Recession looms over Venezuela, official data under wraps
Venezuela has kept its economic growth figures under wraps this year but empty store shelves, closed factory gates and idled construction projects tell their own story – the economy is contracting and some sectors are in deep trouble.
Private industry groups estimate that the construction and manufacturing sectors - both crucial to broader growth - shrank as much as 10 percent in the first half of the year.
Retail sales chamber Consecomercio says sales fell about 50 percent during the same period, the result of weaker consumer sentiment and tight currency controls that have forced a sharp decline in the availability of imported goods.
"The economy is sick," Jorge Roig, president of the main private industry group Fedecamaras and a frequent critic of the socialist government, told Reuters. "Industries are working far below their capacity due to a lack of raw materials."
http://finance.yahoo.com/news/recession-looms-over-venezuela-official-201441551.html
