magnitude 7.2 and 7.5 left more than 24,000 homes damaged and damage to the commercial and industrial network of the central coast. The World Bank estimates direct physical damage from the natural disaster at 19.6 billion dollars. The international body warned that slow reconstruction will slow Venezuela's economic recovery over the next decade.
