This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8058852.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Venezuela growth at five-year low Venezuela growth at five-year low
(about 3 hours later)
Venezuela's economy grew at its slowest rate in five years during the first quarter, as the country felt the effect of falling oil prices.Venezuela's economy grew at its slowest rate in five years during the first quarter, as the country felt the effect of falling oil prices.
In the first three months of the year output rose 0.3% from the same period a year earlier, the slowest level since 2003, the Central Bank said. In the first three months of the year, output rose 0.3% from the same period a year earlier, the slowest level since 2003, the Central Bank said.
Compared to the previous quarter the economy shrank by 16.4%. Compared with the previous quarter, the economy shrank by 16.4%.
Crude oil prices are more than half their peak of around $147 a barrel seen last July, hit by the global slowdown.Crude oil prices are more than half their peak of around $147 a barrel seen last July, hit by the global slowdown.
While prices have recovered slightly recently they are hovering around $60 a barrel. While prices have recovered slightly recently, they are hovering around $60 a barrel.
Venezuela depends for more than 90% of its exports on oil. But as the price of oil has fallen oil producing cartel Opec, which includes Venezuela as a member, decided to reduce output to boost prices. Venezuela depends for more than 90% of its exports on oil. But as the price of oil has fallen, oil-producing cartel Opec, which includes Venezuela as a member, decided to reduce output to boost prices.
The first quarter saw a contraction of 4.8% in the oil sector.The first quarter saw a contraction of 4.8% in the oil sector.
Revenues from crude oil are down 56% this year, leading to a $3.5bn (£2.26bn) current account deficit.Revenues from crude oil are down 56% this year, leading to a $3.5bn (£2.26bn) current account deficit.