Poder 360° - Page One Daily News - Venezuela in Recession

Venezuela in Recession
The economy contracted for the second consecutive quarter, an occurrence that hasn’t happened since 2003

The Venezuelan economy has formally entered into recession after Venezuela's Central Bank (BCV) figures were disclosed reporting a drop in gross domestic product of 4.5% during the third quarter compared with the same period in 2008. The BCV figures show a contraction for the second consecutive quarter, a situation that hasn’t occurred since 2003, when a 60-day strike in the oil industry led to GDP contractions for four consecutive quarters. With this result, the zero growth target was discarded, which was set by the government last March when the budget was recast and the Anti-Crisis Plan announced, which included, among other measures, a VAT increase from 9% to 12%.

Poder 360° - Page One Daily News - Venezuela in Recession

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