It's Official -- Venezuela Has Plunged Into Recession

An oil drilling rig in Anzoategui, Venezuela, pictured on January 24, 2012© AFP/File Lissy de AbreuAn oil drilling rig in Anzoategui, Venezuela, pictured on January 24, 2012

Caracas (AFP) – Venezuela confirmed Tuesday that its economy has entered recession, contracting for three consecutive quarters from January through September, while inflation hit 63.6 per cent in the 12 months to November.

The South American oil giant’s economy shrank 2.3 per cent in the third quarter, the central bank said, after contracting 4.8 per cent in the first quarter and 4.9 per cent in the second. Inflation, whose figures had not been released since August, meanwhile hit a monthly rate of 4.7 per cent in November.

 

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