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.
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.
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.
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.
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.
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%.
High-level members of the Venezuelan Executive Cabinet involved in the advancement of domestic industry, agriculture and tourism presented their annual reports to the nation’s congress and the Venezuelan people last Tuesday, spelling out the gains that the government has made in the productive sectors in 2010.
By Tamara Pearson – Venezuelanalysis.com, Dec 30th 2010
When Newsweek ranked Venezuela last out of 100 countries for “economic dynamism” it had a certain kind of economy and benchmarks in mind. Venezuela is constantly attacked and demonised by U.S based “studies”, “experts”, and “reports”, but what if its economy and political life were to be measured according to the benchmarks of the Venezuelan majority?
Venezuela’s one and a half year economic recession slowed for the third consecutive quarter, and the economy is poised for GDP growth and a lower inflation rate in 2011, according to a recent report by the Venezuelan Central Bank (BCV).
