February 17, 2005
Venezuelan economy grew 17,3% in 2004

(El Nacional) - '"A valuable recovery' was the phrase used by the board of the Venezuelan Central Bank (BCV) to describe the 2004 performance of Venezuelan economy, which grew 17,3%.

These results indicate that Venezuelan economy overcame the 2002/2003 recession when production was affected by fiscal restrictions, political instability, oil strike and controls over foreign currency exchange.

This time all sectors showed positive growth rates, especially oil, which grew 8,7%.

Non oil-related activities also showed a recovery of 17,8% after a two year downfall, in 2002, when they dropped 6% and in 2003, when it dropped 7,5%. According to the Central Bank, areas that are non-oil related "kept their rhythm".

According to BCV, these results also highlight the performance of the private sector, which showed a rise of 18,6%.

There also indicated that between October and December 2004 there was a positive growth for a fifth quarter in a row.

The BCV also reported about the 2004 closing of the balance of payments. The current account of this balance shows oil exports brought incomes for 32.500 million dollars and thanks to these resources the positive balance of this account was worth 14.500 million dollars.

The board of the BCV concluded that these results 'allow to predict a sustainable growth of economical activities for 2005', as well as the 'strength of the oil market' and an 'environment of political and social stability'" .