Venezuela reports sharp GDP contraction

In a rare release of economic data, Venezuela’s central bank reported a large contraction in the nation's gross domestic product.

The country's economy shrank by 22.5% in third-quarter 2018, according to the data. Full-year data was not provided.

Oil export earnings fell to $29.8 billion in 2018 from $31.5 billion in 2017. Also, monthly inflation was 33.8% in April of this year, while full-year inflation for 2018 was 130,060%, bank officials said.

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