Venezuela’s economy has gone into recession. The gory details:
In a statement, the bank said GDP contracted 4.8 percent in the first quarter, versus the same period of last year, then it fell a further 4.9 percent in the second quarter and shrank 2.3 percent in the third quarter.
The statement added that 12-month inflation, which is the highest in the Americas, reached 63.6 percent in November.
The central bank statement, confirming an economic contraction widely forecast by analysts, came just before President Nicolas Maduro was about to start a news conference in which he was expected to announce economic changes.
And of course, the regime in Caracas is blaming the opposition for the economic downturn; as though the opposition has any power whatsoever, let alone the power to determine the fate of the Venezuelan economy.