Venezuela's economy closed its fifth consecutive year of growth with an expansion of 4.9 percent in 2008, a pace significantly lower than last year's, according to the preliminary estimates the Central Bank of Venezuela (BCV) announced on Monday.

The results show that the country's economy has had a sharp slowdown compared to the 8.4 percent growth of Gross Domestic Product (GDP) in 2007, Reuters reported.

"Venezuela has had an economic expansion characterized by its social focus, aimed to fight poverty, promote equity and human development," said the BCV, which conceded that the economic model has created high inflation, which stood at 27.6 percent in November.

Venezuela has accumulated 20 consecutive quarters of economic growth amidst high oil prices.