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A contraction of GDP of 0.2% was also a shade better than forecast.
A sharp contraction of GDP means that subsequent growth will be calculated from a much smaller base.
Any worsening of the PMI data in November and December would imply a contraction of GDP in the fourth quarter," he said.
"The 'institutions' are once again attempting to impose the policies that have failed abysmally since 2010, causing huge contraction of GDP, vast unemployment and mass impoverishment.
The contraction of GDP plus the government's two fiscal-stimulus packages will push the budget from balance in 2008 to a deficit of nearly 6% of GDP in 2010.
Certainly, President Chavez has little economic news to be proud of: he presided over a 7.2% contraction of GDP last year.Moreover, discontent is said to be widespread among the armed forces.
Similar(52)
The panel expects a bigger contraction of Japanese GDP in 2002 and slower growth in 2003 than it did a month ago.
That's an unthinkably large surplus; achieving it would, in his estimation, have resulted in a contraction of Spanish GDP of 9%.
This translated into a drastic fall in output, which hit a low point in the fourth quarter of 2008 with a contraction of real GDP of 8.3percentt.
However, as a consequence of the international economic downturn, lower investments and a contraction of remittances, GDP growth is forecast to decline to 6.52percentt in 2009.
Its slump (a cumulative contraction of 16% of GDP and shrinking) may enter the record books.
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