Wednesday, May 12, 2004

Numeritos from a gringo paper 

Today the Wall Street Journal published some numbers on Venezuelan industrial production over the past few months. What they show are the tremendous recovery the Venezuelan economy has gone through after the oppositions attempt to destroy it through their strike in late 2002 early 2003. According to the Journal the increases in industrial production are as follows:

December 2003 up 165%

January 2004 up 90.7%

February 2004 up 33.4%

Clearly the Venezuelan economy as back up and running. The first quarter GNP numbers which are scheduled to be released next week should also confirm that.

These numbers also show to be false the assertion made by some in the opposition that what damaged the economy last year was not the opposition led strike but the exchange controls put in place by the government. The government did indeed put in exchange controls at the height of the strike to prevent the foreign reserves from being depleted. However, they were clearly not the cause the of the economy’s problems. After all the exchange controls are still in place the and the economy is doing quite well.


This page is powered by Blogger. Isn't yours?