April 5, 2005
Venezuelan economic growth 11.2% of GDP for first quarter 2005
(Prensa Latina, reproduced by Vheadline) - "Venezuela registered an economic growth of 11.2% of the Gross Domestic Product (GDP) in the first three-month period of 2005, according to Domingo Maza Zavala, director of the Central Bank of Venezuela (BCV).
Maza Zavala says that all the sectors showed positive signs during that period, especially the manufacturing industry, telecommunications, transport and electric power generation. He added that the oil area moderately grew, due to an expansion stage in the Venezuelan economy.
Maza Zavala also pointed out that public expenses stimulated demand, and crude oil prices influenced the increase. Also, private credit rose, and tax collection grew.
About employment, he said that despite a fall in January, it rose again in the following months.
Business people are now working more closely with the governmental to participate in economic expansion, and bankers have also showed their intention to collaborate.
'The economic growth for 2005 is 5% of our GDP, as it is stated in the budget, though the year might finish with a reactivation of 8%,' he concluded".
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