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Venezuelan Economy Shrinks 1.9%, Less Than Forecast

Venezuela’s economy, the only one in Latin America still in recession, shrank less than forecast in the three months through June as the oil-exporting nation showed the first signs of recovering from a five-quarter contraction.

Gross domestic product contracted 1.9 percent in the second quarter from a year earlier, the central bank said today. Analysts estimated the economy would shrink 5.7 percent, the median of eight forecasts compiled by Bloomberg. The economy contracted 3.5 percent in the first half of 2010, the bank said.