June 29, 2007
Venezuelan economy growing more than 8 percent

(El Universal) - "Venezuelan economic growth in 2007 is expected to be above 8 percent, Minister of Finance Rodrigo Cabezas said, thus meaning that the official goal of 5-6 percent growth would be exceeded.

Gross Domestic Product in Venezuela soared 8.8 percent in the first three months, according to the Central Bank of Venezuela, thus taking the oil-rich country to 14 consecutive quarters of economic expansion, Reuters said.

'The performance of Venezuelan economic variables and investment levels let us forecast that production of goods and services is to exceed 8 percent in 2007,' Cabezas said.

According to the official, quoted in a communiqué published by the Ministry of Communication and Information, Venezuela is therefore 'achieving four years of economic growth in a row, which is transcendental.'

In 2006, Venezuela grew 10.3 percent, but inflation was 17 percent, well above the official target".