The respected Veneconomy magazine has done its calculations over the real consequences of the electricity crisis that Chavez brought upon us in Venezuela. Yours truly had already said in 2009 that he anticipated a deepening of recession for the first two quarters of 2010. Veneconomy says he is wrong. GDP decrease will go on for the whole of 2010 AND 2011 at the very least. Taken from Miguel blog (which will save you the semi cumbersome way to get to it in its page web, there is the summary paragraph. Read and weep.
As a result, VenEconomy’s preliminary estimate is that the crisis will cost the nation the equivalent of 8% of GDP in 2010, plus another 6% in 2011 (assuming that Chávez is mistaken in saying that 2011 will be a worse year for the electricity sector than 2010), and a further 4% in 2012, for a total cumulative three-year contraction equivalent to 18% of GDP, for a total of some Bs.F.5,000 (in today’s bolívars) for every man, woman and child in Venezuela.