November
19, 2004
Economy grows by 20,4%
(El Nacional) - "The Central
Bank of Venezuela (BCV) informed that
the Venezuelan economy has recovered by
20,4% in the first nine months of the
year (…)
This growth began in the
first quarter of this year, when production
increased by 34,8% compared to the first
months of 2003 (…)
During the second term
the GDP gained 13,6% over last year's
figure, but BCV revealed that it was
during the third term that the necessary
remedy came along in order for the Venezuelan
economy to achieve a growth of more
than 20% compared to 2003 (…)
The report of BCV guarantees
that 'the evolution of the economic
activity in the third term has been
fundamentally determined by non oil-related
activities'.
In fact, the activities
not related to the oil industry increased
by 18,6%, a percentage higher than the
general GDP. The oil sector, despite
the major boost caused by the high prices
in the international market, grew by
only 2,7% if compared to the same period
in 2003 (…)
BCV also informed that
other activities, such as construction,
improved by 40,3% their production in
the third quarter over the figure of
July-September 2003. Also commerce,
transport, manufacturing and financial
sectors improved by more than 20%.
The whole private sector
generated 17,4% more bolivares, due
to the fact that private consumption
has increased by 16,4%. The public sector
gained 11,2% more money in the third
term, but also spent 20,9% more.
The report of BCV
also reveals that the total demand increased
by 22,5% and the fixed gross investment
by 46,5%".
