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Minister Giordani: Venezuela Maintains Economic Stability Despite Global Financial Crisis

Due to the retention of surplus resources, Venezuela maintains economic stability despite the economic situation that affects the whole world.

The Minister of People’s Power for Planning and Development, Jorge Giordani, said so in the VTV program Dando y Dando. The Minister also stated that Gross Domestic Product (GDP) of constant prices registered an increase of 0.3% in the first quarter of 2009, with respect to the same period in the previous year, which represents twenty-two quarters of consecutive growth.

Even though the growth of Venezuela’s GDP is modest, the evolution should be viewed in its proper dimension, because the GDP of large European economies like Germany and France fell during the first quarter of 2009 at 6.9% and 3.2% respectively. 

The Minister noted that generally, the first quarter of the year of economic growth is less than it will be the following quarters.

The growth experienced by Venezuela’s economy contradicts the prognostics of the International Monetary Fund for this year. The multilateral body predicted a shrinkage of GDP of 2%.

The positive results of the GDP during the first quarter, in spite of a steep drop in the price of petroleum, are a sign of the solidity of non-petroleum economic activity in Venezuela.

According to the figures by the Central Bank of Venezuela (BCV), the added supply expanded by 1.3%, supported by the growth of GDP and imports (+3.6%).

The development of economic activity during the first quarter of the year was determined principally by the significant growth of 11.6% in gross investment of fixed and variable capital, fundamentals to strengthen production capacity of the country and through the provision of machinery, equipment, and construction.

The investment is associated with the execution of funds, in response to a sustained increase that has been observed in demand, and on the part of the private sector (+1.4%) and the General Government (+1.9%).
The behavior of the GDP in that quarter responded to the growth of 1.3% in non-petroleum activity, and the petroleum sector demonstrated a fall of 4.8%, determined by the strategic reduction in production and by the fall in crude prices, in which are indicated that diverse global factors of economic and geopolitical character.

For its part, Gross Value Added (GVA) of activities that production durable good diminished by 2.0%, correspondingly, non durable good increased by 1.6%

Some sectors that demonstrated important growth were: Telecommunications 9.7%, Construction 3.6%, Electricity 3.7%, among others.

Agencia Bolivariana de Noticias, Press Unit of the Embassy of the Bolivarian Republic of Venezuela to the United States / May 20, 2009

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