Venezuela Officially in Recession

Via the BBC:  Venezuela recession confirmed as Maduro attacks US ‘oil war’

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.

FILED UNDER: Latin America, Quick Takes, World Politics
Steven L. Taylor
About Steven L. Taylor
Steven L. Taylor is a Professor of Political Science and a College of Arts and Sciences Dean. His main areas of expertise include parties, elections, and the institutional design of democracies. His most recent book is the co-authored A Different Democracy: American Government in a 31-Country Perspective. He earned his Ph.D. from the University of Texas and his BA from the University of California, Irvine. He has been blogging since 2003 (originally at the now defunct Poliblog). Follow Steven on Twitter