CARACAS: Venezuelan President Nicolas Maduro admitted before a hostile legislature Friday that the oil-rich nation is mired in a “catastrophic” economic crisis, hours after decreeing a two-month state of emergency.

Maduro’s first state of the nation address before the newly opposition-held National Assembly, which is locked in a bitter power struggle with his administration, came as Venezuela’s central bank released its first economic growth and inflation statistics in more than a year.

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