Venezuelan President Hugo Chavez said Wednesday he plans to come up with a new, socialist-friendly way of measuring economic growth, one day after gross domestic product data indicated his country is in recession.
Oil-rich Venezuela’s economy shrank 4.5% in the third quarter, the country’s central bank reported Tuesday. This comes after the economy shrank 2.4% in the second quarter.
“We simply can’t permit that they continue calculating GDP with the old capitalist method,” President Chavez said in a televised speech before members of his socialist party. “It’s harmful.”
But Chavez, in his speech Wednesday, said the weak economic growth numbers are mostly the result of “capitalist calculations” that don’t give proper credit to economic activity in a socialist setting.
In Venezuela, he said, a citizen who goes to a medical center for a visit can get free service that never shows up as economic activity because money doesn’t change hands
Perhaps he can tell people to be happy?