28/05/2008
Central Bank of Venezuela:
GDP Increases 4.8% in First Trimester of 2008
 
According to preliminary calculations, Venezuela’s Gross Domestic Product (GDP) registered an increase of 4.8% in the first trimester of 2008 with respect to the same period in 2007.

This rate shows that economic behavior remains favorable and sustained for 18 continuous trimesters in spite of the precariousness of the world economy.

According to statistics provided by the Central Bank of Venezuela the added offer expanded to 7.6%; as a consequence of the growth registered in the GDP and imports (13.8%).         

 The behavior of economic activity during the first trimester was mainly determined by the final consumption demand in the private sector (11.1%) and the public (4.8%).

On the contrary, gross fixed capital investment decreased by 1.8% and exportations of goods and services dropped by 2.4%.

This is the result of the of private oil companies moving into the public sector (joint ventures) and the nationalization of electricity and telecommunication companies.

In this sense, the added value of the public sector registered an increase of 22.2%, while the added value of the private sector experienced a decrease of 2.3%; this behavior is mainly determined by the institutional reclassification of the nationalized companies.

 The GDP behavior during the first months of the year shows the growth of the non-oil activity at 5.0% whilst oil activity experienced a raise of 3.3% in its Gross Added Value (GVA) regarding the same period of the previous year.

The GVA of the activities that produce negotiable goods increased by 2.1%; and of non negotiable went up 4.9%.