March 17, 2006
Government financial surplus ending 2005

(El Universal) -"The Venezuelan government ended last year with a financial surplus of 2.1 percent of Gross Domestic Product (GDP,) based on a report from the Venezuelan Central Bank (BCV) on the fiscal year submitted to the National Assembly (AN.)

Efraín Velásquez, the chair of the National Economy Council (CEN,) viewed the trend as positive, taking into consideration a financial deficit in 2004.

A slower rate of total expenses as compared to income would be the reason for such outcome, ABN quoted.

Additionally, the growth in primary expenses as percentage of GDP is noted in increasing primary surplus, excluding financial expenses.

The surplus in public accounts is due to the larger amount of both, tax and oil income, the CEN head underscored.

The BCV paper noted that growing oil revenues as percentage of GDP exceed the values recorded over the last four years, and are associated basically to the nominal hike of the Venezuelan oil basket price".