February 23, 2007
Venezuelan economy grew 11.8 percent in fourth quarter of 2006

(El Universal) - "Venezuelan economic growth was 11.8 percent in the fourth quarter of 2006, and therefore Gross Domestic Product last year increased by 10.3 percent, said the Central Bank of Venezuela (BCV) in a report.

The document added that this result 'reasserts the process of sustained, significant and generalized growth among the different economic sectors and activities we have noticed over the last thirteen consecutive months.'

BCV stressed that economic performance in the fourth quarter last year is the result of 'increased consumption, investment, loans to productive sectors and public expenses related to governmental social programs.'

The private sector expanded 14 percent in the same period, while the public sector was up 2.3 percent.

The non-oil sector grew 13.1 percent, but the oil sector fell 3.7 percent (...)

Manufacture soared 12.4 percent, and trade was up 22.7 percent, while construction, communications and public services jumped 30.5 percent, 20.9 percent and 3.6 percent, respectively.

Regarding the balance of payments, BCV said: 'overall exports soared 17.6 percent, as oil products increased by 21.6 percent -because the Venezuelan oil basket was up 21.5 percent- and non-oil sales dropped 8.5 percent.'

'Overall imports last year jumped 36.0 percent, in a dynamic scenario of economic activity with highly profitable investments and booming consumption that lead to increased demand of foreign goods,' the bank explained".