Venezuelan Economy Grows 7.1% in 19th Consecutive Quarter of Growth

August 20th 2008, by Tamara Pearson - Venezuelanalysis.com

Venezuela's quarterly GDP growth, 1998-2008 (Banco Central de Venezuela)

Mérida, August 20, 2008 (venezuelanalysis.com)-- Reflecting the increase in living standards and national production sovereignty, Venezuela’s gross domestic product (GDP) increased by 7.1% in the second quarter of 2008, relative to the same quarter in the previous year.  This growth is significantly higher than the 4.9% experienced in the first quarter of the year. It means an overall growth of 6.0% for the first half of the year.  The total demand for goods and services (domestic aggregate demand) also grew, driven by the revival of gross fixed investment.  

This year in particular the government has focused on achieving economic sovereignty, which involves producing and processing products in Venezuela, rather than importing them. Investment in construction grew by 13.5% and in machinery and equipment by 4.4%.  The economic growth was sustained as much in oil related activity as in non-oil related activity, with the latter’s growth at 7.8%.

For the full report see http://www.venezuelanalysis.com/news/3735