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."

Analysts say Venezuela's contracting GDP numbers reflect dwindling oil revenue, as global crude prices are well off their July 2008 record highs. Many analysts also attribute blame for the weak growth numbers to the Chavez government's push toward socialism, saying local and foreign businesses are pulling back on investment plans amid fears their company or entire industry may be nationalized.

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