Venezuela Officially in Recession
The Venezuelan economy is now officially in recession after the central bank released figures showing that it has been shrinking all year.
The bank said the economy had declined by 2.3% in the third quarter of 2014.
It also revealed for the first time that GDP contracted by 4.8% and 4.9% respectively in the first and the second quarters of 2014.
Not surprisingly, Maduro looks north for answers:
President Nicolas Maduro said the economy had been hit by political instability and falling oil prices.
He accused the United States of flooding the markets with oil as part of an economic war against Russia.
He said his country was suffering the consequences of an economic war launched by US President Barack Obama “to destroy” the oil producers’ cartel, Opec.
He might want to talk to his Saudi OPEC partners and then reassess this position.