January
6, 2004
Oil Internal Gross Product to
increase 25% in 2004
(www.entornointeligente.com) - "The
National Economy Council estimates that if oil
production volumes continue to be 3 million daily
barrels, this year's increase in this sector will
be 25% of the Internal Gross Product.
Efrain Velásquez, president of this Council
added that this year the reactivation of global
economy will be around 7% of the Internal Gross
Product and that non-oil related economy will
increase in 1%. (…)
Regarding international reserves,
he assured that Venezuela is in a very good position
as a consequence of the accumulation that occurred
last year, resulting from the management of foreign
currency exchange controls. "It is evident
that Venezuela is in a very solid financial position
internationally, but that should be used in order
to have a more important economical growth".
Velásquez said.
He also said that the payment
balance ended up with a very positive amount during
2003, perhaps the highest in Latin America. The
payment balance is defined as the systematic record
of all economic transactions occurred during a
certain period of time between the residents of
a country and the rest of the world".
