MercoPress. South Atlantic News Agency
Venezuela admits recession in the last three quarters and inflation of 63.6%
Venezuela confirmed on Tuesday it had entered a recession while inflation remained the highest in the Americas, but President Nicolas Maduro's populist government blamed political foes for the dismal data. According to the latest Central bank information, GDP contracted in each of the first three quarters: 4.8%, 4.9% and 2.3%, while twelve-month inflation reached 63.6% in November. Read full article
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Disclaimer & comment rulesIt will only get worse, even if the price of Oil goes back up global refineries have been changing their feed stock profiles from the thick black crude which Venezuela is the biggest producer, to the lighter shale crudes, it was a long slow decline in in the demand for the gloop before the drop in oil prices, there is no chance of a sniff at the big stuff for them for years to come.
Dec 31st, 2014 - 07:24 am - Link - Report abuse 0I think the drop in oil price has been a very sobering experience for a number of countries who have become arrogant, delusional and over reliant on their primary export commodity. Russia, Venezuala and Scotland spring to mind.
Dec 31st, 2014 - 11:21 am - Link - Report abuse 0Just as well Scotland voted NO in the referendum then, Salmond was relying on the oil to provide independance to Scotland. A heavy breath of relief was heard in Glasgow.
Dec 31st, 2014 - 12:31 pm - Link - Report abuse 0Nothing like only having one product to sell. What do they call that? All your eggs in one basket.
Dec 31st, 2014 - 12:39 pm - Link - Report abuse 0Wonderful! But come on, argieland. Last figures show that you're only on 41.6%. You must be able to do better. Just another 22%! Wouldn't that be an achievement? Maybe you could match the murder rate at the same time? So good to see corrupt, criminal states killing themselves.
Dec 31st, 2014 - 01:13 pm - Link - Report abuse 0Looks like he is running out of people to blame.
Dec 31st, 2014 - 01:49 pm - Link - Report abuse 0Even the peasants are starting to see through the BS he spews.
Wow Maduro has TALENT!
Dec 31st, 2014 - 03:09 pm - Link - Report abuse 0To contract GDP that much and have sky high inflation...... that takes skill.
They should just all settle down and celebrate Statism with a nice ice cream sundae
Dec 31st, 2014 - 04:57 pm - Link - Report abuse 0http://www.washingtonpost.com/blogs/worldviews/wp/2014/12/30/in-venezuela-screaming-over-ice-cream/
Ooops.
However the official government position is that there is no shortage of milk OR ice cream. Of course no shortage of toilet paper either........with the amount currency they have to print, there is plenty of toilet paper.
Dec 31st, 2014 - 05:05 pm - Link - Report abuse 09. There's no shortage for high Gov't folks, that's how it works in Socialist/Commie/Evil countries.
Dec 31st, 2014 - 05:15 pm - Link - Report abuse 0WHEN, just when are the MADuro supporters going to wake up?
Dec 31st, 2014 - 06:09 pm - Link - Report abuse 0A bit like La Camping It Up in Argentina.
AND Venezuela have tens of thousands of CUBAN Advisors in the country all out to “help”.
With help like this you wonder what went wrong!
Ha, ha, ha, ha.
You guys know what I find hilarious? The Bus Driver is crying today that the USA is trying undermine OPEC. Over all these years, OPEC has colluded on prices and made themselves a mint and never once did idiots complain that OPEC themselves are doing what they claim free markets do to them and pissant countries. The Bus driver is complaining that prices for crudes should be around 120 per barrel. Based on what...their fucking budget......no market forces. Now.......supply and demand is kicking in and if the USA is pressuring prices.....FUCK THEM. Fayd and his croonies have shook our hand in one room and then went into the next room to pay terrorists for way too long. I read the in order for Venezuela to balance their books and economy, crude has to be around 240 a barrel for 2 to 3 years.
Dec 31st, 2014 - 06:52 pm - Link - Report abuse 0FUcked...their fucked I tell you.
LOLOLOLOLOLOLOLOLOLOL
First to fail in this house of cards is Venezuela.........then Argentina and ultimately Brazil once China realizes the gravity of their situation.
12. I think these Oil Dictators are under the illusion that this downward pressure will only last a couple of years.
Jan 01st, 2015 - 12:29 pm - Link - Report abuse 0I think the are wrong.
Almost everyone I know drives some sort of hybrid. Even I have some stupid Eco feature that turns off my engine at a stop light. I hated it at first but now I don't even notice it. We're using energy differently and more wisely in the USA and there's no turning back.
It is odd that most of the Oil Producing countries are Socialist/Communist or some sort of Monarchy with brutal regimes. I hope this downturn lasts long enough that they all fall. Even the Saudis can't keep their economic national bribes and terrorist funding up for long very long at these prices.
People seem to forget that China is in very bad shape, their western provinces are in a kind of civil unrest, the civil unrest moved to HK and its not over yet. Their mfg industry, real estate and banking are in a shambles. My guess is their banking system will collapse in the very near future and the “middle class” will lose all of their savings over the last 3 years. Remember its 3 generations of wealth in this RE bubble their too afraid to collapse. On top of all of that they have destroyed their water and a lot of their arable land. It wil take lot so time and U$ Trillions to fix. Its a mess and I don't see how they are going to fix it. I am going to China in March so I will be curious to see everything in person.
2014 was a great year and I hope 2015 is more of the same!
Happy 2015 everyone!!
Happy Socialist New Year. Who we gonna blame today? No ice cream? Opposition's fault. http://www.thestar.com/news/world/2014/12/31/milk_shortage_shuts_famous_venezuelan_ice_cream_shop.html
Jan 01st, 2015 - 12:54 pm - Link - Report abuse 0Always knew Fat Borat was the right comrade for the job.
Jan 01st, 2015 - 07:06 pm - Link - Report abuse 0Watching socialists trash other countries is always a laugh. It's just a shame latam commies aren't as talented at the whole collectivised farms and labour camps malarkey, their asian namesakes are much better at racking up huge bodycounts.
Here's hoping, though, they have a few more loops of the downward spiral to go yet.
Maduro, are you in charge or not ?
Jan 02nd, 2015 - 12:14 pm - Link - Report abuse 0Venezuela is a country of spectacular tropical scenery and wildlife with some of the most beautiful beaches in the Caribbean. It has the largest oil reserves on the planet, abundant mineral resources, huge fertile plains for agriculture and a near perfect strategic location right in the middle of the Americas with easy access north and south. Caracas the capital has a near perfect climate surrounded by the majestic Avila mountain range in a beautiful valley. Dig deeper and you will find world class art and architecture in that city.
Jan 02nd, 2015 - 07:57 pm - Link - Report abuse 0Why does Venezuela not have a booming economy with world class industry driven by easy access to energy resources and close proximity to export markets. The agricultural centre of the America s with world class universities and research. It's Tourism industry the envy of the world , full employment, zero crime with the worlds best free health care and education systems. If only the gringo imperialists would stop meddling in its affairs this utopian dream could be reality
It takes a certain skill to take an oil rich nation and turn it into a poverty stricken war zone with murder rates higher than actual war zones. I skill not everyone can boast on their resume's.
Jan 05th, 2015 - 02:55 pm - Link - Report abuse 0Commenting for this story is now closed.
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