According to reports from the Venezuelan central bank, the country's economy contracted by 5.8% in the final quarter of the last fiscal year, the third consecutive quarter of shrinkage. The Venezuelan economy contracted by 3.3% for the whole of 2009.
The bank attributed the causes of this lack of growth primarily due to "the weakness of the price of oil and output reductions" from OPEC, as well as the ongoing global economic slowdown.
Economic analysts predict Venezuela's economy to post only small growth throughout this year. "Venezuela did better than most countries at the beginning of the global recession, but now it's in greater trouble," commented financial writer Juan Pablo Fuentes of Moody's Economy.com.
This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.
Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.
Note that some listed sources or external links may no longer be available online due to age.
This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.
Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.
Note that some listed sources or external links may no longer be available online due to age.
.svg)
