Thursday, August 18, 2005

Picking up speed! 

Just a quick update.

The BCV (Venezuela's central bank) released the GDP statistics for the second quarter. It will be recalled the Venezuelan economy grew over 17% last year and 7.9% in the first quarter of this year. Many had predicted the growth of the Venezuelan economy would decellerate and come in at 5% or 6% for the year.

Well, its not looking that way now. In the second quarter the economy grew at an astounding 11.1%!!! This brings the year to date number for 2005 to 9.3% growth. So rather than decelerating the Venezuelan economy is clearly accelerating.

The note I saw didn't give all the details on different segments of the economy but it did mention the private sector grew at 12.1%. No wonder the opposition can't get anyone to show up to its rallies anymore. They're too busy making money!

When I get the full set of numbers I will post on them.


Ok here are the numbers from the BCV. First off I made a mistake. The 12.1% growth refers to the non-petroleum sector NOT to the private sector. Private sector GDP growth was even higher at 13.1%.

Here are the numbers a little better organized:

Overall growth: 11.1%

Petroleum sector: 2.5%
Non-Petroleum sector: 12.1%

Government sector: 4.5%
Private sector: 13.1%

Manufacturing: 12.4%
Commerce and services: 21.5%
Construction: 20.3%
Government services: 7.4%

Growth in private consumer spending: 18.1%
Growth in government spending: 7.4%

They also gave some commentary which I'll try to get to later. But for now suffice it to say the numbers are spectacular. Not unexpected given what the price of oil has been doing but still spectacular and very welcome (except by opposition politicians, media, and bloggers who are watching still more wind go out of their sails)


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