Economic growth

On Tuesday, Venezuelan president Hugo Chávez passed away after 14 years in office. Below is a series of graphs that illustrate the economic and social changes that have taken place in Venezuela during this time period.

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Venezuelan President, Hugo Chavez, announced positive economic figures last week to suggest that the Venezuelan economy is in a healthy state.

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Venezuela’s current growth is generally described as unsustainable, with various negative scenarios put forth, including spiraling debt, inflation, and balance of payments crises.  However, these pessimistic forecasts have been far off the mark for most of the past decade.  This paper looks at the available economic data to see if Venezuela’s economic recovery could be sustained, or even accelerated.

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Venezuelan Finance and Planning Minister, Jorge Giordani, reported last week that it's “perfectly possible” for the South American nation's GDP to grow by 5 percent in 2012 as a result of the current government's social spending and housing construction plans.

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Venezuela's economy grew by an estimated 4 percent in 2011 and will maintain strong growth in 2012, the central bank said Friday.

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Venezuela’s national Budget in 2012 will grow by 43% to Bs. 297.5 billion ($69 billion), as the nation continues to benefit from construction led growth and improved employment and social development indicators.

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Trade between China and Venezuela has increased by 50 times in the last decade, which has transformed the Asian country into the second largest trade partner of Venezuela, a fact evidenced by the consolidation of bilateral relations. 

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Venezuela’s central bank (BCV) has released GDP data for the first quarter of 2011.  The report points to an accelerating recovery: GDP grew 4.5% over its first-quarter 2010 level. Overall, the economy grew at an annualized rate of over 9%, with the private sector outpacing the public sector for the first time in two years.

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The Venezuelan economy has continued to recover from recession, with GDP growing by 4.5% in the first quarter of 2011, according to statistics released by the Central Bank of Venezuela (BCV) on Tuesday.

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Speaking at a press conference on Tuesday, Nelson Merentes, President of the Venezuelan Central Bank (BCV), confirmed that the percentage change for inflation in the country at the end of April 2011 was 1.5% – indicating a considerable reduction from the April 2010 reading of 5.2%.

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