Venezuela's economy grew 5.6% in the first quarter of 2012 confirmed planning and finance minister Jorge Giordani and Venezuelan Central Bank (BCV) president Nelson Merentes on Thursday.
A total of 312,725 international tourists have visited Venezuela between January and April 2012, a figure which represents almost a 50% increase compared with the same period last year.
Venezuelan President Hugo Chavez has approved the construction of the factory “Haier Venezuela”, which is to produce low-cost household appliances for the Venezuela population.
Venezuela’s National Consumer Price Index recorded a 0.8% inflationary increase in April, which represents a decline in inflation for the fifth month in a row, informed Finance Minister Jorge Giordani during a joint press conference with the president of the Venezuelan Central Bank, Nelson Merentes.
The Venezuelan government has announced that it will create a national network of low price pharmacies across the country in an attempt to combat the effect of inflation on the price of medicine for Venezuelan citizens.
Venezuela’s Food Minister Carlos Osorio highlighted last Sunday the role that the revolutionary government of President Hugo Chavez has played in ensuring food security to the nation by providing more than 10 million tons of important staples for the economically disadvantaged.
The Venezuelan government has secured a loan of US$ 1 billion from Japan in order to further expand one if its oil refineries in the Northern state of Carabobo, as well as to finance oil related goods and services.
The President of Venezuela’s National Land Institute (INTI), Luis Motta Dominguez, affirmed that more than 224,000 families have benefited from redistributed farmlands made available through the Chavez administration’s agrarian reform program.
During a telephone call from Cuba last Saturday, Venezuelan President Hugo Chavez said that the government would carry out an “economic revolution” within the coming years as he approved more funds for the industrial development of the country.
Just weeks after the opening of four Chery dealerships in Venezuela, dozens of people are lining up every day to buy the first Chinese cars being sold in the Latin American nation.
Venezuela’s monthly rate of inflation as measured by the National Consumer Price Index (INPC) was 1.1% in February this year, the lowest since the current system of measuring inflation with national coverage began at the start of 2008. The Venezuelan government argues that policies to meet social needs and boost domestic production are a key factor behind the new figures.
Yesterday a range of Venezuela’s scientists, innovators, and researchers met in the Institute of Advanced Studies (IDEA) in Caracas to share their most recent projects, including new telescopes, stem cell research, and nutritional innovation, with the public. Venezuelan President Hugo Chavez also allocated funding to allow for a pay increase for researchers.
In order to provide “fairer” prices to consumers and to combat inflation, the Venezuelan government has set maximum selling, wholesale, and production prices on a range of basic bathroom, cleaning, and drink products. The new prices come under the law of fair costs and prices, passed in July last year.
