Venezuelan economy grows 4.2% in 2011 compared to 2010
The Central Bank of Venezuela (BCV) reported that the private sector's activity soared 5.1% in the last quarter of 2011, while the public sector's activity rose 3.8%
Oil activity increased slightly by 1.8% (File photo)
EL UNIVERSAL
Thursday February 16, 2012 02:44 PM
Venezuela's Gross Domestic Product (GDP) soared 4.9% during the last quarter of 2011, thus ending the year with a 4.2% growth, compared to 2010. This quarterly result represents the largest quarterly gain in the past 14 quarters, said the Central Bank of Venezuela (BCV) in a press release.
"Venezuela's positive economic performance was driven by the construction sector, particularly the execution of works within the framework of the Great Mission Housing Venezuela, and the effect of this program on related production chains. It was also influenced by increased availability of imported goods aimed at production, consumption and investment, as well as strong lending activity by the financial system," said the BCV.
BCV data showed that the private sector climbed 5.1% in the last quarter of 2011, while the public sector's activity rose 3.8%.
The oil activity reported a slight increase of 1.8%, while the non-oil activity was up 5.1% between October and December 2011, compared to the same period in 2010.