According to reports, the Venezuelan economy found the second quarter difficult to handle. Gross domestic product (GDP) fell 2.4% year-on-year having expanded for 22 consecutive quarters.

Many manufacturers experienced a significant decline in demand during the three-month period. The worst hit segments included metal goods, with production down 30.1% year-on-year, leather and plastic goods including footwear (-21.4%) and chemicals (-12.9%).

Commenting on the figures, finance minister Alí Rodríguez Araque tried to reassure people that they did not mean the economy is now in a recession. He said that its economy continues to perform well compared with other countries and that it did not mean production levels would continue to fall.

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