Venezuela in recession

The Venezuelan government is reporting that the country has sunk into recession for the first time in six years.



Reports say the economy shrank 4.5 per cent in the third quarter of the year making it the second consecutive quarterly decline.



The economy reportedly dipped 2.4 per cent in the April-June period after a small 0.3 per cent rise in the first three months.



Meanwhile, economic activity related to Venezuela\'s oil sector decreased by 9.5 per cent from January through September, compared with 6 per cent growth during the similar period last year.



Overall the economy contracted 2.2 per cent during the first nine months of the year.