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President Chavez: Venezuela has Strengthened its Economic System

GDP Exceeds 300 Billion Dollars
The President of the Bolivarian of Venezuela, Hugo Chavez, emphasized that since the beginning of the Bolivarian revolution, the nation has strengthened its economic system, thanks to the financial policies applied in the last ten years.
The Venezuelan president recalled that before 1998 the Gross Domestic Product (GDP) of Venezuela barely reached 90 billion dollars. Currently, due to revolutionary policies, that statistic has exceeded 300 billion dollars.
“When we came to power ten years ago, the Gross Domestic Product of Venezuela was 90 billion dollars, and now we have more than 300 billion and we are going to 400 billion, despite the world financial crisis,” stated President Chavez.
Along with the GDP, petroleum production has notably increased during a decade of the Chavez administration, including the period of economic crisis and OPEC production cuts, made in response to global economic problems.
Chavez explained that Venezuela continues investing in production capacity, and as a result recognized petroleum reserves are around 150 billion barrels, with an estimated projection of up to 300 billion barrels.
“Ten years ago, scientifically recognized Venezuelan petroleum reserves, were at 80 billion barrels (…), today we are at 150 but we are going to 300 billion barrels,” he emphasized.
The Venezuelan head of state made the statement Thursday from Moscow, as part of his presidential tour through Africa, the Middle East, Central Asia and Europe with the purpose of consolidating strategic relations that Venezuela maintains with a good part of the world.
Bolivarian News Agency, Press Unit of the Embassy of the Bolivarian Republic of Venezuela to the United States / September 11th, 2009

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