The decline, the first in five years, "is a reason for concern," Chavez told reporters.
The president, however, said that he was confident that Venezuela "is protected against a crisis."
"Unemployment remains low. There continues to be investment," Chavez said.
The economic contraction, the first since 2003, comes on the back of declining oil revenue, the backbone of the Venezuelan economy.
Despite a recent increase in the price of oil, Venezuela's basket of crude products this year averages $49.79 per barrel, down 42% from last year's $86.49 per barrel.
The government has already cut the budget and raised consumer taxes to offset the drop.
Chavez's administration is expected to announce economic measures to deal with the economic decline. Finance Minister Ali Rodriguez said the government will target some of the sectors that suffered the most in the second quarter, such as manufacturing, which plunged 8.5%.
The president boasted in the past that the global crisis hitting other countries "wouldn't a touch a hair" of Venezuela's economy.
