Tuesday, August 15, 2006

The energizer bunny keeps on going, and going, and going.... 

The long Venezuelan economic boom which began in the latter half of 2003 and is a full three years old now continues. Today the Venezuelan Central Bank released its statistics for the second quarter of 2006. Here it goes:

The Venezuelan economy grew 9.2% in the period April through June. This comes after 9.9% growth from January to March. For the first half of the year the growth rate was 9.6%.

As has been the pattern the non-oil sector led the way growing 9.9% while the oil sector grew 1.8% (I guess it's not "all just oil" after all).

The private sector grew significantly faster than the public sector at 10.3% and 4.1% respectively. I wonder if that means Venezuela isn't a communist country?

Breaking down the boom by other sectors manufacturing increased 6.9%, commerce 17.1%, construction 27.2% and communications 21.3%. I guess you know you are doing ok when your lagging sector is growing almost 7%!

Breaking down the manufacturing sector numbers the food and beverage sector grew 8.7%, metals 5.2%, products made from metal 11.8%, paper 15.1%, publishing and printing 10.9% and fabric and plastic products 10.3%

Total consumption was up 13.4% with private consumption up 16.8% and government consumption up 7.5%

And here is the real kicker. If you listen to the opposition propagandists much you are likely to have heard that investment is way down in Venezuela. WRONG. Investment is up 25.9% in the second quarter. And here is the money quote from the BCV press release:

The gross fixed investment continued its increase, reaching levels greater than those of the data from 1997 when its collection began.

In other words, investment is greater now than it was under the Caldera/Petkoff regime when they had all the oil investment by foreign companies under the "apertura". So here we have another lie debunked - investment is not down under Chavez, it is up.


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