May
18, 2004
Venezuela's GDP jumps 29.8 pct
in 1st qtr
(Reuters) - "Venezuela's oil-reliant
economy rebounded 29.8 percent in the first quarter
compared with a severe contraction a year earlier
caused by a two-month opposition strike that cut
off vital crude exports, the Central Bank reported.
Venezuela, the world's No. 5 oil exporter, reported
a contraction of 9.2 percent in 2003, but officials
have forecast a growth of 9 percent to 10 percent
this year as oil prices remain high and the economy
bounces back from recession.
The country finished the quarter with a current
account surplus of $3.46 billion compared with
a surplus of $787 million in the same period a
year ago. It reported a capital and financing
account deficit of $1.8 billion.
After a December 2002 to January 2003 strike cut
off vital oil shipments, the government introduced
tough exchange controls that have restricted access
to foreign currency and swelled the international
reserves to more than $24 billion".
