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The economy has declined over each of the last twelve quarters, said Angel Alvarado MP at a press conference Wednesday.
He added that the economy had dropped 42% after the death of Hugo Chávez in April 2013.
Alvarado thinks most of the decline is due to the drop in oil production. OPEC oil cartel figures show that Venezuela's production has gone from 3.5 million barrels per day in 2013 to 1.3 million barrels, said Alvarado, accusing the industry oil in the country of "mismanagement and corruption."
As the economy shrinks, the country is suffering from hyperinflation. According to figures from the National Assembly, the National Assembly is dominated by the opposition following the results of the 2015 elections. The following year, Maduro created a so-called constitutional assembly that received powers that prevail in practice.
The country's central bank has not released official figures for more than three years. (Terms)
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