Venezuela Economy Said to Shrink 9.8%
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<i> From Associated Press</i>
CARACAS, Venezuela — The Venezuelan economy shrank by an alarming 9.8% during the first quarter of 1999, according to a news report Monday attributed to the Central Bank.
A Central Bank official, who asked to remain anonymous, said the institution will not deny the report in the El Universal newspaper. Official confirmation of the 9.8% figure was expected today, he said.
The contraction was due largely to a precipitous drop in the price of oil, Venezuela’s main export.
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