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Venezuela is in recession since the second quarter of 2014

Posted On 31 Dec 2014

Venezuela-entro-recesion-economica-2014

Venezuela fell into recession in 2014 with a falling of its GDP for three consecutive quarters, and recorded an annualized inflation record in the continent of 63.6% in November, according to data released this Tuesday by the Central Bank of Venezuela (BCV).

The GDP contraction of 2.3% in the third quarter followed declines of 4.8% and 4.9% in the first and second quarters, respectively.

These data released on Tuesday also showed that inflation, index that was not known since August, was 4.7% in November for a cumulative total of 63.6% in 12 months.

“We were in recession since the second quarter. Two consecutive quarters of decline in the economy is technically a recession,” said economist José Guerra, former manager of Economic Research at the BCV.

The result of the economy, unknown all through 2014, could be a result of the sharp drop in oil prices, the main product of Venezuelan exports and vital source of foreign exchange.

Venezuelan President Nicolas Maduro, announced days before the launch of a program of economic recovery to be made in “three scales,” he explained, and which includes a new system of change and the “optimization” of public spending.

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Councilor Hernán Ulloa asks to suspend printing of ballots for the elections

Posted On 07 Jan 2021

Diana Atamaint, Enrique Pita, José Cabrera and Luis Verdesoto were dismissed by an ECA judge

Posted On 07 Jan 2021

Office of the UN Human Rights Committee advocates the presidential candidacy of Álvaro Noboa

Posted On 07 Jan 2021
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