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| Venezuela recession confirmed as Maduro attacks US 'oil war' | |
| (about 2 hours later) | |
| The Venezuelan economy is now officially in recession after the central bank released figures showing that it has been shrinking all year. | |
| The bank said the economy had declined by 2.3% in the third quarter of 2014. | |
| It also revealed for the first time that GDP contracted by 4.8% and 4.9% respectively in the first and the second quarters of 2014. | |
| President Nicolas Maduro said the economy had been hit by political instability and falling oil prices. | |
| He accused the United States of flooding the markets with oil as part of an economic war against Russia. | He accused the United States of flooding the markets with oil as part of an economic war against Russia. |
| The central bank also said inflation had reached 63.6% in the 12 months to November, one of the highest rates in the world. | The central bank also said inflation had reached 63.6% in the 12 months to November, one of the highest rates in the world. |
| Mr Maduro announced a number of measures to boost economic growth and control inflation, including reforms to Venezuela's currency control system. | Mr Maduro announced a number of measures to boost economic growth and control inflation, including reforms to Venezuela's currency control system. |
| "The details will be extensively explained after the New Year's greeting," Mr Maduro told reporters. | "The details will be extensively explained after the New Year's greeting," Mr Maduro told reporters. |
| 'Anti-Opec plan' | 'Anti-Opec plan' |
| Mr Maduro said speculation had affected inflation but he also praised government efforts to rein in the increases. | Mr Maduro said speculation had affected inflation but he also praised government efforts to rein in the increases. |
| He said his country was suffering the consequences of an economic war launched by US President Barack Obama "to destroy" the oil producers' cartel, Opec. | He said his country was suffering the consequences of an economic war launched by US President Barack Obama "to destroy" the oil producers' cartel, Opec. |
| "It is a two-year plan, which is affecting the prices of commodities and many developing economies," Mr Maduro said. | "It is a two-year plan, which is affecting the prices of commodities and many developing economies," Mr Maduro said. |
| "The US wants to impose a unipolar world controlled from Washington. That is madness." | "The US wants to impose a unipolar world controlled from Washington. That is madness." |
| The crisis offered a "great opportunity for Venezuela to change its economic model," the president added. | The crisis offered a "great opportunity for Venezuela to change its economic model," the president added. |
| Venezuela has the world's largest proven oil reserves, with its economy highly dependent on oil exports. | Venezuela has the world's largest proven oil reserves, with its economy highly dependent on oil exports. |
| The Venezuelan opposition blames the socialist policies of Mr Maduro and his late predecessor, Hugo Chavez, for a shortage of many staples, such as corn oil and milk, amid a serious economic crisis. | The Venezuelan opposition blames the socialist policies of Mr Maduro and his late predecessor, Hugo Chavez, for a shortage of many staples, such as corn oil and milk, amid a serious economic crisis. |