In the first quarter of 2010, Venezuelan economy fell to 5.2 percent, but comparing the third quarter of 2009 to the third quarter of 2010, Venezuela’s economic growth is 0.4 percent. This means that in the fourth quarter, the country’s economic growth will be positive, and “in 2011 economic growth will be at least 2 percent," said Elias Eljuri, the president of the Venezuelan Statistics Institute
In 2011 the Venezuelan economy will recover and grow 2 percent, said on Monday Elías Eljuri, the president of the National Statistics Institute (INE).
During an interview with state-run television channel Venezolana de Television (VTV), Eljuri stressed that despite Venezuela's downturn in 2010, the country's economy will improve in 2011, state-run news agency AVN reported.
"Venezuela is emerging from the economic crisis. Next year (2011) the economy will grow and indicators will rebound. In the aftermath of the coup and the oil strike, the economy dropped more than eight percentage points, but it recovered quickly. In the first quarter of this year (2010), Venezuela's economy fell to 5.2 percent, but comparing the third quarter of 2009 to the third quarter of 2010, Venezuela's economic growth is 0.4 percent. This means that in the fourth quarter, the country's economic growth will be positive, and "in 2011 economic growth will be at least 2 percent," he said.
Eljuri added that domestic aggregate demand, which fell 10.9 percent last year, soared 4.1 percent in 2010.
The official said that, given the crisis the country experienced due to heavy rains in November, investments are required in housing construction. "There must be a revival of the construction industry, thus enabling the growth of the economy."
Regarding unemployment, Eljuri said that this index has remained around 8 percent and predicted that in 2010 the unemployment rate will hit 7 percent.
When asked about extreme poverty rate in 2010, he said that it will amount to 7.1 percent, compared to 7.3 percent in 2009.
"Extreme poverty in Venezuela reached 40percent in 1996, under the second term of former President Rafael Caldera. From 1999, it began to fall, but it soared again as a result of the coup and oil sabotage in 2002. However, we recovered and poverty has declined significantly, to the extent that the ECLAC acknowledged that Venezuela is among the countries that have curbed poverty in recent years," he said.
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.