Tuesday, May 24, 2005

Moving right along 

Today the Venezuelan Central Bank released its report on the Venezuelan economy for the First Quarter of 2005. The Venezuelan economy grew 7.9% during that period which coming on the heals of last years 17% growth is excellent. So much for Chavez being bad for the economy.

Here are some more details. By sectors, the petroleum sector of the economy grew 1% and the non-petroleum sector grew by 9.3%. Also, the public sector grew by 5.1% while the private sector grew by 8.9%. So much for Chavez being bad for capitalists !

Manufacturing grew by 6.4%, commerce and services by 17.8%, construction by 15.4%, and transportation by 14.7%.

Government spending increased 8.5%, private spending 12.2%, and investment 38.8%.

Excellent numbers across the board and ones of which President Chavez should be very proud


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